In what the companies said is a first for the industry, InMotion Global and Triumph Business Capital are partnering to introduce financing options for business fleet customers, linking travel management software with corporate lending.
An announcement on Wednesday (June 22) said InMotion Global-owned AscendTMS will integrate Triumph's invoice factoring solution into its software, enabling trucking companies, freight shippers and third-party logistics firms to access financing.
In a statement, Triumph Business Capital President and CEO Steve Hausman said the trucking and fleet industry is in need of a FinTech boost.
"Online FinTech lenders have raised service-level expectations, even in trucking," he said. "The objective is to provide our customer base with unrivaled speed and quality of user experience but at a lower cost and higher cash availability."
He added that the collaboration marks Triumph Bancorp's latest service offering, which already includes discount fuel cards and other trucking-focused financial services.
"This partnership is a true industry first," stated InMotion Global President and CEO Tim Higham. "Any AscendTMS user can now access our full offering of funding and financial services, in real time, without leaving their TMS [transportation management system]."
He explained that, once a trucking load job is complete, users of the TMS can click a "Get Paid" button to access financing instead of waiting for their B2B invoices to get settled. The partnership allows trucking companies and logistics firms to choose where their money lands, whether it be a bank account, fuel card or other destination.
Higham added that the connection between TMS and financial services is a "game-changer."
To promote the deal, companies that are using Triumph's financing solutions can access a free year subscription to AscendTMS.