Gradient Ventures and Construct Capital led this fundraising round, with Neo, PSL Ventures, Bezos Expeditions, Fintech Fund, Operator Stack, and Upper90 all made major commitments.

The whole investment consists of a $50 million credit facility from Upper90 for the purchase of receivables and a $15 million equity campaign.

Outgo, a Seattle-based company founded in 2021, is committed to modernizing the outdated freight factoring industry, which has been beset by expensive fees and sluggish funding rates. As part of its creative strategy, the business promises four-hour funding speeds, processing 25% of invoices in less than 15 minutes and 50% of invoices in 90 minutes. With the use of Outgo's technology, carriers may access their money whenever they choose, without being hindered by transfer deadlines or bank holidays.

The additional funding will be utilized to broaden Outgo's offering of financial solutions and enhance its technological capabilities with the goal of enhancing carriers' financial stability.

Outgo's CEO and co-founder, Marcus Womack, highlighted his excitement about the new financing, saying, "The industry has failed to innovate on speed, flexibility, and customer experience, but the very purpose of factoring is to get carriers paid faster."

With the specific goal of speeding fundings and cutting carrier costs, we have made it our top focus to provide flexibility and control to every aspect of the factoring process. We are pleased to have investors and consumers who are as passionate about enhancing carrier financial health as we are.