Outgo, a Seattle, WA-based freight payments platform provider, raised $15M in funding.
The round was led by Gradient Ventures, Construct Capital, with participation from Neo, PSL Ventures, Bezos Expeditions, Fintech Fund, Operator Stack and Upper90. Additionally, the company has secured a $50M credit facility raised from Upper90 for receivables purchasing.
The company intends to use the funds to expand operations and its business reach.
Led by CEO Marcus Womack, Outgo is a provider of a payments platform for freight carriers to increase transparency and eliminate high rates, hidden fees, and long contracts.
The company is rebuilding the entire factoring process and carrier experience with automation and technology at the forefront. Outgo announced its commitment to four-hour funding speeds for carriers, but also that it over-delivers by approving 50% of invoices within 90 minutes, and 25% within 15 minutes. On top of that, funding is available to carriers 24/7, with no delays for banking holidays or transfer cutoffs.
Outgo Inc is a financial technology company, and is not a bank. Banking services provided by TransPecos Banks, SSB and Blue Ridge Bank, N.A., Members FDIC. The Outgo Business Visa Debit Card is issued by TransPecos Bank, SSB and Blue Ridge Bank, N.A., pursuant to a license from VISA U.S.A. Inc. and may be used everywhere Visa is accepted.
FinSMEs
25/09/2024