In the quarterly multipage letter to investors from Triumph Financial CEO Aaron Graft, improved financial performance at the company’s open-loop payment network went side by side with weaker numbers in its factoring business that would be expected in the middle of a freight recession.
Triumph (NASDAQ: TFIN) management has said repeatedly that the two most important numbers at TriumphPay were earnings before interest, taxes, depreciation and amortization and the number of transactions on its...
Triumph Financial’s shares are down near a 52-week low, and now Wells Fargo has lowered the company’s rating.
But in doing so, the Wall Street bank appeared to affirm Triumph’s strategy that focuses on its open-loop payments system serving the trucking market with less attention given to its traditional factoring business.
Wells Fargo’s rating was cut to Underweight from Hold. Wells Fargo says in its documentation that Underweight is tantamount to a sell rating.
Triumph Financial (NASDAQ: TFIN)...
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...
By Matt Bernstein, founder and CEO of BravoTran
On June 1, we launched BravoTran. Behind the scenes, inside HubTran, we had been preparing for over a year. This is the story of why we built BravoTran and where we’re taking the company.
When I founded HubTran in 2015, automating back-office and document workflows was not top of mind for transportation companies. But our powerful value proposition struck a chord in the U.S. 3PL industry, and the business grew rapidly, resulting in a $97 million...
When TriumphPay acquired document automation platform HubTran in June, former HubTran CEO Matt Bernstein was faced with a choice: to take a victory lap or to keep building.
He saw an opportunity: Because TriumphPay is focused on North American freight, HubTran’s still-young business serving international freight forwarders wouldn’t have a home. It was too good to pass up. In June, BravoTran announced its spinoff from HubTran, fully focused on document and process automation for international...
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...
A spinoff from the recent acquisition of HubTran by the TriumphPay subsidiary of Triumph Bancorp (NASDAQ: TBK) is setting up shop to bring that technology to the freight forwarding business.
The new company, BravoTran, is based in Chicago.
A group of about a dozen employees from HubTran is taking what BravoTran founder and CEO Matt Bernstein said was a “nascent” effort at HubTran to penetrate freight forwarding, which he said suffers from the same excessive use of paper and antiquated processes...
It’s been a busy month for Josh Asbury, vice president of 3PL and Broker at HubTran.
Making the rounds this past month announcing HubTran’s latest product, Lights-Out Processing, Asbury is excited to divulge yet another monumental move for the back-office automation platform.
HubTran announced earlier this month plans to consolidate with carrier payments platform TriumphPay, in an ambitious effort to form a fully integrated payments network for the entire transportation industry.
Both companies...
Triumph Bancorp’s (NASDAQ: TBK) acquisition of HubTran, announced late last week, has been a Wall Street winner, tacking on as much as $16 to Triumph’s share price in just three days and garnering an analyst report that called the deal “transformative.”
Triumph’s stock, which had been strong since the start of the year — rising to more than $81 pre-deal from about $47 at the start of the year — hit a 52-week high Tuesday at $96.74. That’s a 272% gain in the past year and roughly 57% in the past...
https://www.freightwaves.com/news/wall-street-gives-very-big-thumbs-up-to-triumph-hubtran-deal
TriumphPay plans to consolidate payment processes into a single, integrated platform for what CEO Jordan Graft said will be the first transportation payments network. To do that TriumphPay was missing one key element: a settlement process.
It is solving that piece of the puzzle through the acquisition of HubTran. TriumphPay, a division of Triumph Bancorp (NASDAQ: TBK), announced Wednesday after market close that it has entered into a definitive agreement to acquire HubTran, which provides...