Outgo Becomes Funding Speed Leader for Carriers, Reveals $15M in VC Funding

Today, Outgo announced it has achieved a new milestone, becoming the industry leader in funding speeds for carriers in the freight payment industry. The company is now able to commit to four-hour funding speeds for carriers, but it also over-delivers by approving 50% of invoices within 90 minutes, and 25% within 15 minutes. On top of that, funding is available to carriers 24/7, with no delays for banking holidays or transfer cutoffs.

With its mission to revolutionize the freight payments experience, Outgo continues to rapidly build and launch financial products to help carriers grow their business and succeed. In addition to dramatically improving funding speeds, the company is also increasing transparency and eliminating exorbitant rates, hidden fees, and long contracts with the most flexible and intelligent financial products in freight.

“The very purpose of factoring is to get carriers paid faster, but the industry has failed to innovate on speed, flexibility, and customer experience”, said Marcus Womack, Chief Executive Officer and co-founder of Outgo. “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.”

Customers like Vildana Hodzic of H&V Transport have experienced these results firsthand. “I rely on Outgo to get my funds fast, and at rates I just couldn’t get anywhere else,” said Hodzic. “The fact that I can access funds within 15 minutes of completing a delivery feels like magic. Outgo is technically my factoring company, but it feels like something else entirely.”

Outgo was able to achieve these improvements thanks to a previously undisclosed fundraise of $15M led by Gradient Ventures, Construct Capital, with participation from Neo, PSL Ventures, Bezos Expeditions, Fintech Fund, Operator Stack and Upper90. Additionally, the company has secured a $50M credit facility raised from Upper90 for receivables purchasing. 

“The Outgo team is truly dedicated to improving the lives and businesses that move freight in America,” said Zach Bratun-Glennon, partner at Gradient Ventures. “The team has technology and fintech expertise to move freight financing into the future, as well as a highly customer-centric perspective from years of leadership at the world’s top logistics and freight companies.”

The work continues at Outgo as they strive to bring more innovative solutions to an industry plagued by slow funding speeds, high fees and a general lack of transparency. With funding in hand, the company can further improve efficiencies through technology and automation in order to rebuild the entire factoring process for the benefit of the carriers they work with.

“We are thrilled to have the support of customers and investors who share our passion for improving carrier financial health,” said Womack. 

Want more info on how Outgo can help freight carriers grow their business? Get in touch at interest@outgo.com or learn more at Outgo.com.