Outgo Commits to 4-Hour Factoring Speeds, Announces $15 Million Funding Round

Outgo, the carrier-focused payments platform, announced Tuesday that it has received a $15 million investment from venture capitalists and secured a $50 million credit facility that will be used to purchase carrier debt. It said the capital injection has enabled it to become “the industry leader in speed financing for carriers.”

The Seattle-based startup said the previously undisclosed funding round was led by Gradient Ventures and Construct Capital, with participation from other investors. Upper90 led the fundraising for the credit facility.

“Outgo’s mission is to increase transparency and eliminate exorbitant rates, hidden fees and long-term contracts with the most flexible and intelligent financial products in freight,” a press release said.

According to the release, carriers often wait a month or more to receive payment. However, Outgo now boasts a commitment to four-hour financing, with half of its invoices approved within 90 minutes and 25% within 15 minutes. The company offers factoring options starting at 1%. Additionally, financing is available to carriers 24 hours a day and there are no power outages during holidays.