Local fintech startup HomePay looks to bring greater security to Singapore’s renovation industry

[SINGAPORE] The Republic’s home renovation industry is worth billions of dollars and stories of disputes and scams are commonplace.

One Singapore startup, however, is doing what it can to bring greater accountability and security to help and protect homeowners throughout what is usually a lengthy process.

Wenny Lim, co-founder and chief operating officer of renovation escrow platform HomePay, noted that renovation “scams and nightmares” have become more common over the last few years.

“We believe there can be a solution to prevent such behaviours and reduce the risks that homeowners take, because at the end of the day, they are the ones putting their life savings into the renovation,” she said.

The Consumers Association of Singapore said in February this year that there were 787 complaints lodged against renovation contractors in 2025, including alleged fraud and unfair practices.

While this is a decline from the total in the previous year (962) and in 2023 (1,168), this particular industry constantly ranks in the top five in Singapore for the most number of complaints received.

Seeing a gap in the market, Lim sought to bridge the divide between homeowners and interior design firms through a mobile application.

HomePay is an escrow-payment platform designed to make payments more secure for both homeowners and interior designers.

When a tranche payment is made, 50 per cent of the payment is released to the designer, while the remaining half is held in a custodian account with DBS. The balance is released only after renovation works are completed and approved by the homeowner.

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This system ensures renovation deliverables are met while protecting the interests of all parties involved.

For homeowners, the platform reduces the risk of poor renovation execution and offers protection against scams. For ethical contractors, it provides safeguards against cash-flow risks and potential embezzlement within their companies.

“We protect millions of dollars in renovation payments weekly because renovation contracts are not small in value,” said Lim.

The company recently introduced a new feature called Portfolio, which allows designers to showcase their work and credentials on the app. 

Through the feature, homeowners can browse designers’ portfolios, discover potential partners for their renovation projects, and initiate chats or consultations directly within the platform.

Lim noted that this feature is particularly helpful for designers, who would otherwise have to rely on marketing through their own social media channels, where reaching homeowners is not guaranteed.

On Portfolio, designers can gain exposure by showcasing their work to homeowners who are actively looking for renovation services.

Launched in 2023, the app has onboarded more than 200 entities since; they include interior design firms registered with the Accounting and Corporate Regulatory Authority. It plans to onboard more firms.

“The company’s revenue and gross merchandise value have also been increasing steadily year on year,” Lim said.

With weekly downloads of about 200, she estimated that the total number of downloads is somewhere between 10,000 and 20,000.

Tools for homeowners and designers

Lim noted that the app is designed not just for homeowners, but also to support the end-to-end renovation process for other stakeholders, including interior designers.

“My team and I have been building many capabilities within our products and apps to cater to sales designers and homeowners,” she said. “This ensures they have the tools to manage their projects better while also assisting their clients.”

For instance, the platform includes a calendar tool that allows designers to input key project milestones and timelines, enabling homeowners to track progress and receive updates throughout the renovation process.

A loan calculator is also embedded within the user dashboard, allowing homeowners to estimate their monthly repayment if they intend to finance their renovation. When an enquiry is submitted, a concierge service is available to guide users through their loan requirements.

A warranty tracker and artificial intelligence (AI) tool are also integrated into the system. 

The company uses LangChain and Gemini 2.5 models within the app to analyse quotation documents submitted by interior designers, automatically extracting and summarising key details for homeowners.

“By using AI, we are transferring manual processes into more digital processes,” Lim said. “We want to simplify complex renovation workflows by building tools that are both engaging and useful for stakeholders.”

Another feature is the company’s assurance policy called HomeProtect.

The policy acts as a safety net to ensure project continuity by arranging a new vetted interior designer if the original contractor fails, goes out of business, or cannot complete the project.

This is possible because the funds held in the custodian account can be used to facilitate the transition, while the HomePay team assists in sourcing and coordinating a replacement designer.

From designer to co-founder

Lim graduated with a double degree in marketing and finance and initially worked in the advertising industry.

She later discovered her passion for interior design and left her corporate role to work as a designer at a boutique firm.

“I was very stressed out. The job was demanding, but I enjoyed it because it was part of the learning journey,” she said.

However, six months into the role, the firm unexpectedly shut down due to partnership issues. As a result, Lim lost thousands of dollars in commission and was left with unpaid work.

“At that age, I had not earned much yet, so when this happened it was devastating. I felt very lost,” she said.

The experience, however, gave her a deeper understanding of the challenges faced by both homeowners and designers in the industry.

With guidance from friends and mentors, she began to see the broader structural issues within the renovation ecosystem, which eventually led her to the idea of HomePay.

The research and development phase took about a year before the app was launched.

“We didn’t want to rush. We wanted to build the technology properly, and it took a long time to design the user experience and platform,” she said.

Lim credits a strong support system and mentorship as key factors in her entrepreneurial journey.

“When we first started, we obviously were not transacting millions weekly,” she said. “But now the figures are stable and growing, and we are processing millions of dollars in renovation payments each week.”

She said the company aims to grow the platform further by expanding deeper into the renovation value chain.

“We are aiming to be an end-to-end platform, providing deep integration across the renovation value chain”, she added.

The company plans for the app to expand into subcontractor payments and project management tools over the next two years.

It has also begun preparing to grow beyond Singapore, starting with localisation efforts for regional markets such as Malaysia, where it plans to launch there next year.