Denim, a fintech platform for freight brokers, raises $126M in equity and debt
Summary
Vo was in the credit risk department at Barclays and a full-stack developer at Fintria, a fintech company, while Krishnamoorthy was an associate at several law firms, including Gibson, Dunn & Crutcher.We witnessed a significant gap in the freight broker market, where legacy systems i.e. paper checks, physical filing were still in place, and developed an intuitive payments technology to help streamline broker operations and attract the best carrier relationships through the platform, Krishnamoorthy told TechCrunch via email.To that end, Denim provides financial products, operations tools and automated workflows for freight brokers the middlemen between shippers and carriers. From a dashboard, users can see metrics like pending or completed jobs, total factored amounts, the most frequently used carriers and the fastest-paying customers.This combination of automation, financial stability and accurate reporting enables freight brokers and their partners to navigate volatile shifts in the economy. In our current economic environment, companies cant afford to ignore back-end risks and slow processes.Denim competes with other fintech firms in the space, including TriumphPay, HaulPay and OTR Capital. Were bringing new solutions to market to give freight brokers the ability to seamlessly operate at full capacity and adapt to changes in the supply chain. And were hiring talent that not only aligns with our business goals but with our core values.Denim has 100 full-time employees and plans to reach 120 by the end of the year, funded in part by the new equity.