eBridge is the Place to make Connections that can Boost your Entrepreneurial Journey
If you frequently visit or are a member of the eBridge Center, you may have encountered William Steele. He is one of our members and a serial entrepreneur who has decided to make South Texas the home for his entrepreneurial projects. Steele has utilized the region's strengths and opportunities to establish what could possibly be the fastest-growing startup in the RGV – Supply Pay.
At BCIC, our goal is to support and nurture local startups that contribute to economic growth in our region. William Steele's journey is a great example of this. He and his partners have developed multiple business projects by connecting with partners in our networks and participating in entrepreneurship development programs offered at the eBridge Center. Among them is Supply Pay, a groundbreaking fintech startup revolutionizing cross-border trade finance.
But how did they get there?
The Journey Begins at eBridge Center
William Steele initially joined the eBridge Center for Business and Commercialization with his project Represent.dev. This platform is designed to connect citizens, candidates, and elected officials in order to facilitate the democratic process. He celebrated the launch of the platform at eBridge, marking the official public start of his entrepreneurial journey at our center.
StartUp Texas Emerging Industries Accelerator
After launching Represent, William joined the StartUp Texas Emerging Industries Accelerator. There, he then established Rizome, a company focused on making charitable giving more impactful and community-focused by integrating innovative software for business engagement. During this intensive 8-week program, William received tailored mentorship, market research, and financial planning support powered by UTRGV Entrepreneurship and Commercialization Center curriculum. This assistance helped him refine his ideas and business model, ultimately leading to William pitching his next idea in front of an expert panel of judges.
Introducing Supply Pay
After the accelerator, William's latest venture, Supply Pay, took shape. Co-founded with Jack Sawyer and Jorge Ayala, Supply Pay is revolutionizing the world of trade finance. Trade finance assets have existed for centuries but have traditionally been accessible only to banks, institutions, and the wealthy. Supply Pay changes this by allowing retail investors to invest in unique global trade receivables.
Leveraging innovative software and technology, Supply Pay addresses the challenges of negative cash flows for US importers and long cash flow cycles for foreign exporters. This platform allows investors to make impactful investments in alternative assets that provide short-term horizons, stable returns, and are uncorrelated with stocks, bonds, and real estate. By democratizing global trade assets, Supply Pay opens up new investment opportunities for retail investors and enhances the efficiency of international trade finance.
“Building Supply Pay has been an absolutely fascinating journey. We are in a unique position here in the borderplex region, with easy access to both sides of the cross-border supply chain. This advantage has enabled us to build early momentum in our startup while we really dig into what the future might look like for our platform. We are currently on a mission to democratize trade finance for investors and SMEs (small and medium-sized enterprises) around the world. This has begun with U.S. and MX trade, but we believe we can build upon the early success we are having and grow to become the world’s leading global trade finance company. “
-William Steele, COO & Co-Founder
Supply Pay Key Milestones and Achievements
In just six months, Supply Pay financed over $1,000,000 in transactions for its suppliers, particularly Mexican growers selling produce to the U.S. This milestone highlights the significant impact of its platform on local and international trade.
Supply Pay’s platform has already transformed the way businesses handle international transactions. Automating payment processes and providing real-time tracking has reduced the complexities and risks associated with cross-border trade. Its platform enhances transparency and builds trust between suppliers and buyers, fostering stronger business relationships.
"Supply Pay exemplifies the innovative spirit we foster at the eBridge Center. By providing resources and mentorship, we've seen William Steele and his team transform their vision into a groundbreaking fintech startup. Their success showcases the power of community support and the entrepreneurial ecosystem we are building in Brownsville. We are proud of Supply Pay's achievements and remain committed to supporting startups that drive economic growth and innovation,” commented Cori Pena, President & CEO of Brownsville Community Improvement Corporation, on the company’s success.
“Partnering with BCIC and eBridge has been pivotal for Supply Pay, providing us with essential resources and support that have fueled our growth,” Ayala says. “The rise of nearshoring has opened up significant market opportunities, and thanks to the guidance and connections facilitated by BCIC and eBridge, we are well-positioned to capitalize on this trend. Their mentorship and networking opportunities have been invaluable in helping us navigate this evolving landscape and establish a strong market presence. We are excited to leverage these opportunities and continue our collaboration with BCIC and eBridge to drive further success.”
Looking ahead, Supply Pay plans to expand its capabilities by incorporating blockchain and artificial intelligence technologies to enhance security and efficiency further. These advancements will provide users with unparalleled security and efficiency, solidifying Supply Pay's position as a leader in the fintech industry. In late July, they will announce and begin raising $2,000,000 in equity in their upcoming round, marking a significant step in their growth and expansion.
“Supply Pay’s story shows just how powerful our resources and mentorship at eBridge Center can be. Their story is about innovation and growth, and we’re so proud of what they’ve accomplished. We love to see this entrepreneurial spirit in Brownsville, especially when it involves our programs,” said Nathan Burkhart, Vice President of Entrepreneurship and Innovation for BCIC.
"The vitality of a community’s economy directly correlates to its support of entrepreneur activity and the organizations which close the gaps within the ecosystem. We are proud to partner with BCIC to provide such resources and programs to founders and help them achieve success at the eBridge Center. Supply Pay is a perfect example of what can be created here in the Rio Grande Valley, and we are so proud of their success." said Linda Ufland Romo, Director of Entrepreneurship, Innovation and Commercialization for UTRGV ECC.
BCIC is proud to have supported William and his team’s journey. Our StartUp Texas Accelerator program, run in partnership with UTRGV ECC, the eBridge Center, and our network of partners, provided the foundational support and resources to turn his vision into reality. We remain committed to fostering innovation and driving economic growth, supporting startups like Supply Pay that contribute to our community's development.
For additional details about Supply Pay, visit their website at www.supplypay.io.
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About BCIC
The Brownsville Community Improvement Corporation (BCIC) is driven by a mission to enhance the quality of life through innovative and equitable economic development initiatives. With a vision for Brownsville to emerge as a national leader in fostering business development and improving quality of life, BCIC is committed to creating impactful programs and partnerships. For more information about available programs, visit www.brownsvillecic.com. For media inquiries, please contact Nelson Amaro, Director of Marketing & Communications, at namaro@bcic.us.
About eBridge Center for Business and Commercialization:
The eBridge Center for Business & Commercialization is the Rio Grande Valley's largest startup incubator and entrepreneurial resource center. Located in the heart of Downtown Brownsville, the 36,000-square-foot facility is a collaboration between the Brownsville Community Improvement Corporation and the University of Texas Rio Grande Valley Entrepreneurial Commercialization Center. The center consolidates all the foundational resources entrepreneurs need to start their ventures, obtain capital, scale their businesses, and reach new markets. The eBridge Center is located at 1304 East Adams Street in downtown Brownsville. For more information, visit www.ebridgecenter.com.
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