Factoring

Truckstop’s new CEO sees scaling, integration as major challenges

Kendra Tucker is becoming CEO of Truckstop.com at a time when it is firmly established as a major load board but trying to diversify its offerings to become much more. 

Tucker recently was named CEO of Truckstop.com effective April 1, less than two years after joining the company as its chief revenue officer. Most recently, she was chief operating officer.

In an interview with FreightWaves, Tucker talked about the numerous existing Truckstop  offerings that she hopes to expand upon. But the load...

https://www.freightwaves.com/news/truckstops-new-ceo-sees-scaling-integration-as-major-challenges

Factoring has proven successful for new and small carriers looking to grow

When increasing freight rates stir the entrepreneurial spirit, and new carriers enter the market, it doesn’t take long to realize that starting a business comes with back-office and financial pressures that distract from the core task of delivering loads. It’s not uncommon that as soon as new carriers obtain their Federal Motor Carrier Safety Administration licenses, they’re also shopping for a factoring company in which to sell their accounts receivables.

“Of the $600 billion freight industry,...

https://www.freightwaves.com/news/factoring-has-proven-successful-for-new-and-small-carriers-looking-to-grow

4 reasons why factors turn to TriumphPay

By Tim Valdez, senior vice president, factor leader at TriumphPay

The trucking industry is moving at a pace faster than most could have imagined a little over a decade ago. This has given way to an arms race of sorts, as companies push for the latest in FreightTech to gain an advantage in the ever-changing market.

The competitive nature of this industry has greatly compressed margins. Factors wanting a competitive edge are looking internally at the back office to maximize efficiency, but playing...

https://www.freightwaves.com/news/4-reasons-why-factors-turn-to-triumphpay

BasicBlock building path to same-day factoring — for free

Standing out in the factoring field can be difficult. It’s a fairly basic process of paying drivers a day or two after an invoice is submitted, or maybe even the same day.  

BasicBlock now has $78 million in new capital that will help it drive the interest rate on its factoring loans to zero.

BasicBlock announced Monday that it had secured a financing package worth $78 million consisting of both debt and equity. Although the financing is only now being disclosed, it has been in place since...

https://www.freightwaves.com/news/basicblock-building-path-to-same-day-factoring-for-free

TriumphPay calls out achievement of first fully automated factoring payments

TriumphPay, the payment and processing arm of Triumph Bancorp, has completed its first round of what it is calling “conforming transactions,” in which the infrastructure it has built organically and through the acquisition last year of HubTran completed a fully automated “soup to nuts” factoring payment.

CEO Aaron Graft took the occasion of the company’s fourth quarter 2021 earnings call Friday to publicly disclose the transactions, which have all been done this month. He likened it in terms of...

https://www.freightwaves.com/news/triumphpay-calls-out-achievement-of-first-fully-automated-factoring-payments

EKA Solutions launches financial services subsidiary

Digital freight management platform provider EKA Solutions announced Monday it has formed EKA Logistics Capital LLC, a wholly owned subsidiary that will provide working capital financial services to its carriers, brokers and eventually its shippers.

The financial program, set to begin in January, is designed to give EKA a competitive solution to the industry’s factoring companies and create a full ecosystem of freight management tools within the EKA Omni-TMS platform.

Related: FreightWaves SONAR...

https://www.freightwaves.com/news/eka-solutions-launches-financial-services-subsidiary

Triumph’s Graft: The concept is proved; on to producing revenue at TriumphPay

With another quarter under Triumph Bancorp’s belt, CEO Aaron Graft gave the world an update on the company’s plans to dominate the processing of factored payments.

The metrics poured out during a call with analysts. While a year ago, the focus of its analyst call might have been how Triumph Business Capital, its factoring arm, was performing, now the attention is overwhelmingly on TriumphPay, its rapidly expanding operation to process factored brokerage freight. Triumph Bancorp (NASDAQ: TBK) boug...

https://www.freightwaves.com/news/triumphs-graft-the-concept-is-proved-on-to-producing-revenue-at-triumphpay

Trucking lender Instapay files for Chapter 11 bankruptcy protection

Trucking lender and factoring company Instapay, alongside its parent company Flexible Funding, filed for Chapter 11 bankruptcy protection, according to court records filed with the U.S. Bankruptcy Court of North Texas in Fort Worth.

San Francisco-headquartered Flexible provides asset-based lending within the staffing industry, while Instapay focuses on the transportation industry. Flexible’s lending product enables clients to fund and grow their businesses using the accounts receivable that they...

https://www.freightwaves.com/news/trucking-lender-instapay-files-for-chapter-11-bankruptcy-protection

A transformed Triumph Bancorp talks its hot market and future in call with analysts

The second quarter earnings call of Triumph Bancorp (NASDAQ: TBK) was notable not so much for the financial numbers that were discussed. Rather, it served as a sort of kickoff to a company that has been radically transformed in the past year, with two key acquisitions that make the topics of discussion on such a call much different than what would have been discussed just 12 months ago.

One acquisition grew the size of the bank’s factoring book: the July 2020 purchase of the factoring business...

https://www.freightwaves.com/news/a-transformed-triumph-bancorp-talks-its-hot-market-and-future-in-call-with-analysts

A bigger Triumph reports a minuscule level of charge-offs for Q2

Triumph Bancorp’s second-quarter earnings report reflected that the bank — a leading supplier of funds to the trucking industry through factoring — is having no trouble collecting on its loans.
It is having strong performance on its loans even as it makes more of them and at higher average amounts. .

Triumph, in releasing its second-quarter earnings Wednesday afternoon, said its charge-off rate for the quarter was a mere 0.04%. A year ago, during a quarter that included the heart of the pandemic...

https://www.freightwaves.com/news/a-bigger-triumph-reports-a-minuscule-level-of-charge-offs-for-q2

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