Outgo

The technology behind making carrier payments instant

The freight industry has long relied on factoring to ensure carriers get paid quickly. Despite its consistent presence in the industry, however, the factoring landscape hasn’t seen many meaningful changes since its inception. 

Payments still regularly get held up on the way to carriers, with banking transfers often causing frustrating delays. This is especially true during weekends and holidays, when a transaction that should take minutes can stretch into days.

“Our financial system has a number...

https://www.freightwaves.com/news/the-technology-behind-making-carrier-payments-instant

AI is coming to trucking. Can it fix factoring for carriers?

Ask a room of logistics executives if AI and automation will help their business, and the vast majority will say yes. Ask a group of truckers, and you might face more skepticism. 

Outgo believes it has found a way to use these transformational technologies to make lives easier for carriers: That’s by fixing factoring.

“Discussions about AI and trucking focus too much on the impact for large enterprises – for example a cost-cutting initiative at a big shipper,” said Marcus Womack, CEO of Outgo....

https://www.freightwaves.com/news/ai-is-coming-to-trucking-can-it-fix-factoring-for-carriers

Outgo commits to 4-hour factoring speeds, announces $15M capital raise

Carrier-focused payments platform Outgo said Tuesday it has received a $15 million investment from venture capital investors and that it has secured a $50 million credit facility to be used for purchasing carrier receivables. It said the capital infusion has allowed it to become “the industry leader in funding speeds for carriers.”

The Seattle-based 2021 startup said the previously undisclosed funding round was led by Gradient Ventures and Construct Capital along with participation from other...

https://www.freightwaves.com/news/outgo-commits-to-4-hour-factoring-speeds-announces-15m-capital-raise

Carrier fintech provider Outgo announces platform launch

All-in-one banking platform for freight haulers launched on Thursday.

Carrier-focused financial tech provider Outgo announced its launch Thursday. The Seattle-based venture-backed company has emerged from stealth with its platform that provides a vertical banking solution for carriers, allowing them to automate broker relationships as well as functions like invoicing, factoring and collections.

The company also announced it raised seed funding of $3.4 million in a round led by Neo and PSL Ventures. Other investors included Bezos Expeditions, Convoy co-founder and...

https://www.freightwaves.com/news/carrier-fintech-provider-outgo-announces-platform-launch