Supply chain financing company FreightRover has secured a new $500m credit facility to support factoring capabilities.
The financing was supplied by Crayhill Capital Management and other unnamed investors.
Through this credit, FreightRover will look to support the supply chain and factoring operations of its affiliate company Rover180, including facilitating various micro-payments. The subsidiary recently launched and offers a quick pay financing option for suppliers, particularly transportation providers.
Companies can pay invoices automatically and benefit from extended pay terms, while suppliers can speed up receivables.
FreightRover is a technology platform which helps to streamline and automate the supply chain management and financing space. Its platform also offers fleet tools such as group insurance and fuel cards to enable drivers to pay without having to expense it.
Crayhill Capital managing partner Josh Eaton said, ?We are impressed by FreightRover ability to offer value-added technological and management solutions in the transportation industry and are well-positioned to help Rover180 leverage this expertise to bring efficiencies and scale to the supply chain finance markets.
Earlier in the year, fellow supply chain financing company CredAble closed its Series A investment round on $15m. The investment was led by Alpha Capital and was raised to support the hiring of new staff and bolstering its technology.
CredAble combines technology, financing, deep learning, and analytics to create innovative supply chain financing products dynamically.
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