Axle Payments, a financial enablement platform for the freight and logistics industry, has rebranded to Denim. Alongside this, it closed its Series B on $126m.
Pelion Venture Partners led the investment round. Other backers include Crosslink Capital, Anthemis, Trucks VC, FJ Labs, Tribeca Early Stage Partners and Refashiond Ventures.
The Series B was composed of $26m in equity financing and $100m in debt financing.
These funds will help Denim scale its platform and debt financing to provide working capital to freight brokerages. Denim will also bolster its product expansion efforts.
Last year, Denim quadrupled its revenue and facilitated around 60,000 jobs between shippers, carriers and freight brokers through its platform.
Its new brand Denim symbolises the company’s goal to build a stronger supply chain, through reliable, flexible and easy-to-use tools. It compared how denim revolutionised how people work and dress to how the company will transform freight shipping payments.
The financial enablement platform provides the logistics industry with intelligent financial products, operations tools and automation. Its technology automates invoicing, collections and payments. It claims to reduce daily payment and collection tasks by 75%.
Denim CEO and co-founder Bharath Krishnamoorthy said, “The core challenge our clients face is adapting to the pressures of an increasingly complex and unpredictable supply chain. Freight brokers — and the shippers and carriers they work with — must find ways to evolve how they do business together with smarter tools.
“Denim is pioneering the financial enablement market to meet this challenge, benefiting all parties along the supply chain. With the support of our investors, we’ll continue to scale and serve our clients while strengthening our position as a payments ecosystem that powers the supply chain.”
The company has raised $165m in three years.
Earlier in the year, all-in-one banking solution for freight carriers Outgo has emerged from stealth with $3.4m in funding.
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