Outgo Becomes Funding Speed Leader for Carriers, Reveals $15M in VC Funding
Summary
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 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.Customers like Vildana Hodzic of H&V Transport have experienced these results firsthand. Outgo is technically my factoring company, but it feels like something else entirely.Outgo was able to achieve these improvements thanks to a previously undisclosed fundraise of $15M 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 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 worlds top logistics and freight companies.The work continues at Outgo as they strive to bring more innovative solutions to an industry plagued by slow funding speeds, high fees and a general lack of transparency.