Outgo Secures $15M Funding to Redefine Freight Payment Solutions
Revolutionizing Freight Payment Solutions
Outgo, a leading financial hub for freight carriers, is proud to announce several significant milestones in its mission to enhance freight payments for carriers. Aiming to foster transparency while eradicating high fees, hidden charges, and lengthy contracts, Outgo continues to innovate with flexible financial products tailored for the freight industry.
Major Fundraise for Innovative Solutions
Recently, Outgo revealed a previously undisclosed equity fundraise, securing an impressive $15 million investment from top-tier venture capitalists including Gradient Ventures and Construct Capital. This strategic funding will play a pivotal role in transforming the freight payments experience, particularly in revolutionizing the factoring process for carriers.
Driving Automation and Speed for Carriers
The funds from this raise will enable Outgo to leverage automation and cutting-edge technology to completely redesign the factoring process. Unlike many traditional factoring companies that have been slow to evolve, that's no longer the case at Outgo. The company is committed to offering industry-leading funding speeds—carriers can expect funding in as little as four hours, with over 50% of invoices approved within 90 minutes, and 25% within just 15 minutes. Additionally, funding is available 24/7 with no delays due to banking holidays or transfer cutoffs.
Leadership Perspectives on Innovation
Marcus Womack, CEO and co-founder of Outgo, emphasized the need for the industry to innovate in speed, flexibility, and customer experience. He stated, “The essence of factoring is to ensure carriers are paid faster while reducing their costs and stresses. We are excited to work with customers and investors who believe in bettering the financial health of carriers.”
Navigating Market Challenges
Today’s freight market faces several challenges, including decreased per-mile rates and heightened competition. In tandem, rising interest rates have driven up factoring costs. Nevertheless, Outgo remains dedicated to its innovative automation strategy. The company proudly offers a low 1% rate on factoring for carriers of all sizes, contrasting with many competitors that adopt predatory pricing tactics.
Positive Feedback from Clients
Customers have voiced their satisfaction with Outgo's services. Vildana Hodzic of H&V Transport shares, “Accessing my funds within 15 minutes feels extraordinary. While Outgo is my factoring service, the experience feels personalized and seamless.”
Outgo's Vision for the Future
With a clear mission to redefine the freight payments landscape, Outgo is rapidly developing and launching new financial products designed to empower carriers. The company’s founders, former executives from major transportation firms like Uber and Convoy, have positioned Outgo to be a leading voice in modern freight payments.
Commitment to Innovation
Outgo’s modern payments platform aims to simplify and streamline the financial aspects of freight transportation. By integrating banking and factoring services, Outgo ensures that funds are immediately accessible to its users. The team's dedication to advancing freight financing highlights their commitment to not only meet but exceed carrier needs.
Frequently Asked Questions
What does Outgo do?
Outgo consolidates financial services for freight carriers by offering innovative and efficient payment solutions, focusing on speed and transparency.
How are funding speeds improved at Outgo?
Outgo utilizes automation and advanced technological methods to significantly accelerate funding times for carriers, achieving funding in as little as 15 minutes for some invoices.
Who has invested in Outgo?
Top venture capital firms including Gradient Ventures and Construct Capital have invested in Outgo to support its mission to enhance freight payment processes.
What is the cost of factoring with Outgo?
Outgo offers competitive rates, with a standard factoring fee of just 1%, making it accessible to carriers of various sizes.
Who are Outgo’s founders?
The founders of Outgo are veterans from top transportation companies, bringing extensive experience and insight into the freight industry to create a more effective financial platform.
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