Zachary Ahlstedt spent nearly 15 years at SAP Concur before launching Outpave as its CEO. Think that’s a long time? His co-founder, CTO David Cauthron, spent nearly 23 years at Texas Instruments before joining Ahlstedt in creating something of their own.
Their creation is Frisco-based Outpave, a new platform that’s “pioneering advanced expense management solutions for the construction and residential services sector.” Outpave’s banking-as-a-service platform offers direct banking integration, customizable card issuance, and real-time analytics, providing transparency and control over financial operations.
The startup says it’s harnessing cutting-edge technology to simplify finances, bringing transparency and efficiency to every project. The goal: helping small construction-focused businesses “compete at the next level by gaining control of their spend and helping them get advantages only seen at high volume levels.”
$1.2 seed round led by North Texas company
Now the co-founders have something new to help fuel that mission. Last week, they announced the closing of a $1.2 million seed funding round led by Mesquite-based Fritz-Pak Corporation, a manufacturer of concrete additive solutions.
The startup said the investment “underpins Outpave’s mission to modernize financial operations for small to mid-sized trade and construction businesses.”
The seed funding will be used to fuel Outpave’s expansion, boost go-to-market strategies, fortify sales channels, and enhance product features to meet the dynamic demands of the trade sector.
“In the construction industry, evolution is often met with resistance,” Fritz-Pak President David Ojeda said in a statement. “Outpave breaks through these barriers with its tailor-made financial tools that cater specifically to the nuanced needs of these companies.”
Snapping a receipt with the Outpave app. [Video still: Outpave]
Aiming to ‘simplify and innovate’ financial management
“Our roadmap is set to not only simplify but also innovate financial management,” CEO Ahlstedt said in a statement. “With Fritz-Pak’s support, our horizon broadens, bringing our cutting-edge platform to more businesses, enabling them to thrive in competitive markets.”
Outpave’s platform aims to do that by blending advanced technology and user-friendly design, helping construction professionals streamline bank connections, expense tracking, and invoice management as a way of driving “better financial decisions and growth.”
From real-time receipt capture to Outpave-branded credit cards
Outpave’s mobile app lets teams track their expenses on the go by using their mobile device’s camera to snap photos of receipts and other financial info. Beyond “stress-free accounting,” organized expenses, and real-time receipt capture, the startup also offers Outpave Visa Commercial Credit cards issued by Celtic Bank. Outpave partners with Stripe Payments Company for money transmission services and account services, with funds held at Evolve Bank & Trust.
Outpave says the credit cards can be issued for a company’s team with rules and limits built-in, so leaders can see where their money goes “and see who spends where.”
Deep, long-term backgrounds before they launched on their own
Founded just last year, Outpave has the stamp of two leaders who have put nearly 35 total years of experience at SAP Concur and Texas Instruments to work.
During his last 3 years at SAP Concur, Ahlstedt served as director of project management, integratation services. His earlier roles included management positions as well as product support lead and senior data integration analyst.
“Bringing [CTO David Cauthron] aboard is a pivotal move for Outpave,” Ahlstedt said of his co-founder in 2023. “His extensive experience elevates our position in the expense management sector and will drive our momentum as we unveil Outpave’s comprehensive suite of innovative solutions.”
As the former senior director of e-commerce at Texas Instruments, Cauthron “not only transformed TI’s online store into a billion-dollar industry leader but also redesigned the website for enhanced performance, product selection, globalization, and findability,” Outpave says on its website, adding that he also “introduced industry-leading payment methods and API connectivity models.”
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