Outgo emerges from stealth with Vertical Banking solution

By Edlyn Cardoza

Outgo, a new all-in-one banking solution for freight carriers, recently announced it has emerged from stealth with $3.4 million in funding led by Neo and PSL Ventures, along with Bezos Expeditions, Dan Lewis (CEO, Convoy), Jason Droege (Founder, Uber Eats), Jason Davis (CEO, Simon Data), and other angel investors. Outgo will use the new funding to continue its hiring efforts, scale its product offerings, and bolster its partnerships and growth goals.

Today, more owner-operators than ever are finding work, but how they get paid has not evolved with the rest of the industry. Carriers’ legacy finance solutions have traditionally been slow-moving and fail to offer cost-competitive, customer-centric solutions. Outgo brings much-needed innovation to this space by automating broker setups, invoicing, factoring, collections, accounting, and tax services without contracts or minimums. The platform gives carriers the tools to directly lower their financing costs and manage all of their financial needs in one place. Outgo’s streamlined FinTech platform provides an overdue solution to a decades-long problem for carriers and allows them to take complete control of their finances.

Outgo was founded by senior executives and technology leaders from leading-edge transportation companies, including Uber and Convoy. In establishing the company last year, co-founders Marcus Womack, Ray Fortna, and Mike Bohlander recognised a unique opportunity for a fresh approach to building a streamlined FinTech product focused entirely on giving carriers a proper end-to-end solution for managing their finances.

“Carriers are the cornerstone of the American economy, yet operators lack the right set of tools to help them manage their livelihood and finances,” said Marcus Womack, CEO and co-founder of Outgo. “Carriers face high capital costs like rising fuel prices and higher demand for goods, which makes getting paid mission critical. At Outgo, we’re changing the rules of finance for small carriers and eliminating the huge legacy finance problems they’ve faced their entire careers.”

Outgo’s mission and products are an example of a growing trend of FinTech companies that are helping legacy industries (i.e. trucking, insurance, etc.) adopt a more streamlined operating system that provides a critical, better everyday solution to an outdated workflow.

“Truckers and carriers are the backbone of the economy, and Outgo is obsessed with helping them do more with less,” said Ali Partovi, CEO of Neo. “There’s a tremendous opportunity to reinvent how carriers think about their finances, and Outgo has the right leadership to deliver a winning solution.”

“The Outgo product is a complete game changer for the transportation industry,” said Charmaria Gurley, owner of Gurley All Freight Inc., an Outgo customer. “It puts the power of saving in the hands of owner-operators and small carriers. I was blown away by its unique features and ease of use. It has saved me time and more importantly, money.”