Outgo, a modern payments platform for freight, has announced it has secured $15m in funding to revolutionize the freight payment process for carriers.
This funding round was led by Gradient Ventures and Construct Capital, with significant contributions from Neo, PSL Ventures, Bezos Expeditions, Fintech Fund, Operator Stack, and Upper90.
The investment total includes a $15m equity fundraise and a $50m credit facility from Upper90 for receivables purchasing.
Founded in 2021 and based in Seattle, Outgo is dedicated to overhauling the traditional freight factoring system, which has been plagued by slow funding speeds and high fees. The company’s innovative approach includes a commitment to four-hour funding speeds, with 50% of invoices processed within 90 minutes and 25% within just 15 minutes. Outgo’s technology ensures that carriers can access their funds 24/7, without any delays from banking holidays or transfer cutoffs.
The new funds will be used to further develop Outgo’s technology and expand its suite of financial products aimed at improving the financial health of carriers.
Marcus Womack, CEO and co-founder of Outgo, expressed his enthusiasm for the new funding: “The very purpose of factoring is to get carriers paid faster, but the industry has failed to innovate on speed, flexibility, and customer experience.
“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. We are thrilled to have the support of customers and investors who share our passion for improving carrier financial health.”
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