Newly launched fintech platform Outgo promises to facilitate invoice processing and payment for independent freight truckers. The company recently launched with $3.4 million in funding from investors that include Bezos Expeditions, PSL Ventures and Neo.
Launching the startup is Mike Bohlander, Ray Fortna and Marcus Womack. The trio previously co-founded Familiar, a digital screensaver startup that was eventually acquired by Evidance.com in 2013, according to Crunchbase.
Despite their last startup being in a different industry, the trio does have experience working in logistics and freight. Womack previously worked at Uber while Fortna and Bohlander were engineers at Convoy, a national logistics startup.
With the new company, the founders are trying to change the way in which independent truckers are paid. In a blog post, Womack stated that the “financial challenges of carriers have largely been left unaddressed.” This has resulted in “clumsy” payment services.
With Outgo, drivers can submit their invoices to the companies they are driving for and get paid via the platform. Drivers will also receive an Outgo debit card that they can use for purchases at retailers.
“Trucking is a demanding business. High overheads and low margins make every penny matter. The importance of trucking to our economy is undeniable. All of us at Outgo believe it’s time to put carriers front and center of a streamlined, modern financial platform,” Womack said in the blog post. “Our goal is to help these small business owners optimize their cash flow, save money and keep them on the road.”
While the platform can only process payments at the moment, eventually Outgo wants to offer other services such as financing, banking, payments and accounting.
Outgo is based in Seattle and has already started building its team to propel the platform forward.
“We are driven by a team of passionate builders and operators who are committed to crafting delightful products that put our customer at the center,” Womack said.
The startup is currently hiring for more talent.
