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Procore

“Can a construction management SaaS platform become the financial operating system for the construction industry by embedding payments, insurance, and capital into the project lifecycle?”

Founded2002
HQCarpinteria, California, USA
FoundersCraig "Tooey" Courtemanche
Latest roundPost-IPO Secondary
IndustryVertical SaaS / Construction
The story

Founded in 2002 as a construction project management SaaS platform, Procore spent its first two decades building the dominant cloud-based OS for construction teams. Post-IPO in 2021, the company began embedding financial services directly into its platform: first insurance (Shepherd partnership 2022, Procore Risk Advisors brokerage 2023), then payments (Procore Pay, powered by Modern Treasury and Goldman Sachs TxB in 2023). The strategic direction is to capture the construction financial stack — invoicing, payments, insurance, and eventually capital — directly within the platform used by over 3 million daily users, monetizing through embedded finance alongside SaaS subscriptions.

Last 12 months
2025-11
2025-01
Product timeline
2002
Procore Technologies founded by Tooey Courtemanche as a construction project management software company.· pivot
2021
Procore IPO on NYSE under ticker PCOR, raising over $635M.· ipo
2022
Procore partnered with Shepherd insurtech to offer integrated construction casualty insurance with underwriting benefits for top Procore users.· banking
2023
Procore launched Procore Risk Advisors, a construction insurance brokerage offering programs in partnership with Allianz Global Corporate & Specialty and Swiss Re.· banking
2023
Procore launched Procore Pay, an embedded payment product powered by Modern Treasury and Goldman Sachs TxB, enabling payments between general contractors and subcontractors.· banking
2025
Procore launched Multi-Currency support enabling project and contract management across global markets with currency conversion.· banking
Regulated entities
1
regulatory licence held by Procore
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
6 layers disclosed in Procore’s embedded-finance stack
Payments / PSP
Procore Pay (self-operated)
Banking / BaaS
in the full report
Ledger
in the full report
Insurance
in the full report
Sponsor bank
in the full report
Accounting
in the full report
Accounting gap: none
13 more providers across 5 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.