Open deck carrier and shipper marketplace FR8Star, owned by FR8 Revolution, is integrating a solution to bridge its freight shipper customers to capital.
The company announced news on Tuesday (May 8) that it has partnered with small business factoring and payment processing company Triumph Bancorp to offer joint customers access to credit. Users of FR8Star’s online marketplace, which already provides a freight shipping service by matching shippers with carriers, can now be pre-approved for financing via Triumph’s factoring solution.
“The strength of our commitment to our clients is reflected in product innovation and the strategic partnerships we establish,” said Triumph Business Capital Chairman Steven Hausman in a statement. “FR8Star has emerged as a major player in the freight industry with their online marketplace matching shippers with qualified carriers. We are pleased to be able to expand opportunities for their shippers and distributors to facilitate the transportation of flatbed freight.”
FR8Star specializes in linking shippers with open deck and oversized load transportation. The solution offers shipping rates and online booking; users can access a fixed rate or receive bids from carriers on the platform. Carriers receive payment when freight loads are dropped off.
Triumph Business Capital struck a collaboration with another logistics company in 2016. InMotion Global, which owns AscendTMS, integrated Triumph’s factoring solution into its own fleet management platform for trucking companies, shippers and logistics companies to access funding.
“Online FinTech lenders have raised service-level expectations, even in trucking,” said Hausman in a statement at the time. “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.”
The freight management space is increasingly competitive with players like FLEETCOR and Uber Freight expanding their presence. The two companies announced a partnership earlier this year to provide payment solutions for road freight drivers.