The $15 million capital was raised by Outgo, a modern payments platform built for freight located in Seattle, WA.
Gradient Ventures and Construct Capital led the round, and Neo, PSL Ventures, Bezos Expeditions, Fintech Fund, Operator Stack, and Upper90 also participated. Furthermore, the business has obtained a $50 million credit facility for the purchase of receivables, which was raised from Upper90.
Read also – [Funding News] ReSync Bio Raises Undisclosed Funding
“The very purpose of factoring is to get carriers paid faster, but the industry has failed to innovate on speed, flexibility, and customer experience”, said Marcus Womack, Chief Executive Officer and co-founder of Outgo. “We have made it our first priority to bring flexibility and control to each and every corner of factoring experience, and to do so with the explicit purpose of accelerating fundings, and lowering carrier cost.”
With its mission to revolutionize the freight payments experience, Outgo continues to rapidly build and launch financial products to help carriers grow their business and succeed. In addition to dramatically improving funding speeds, the company is also increasing transparency and eliminating exorbitant rates, hidden fees, and long contracts with the most flexible and intelligent financial products in freight.
“The Outgo team is truly dedicated to improving the lives and businesses that move freight in America,” said Zach Bratun-Glennon, partner at Gradient Ventures. “The team has technology and fintech expertise to move freight financing into the future, as well as a highly customer-centric perspective from years of leadership at the world’s top logistics and freight companies.”
About Outgo
Outgo is a modern payments platform built for Freight. Our software powers large and small companies that are the backbone of the North American Over-The-Road freight industry. Outgo offers one simple software platform to manage and automate the accounts receivable lifecycle, including invoicing, factoring, and banking.
