Outgo, an all-in-one banking solution for freight carriers, has emerged from stealth with $3.4m in funding.
The funding round was led by Neo and PSL Ventures, along with Bezos Expeditions, Dan Lewis (CEO, Convoy), Jason Droege (founder, Uber Eats), Jason Davis (CEO, Simon Data), and other angel investors.
Outgo automates broker setups, invoicing, factoring, collections, accounting, and tax services without contracts or minimums. The platform gives carriers the tools to directly lower their financing costs and manage all of their financial needs in one place.
The company said it will use the new funding to continue its hiring efforts, scale its product offerings, and bolster its partnerships and growth goals.
Marcus Womack, CEO and co-founder of Outgo, said, “Carriers are the cornerstone of the American economy, yet operators lack the right set of tools to help them manage their livelihood and finances.
“Carriers face high capital costs like rising fuel prices and higher demand for goods, which makes getting paid mission critical. At Outgo, we’re changing the rules of finance for small carriers and eliminating the huge legacy finance problems they’ve faced their entire careers.”
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