Bad experience prompted her to start renovation payment firm

Her fintech platform aims to eliminate renovation scams and protect home owners

- Sue-Ann Tan

Something good can come from a bad turn. It was Ms Wenny Lim's bad experience with one interior design company that led her to start her own business aimed at helping others avoid the same turmoil she went through.

When she joined an interior design firm to pursue her passions after working in an advertising company, she thought it would be the start of something new.

But the firm closed in six months, leaving her with thousands of dollars in unpaid commissions.

"That experience was a harsh lesson in the vulnerabilities of the renovation industry," Ms Lim, 29, says.

"At the time, I had multiple projects running and was expecting my commissions once the handovers were completed. However, the firm's sudden closure due to cash flow issues meant I had no way to recover my earnings."

The experience made her realise there was a problem with the lack of regulation in the renovation sector, which left her without legal recourse — a situation many others in the industry have found themselves in.

So Ms Lim started a collective movement for fellow designers, which became HomePay Singapore, a fintech platform aimed at eliminating renovation scams and protecting home owners from payment issues and other troubles with interior designer firms.

The platform secures funds in an escrow account until project milestones are met, to ensure greater transparency and accountability in the renovation industry. In this way, it ensures that the interior designer completes the project and the client is satisfied, before payment is released to the designer.

This venture is now her most valuable asset, she says.

"Beyond financial value, it represents my vision, dedication and the trust we've built with home owners and contractors alike. The platform's potential to transform the industry and protect consumers makes it invaluable to me."