The construction technology landscape in Latin America is experiencing significant change as companies adapt to economic headwinds while capitalizing on nearshoring opportunities. At the center of this development is Licify, a Colombian proptech company that has expanded far beyond its original procurement platform to become what Fernando Olloqui, Founder & CEO of Licify, describes as “a more enterprise solution for the buyers, the builders, the developers, and it’s starting to become sort of an ERP solution for the sellers.”
Since launching as a procurement platform connecting construction companies with suppliers, Licify has systematically expanded its offerings to address the entire construction workflow. The company now serves over 20,000 suppliers across Colombia and Mexico, providing what Olloqui calls “bridges” between different aspects of the construction process.
“Our vision is to become some sort of Procore in Latin America,” Olloqui explains. “We’re going to become the company that integrates other solutions, that is able to connect to an ERP of a builder, be it SAP, Oracle, or local solutions like Thinko in Colombia, and bridge that to the provider.”
This integration strategy has led to the development of several new product lines that address critical pain points in the construction industry. The company recently launched a compliance-as-a-service tool that performs comprehensive background checks on suppliers before they participate in bidding processes, instead of after contracts are signed.
“A lot of the big developers already do compliance, but the problem is they do it after the bidding process, when they’re about to sign a contract,” Olloqui notes. “What we realized is that you have to do all the due diligence of the providers beforehand.”
Licify has entered the financial technology space with a billing platform that provides suppliers with visibility into their accounts receivable and access to working capital. The system, which Olloqui compares to “the Domino’s Pizza tracker but for invoices,” allows suppliers to track their payment status and receive early payment on approved invoices.
“For example, somebody sees that a developer approved this invoice for $20,000 and I’m going to get paid at the end of July. We can give them the option to get paid tomorrow,” Olloqui explains. “So we’re kind of closing the loop.”
This financial component addresses a persistent challenge in Latin American construction markets, where cash flow constraints often limit smaller suppliers’ ability to participate in larger projects. The company is currently financing providers for the three largest construction companies in Colombia, demonstrating the market demand for such solutions.
Despite operating in challenging economic environments, particularly in Colombia, Licify has maintained strong growth momentum. The company has been “hitting ourselves in targets and more” according to Olloqui, even as Colombia faces what he describes as difficult economic and political conditions.
The company’s expansion into Mexico has also weathered uncertainty following U.S. trade policy changes. After experiencing slower sales as companies delayed decisions, Olloqui reports seeing “very positive momentum in Mexico” in recent months.
“We still believe in nearshoring, and we think that’s a reality,” Olloqui states. “It’s absolutely impossible that the U.S. can produce everything that they consume within the U.S. With heavy tariffs on China and the European Union, I think that is benefiting Mexico.”
This optimism is shared by Licify’s clients, including major developers who are taking a long-term view despite short-term uncertainties. Olloqui recently spoke with “probably the largest developer and builder of warehouses and industrial facilities in Monterrey,” who emphasized that policy announcements wouldn’t change long-term business plans for major projects including facilities for Volvo and Lego.
Licify’s approach differs from traditional construction technology companies by focusing on the unique needs of Latin American markets. Rather than simply adapting U.S. or European solutions, the company has built products specifically designed for local regulatory requirements and business practices.
The compliance tool addresses specific Latin American requirements around anti-money laundering and terrorism financing checks that are mandated by law but often poorly implemented. The billing platform accommodates the extended payment cycles common in regional construction markets.
“We need to show them what we’ve been doing in Colombia and how much we’ve benefited the sector and how we’ve been able to grow like crazy in a market that’s shrinking, that has had a lot of problems in the last three years,” Olloqui explains regarding the company’s expansion strategy.
Looking ahead, Licify is positioning itself for significant growth with aggressive revenue targets that could lead to Series A funding by early 2026. The current focus remains on execution rather than fundraising, with Olloqui emphasizing that “funding is just a resource. It’s not an end. It’s not a goal for us. Our goal is to create a great company.”
The company’s expansion strategy involves deepening its presence in existing markets while preparing for entry into additional Latin American countries. The integrated platform approach positions Licify to capture value across multiple aspects of the construction process, from initial procurement through final payment.
Licify’s evolution reflects broader trends in construction technology, where companies are moving beyond point solutions to offer integrated platforms that address multiple workflow challenges. This approach is particularly relevant in emerging markets where fragmented systems and manual processes create inefficiencies.
The company’s success in Colombia demonstrates the potential for technology solutions designed for local market conditions rather than adapted from other regions. As nearshoring continues to drive construction activity in Mexico and elsewhere, integrated platforms like Licify’s may become increasingly valuable for managing complex supply chains and ensuring compliance across jurisdictions.
For construction companies and suppliers in Latin America, Licify’s expansion represents both an opportunity to streamline operations and a signal of the region’s growing sophistication in construction technology adoption. As the company continues to add “more and more lanes to those bridges” connecting different aspects of the construction process, it’s positioning itself as a central hub for an increasingly digital construction ecosystem.
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