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Scan for outdated or missing drivers - takes under a minuteDriver Scan →Repair Windows errors before they cause bigger problemsFix Now →Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →Seattle freight-fintech startup Outgo raised a previously undisclosed $15 million equity round in 2023, disclosed on September 24, 2024, to expand tools that help trucking carriers turn unpaid invoices into working cash. The company also obtained a separate $50 million credit facility for purchasing receivables. Outgo is no longer independent: DAT Freight & Analytics acquired it on May 15, 2025, and now markets the service as DAT Outgo.
What Outgo’s financing included
The headline $15 million was venture equity, not the entire financing package. Upper90 separately provided a $50 million credit facility intended to fund advances against carrier receivables. Combining the figures without explaining their roles would incorrectly suggest that Outgo raised $65 million in venture capital.
| Component | Amount | Purpose |
|---|---|---|
| Equity round | $15 million | Operating expenses, hiring, product development and growth |
| Credit facility | $50 million | Capital to purchase or advance against eligible carrier invoices |
| Reported funding at announcement | More than $19 million | Historical total reported by GeekWire; separate from the credit facility |
GeekWire reported that Gradient Ventures and Construct Capital led the equity round. Neo, PSL Ventures, Bezos Expeditions, Fintech Fund, Operator Stack and Upper90 also participated. Upper90 therefore appears both as an equity participant and as the provider of the separate receivables facility.
Why trucking carriers need faster invoice cash
A carrier can finish a load today but wait 30 days or longer for the broker or shipper to pay. During that interval it still has to fund fuel, repairs, payroll, insurance, tolls and maintenance.
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- The carrier completes a load and obtains the bill of lading and other delivery documents.
- It sends an invoice to the broker or shipper.
- The customer’s payment terms create a working-capital gap.
- A factor purchases or advances against the eligible receivable, less the applicable fee.
- The carrier receives cash earlier while the factor handles collection under the agreement.
Factoring can improve liquidity, but it does not increase the invoice’s value. The carrier ultimately keeps less than the face amount, and eligibility, documentation, disputes and broker credit quality affect whether an invoice can be funded.
How Outgo’s original product worked
Outgo combined invoice processing, payment collection, factoring and banking-related tools in one workflow rather than treating financing as a separate back-office task. In its 2024 description, the company said funds could be available within roughly four hours, factoring fees were 2.5% or less, and there were no monthly or annual contracts. Those were company-reported terms at the time, not an independently audited guarantee.
The company also described partnerships with Blue Ridge Bank, TransPecos Bank and other banking providers, and said automation and artificial intelligence helped lower operating costs. Its founders were Marcus Womack, Mike Bohlander and Ray Fortna, who had previously worked together at iLike and later co-founded Familiar. Womack had been a product leader at Uber; Bohlander and Fortna had worked as principal software engineers at Convoy.
Why the 2024 market backdrop mattered
CEO Marcus Womack said the trucking slowdown increased demand for early payment because carriers were operating in one of the toughest freight economies in years. When rates or margins are pressured, a delayed customer payment consumes more of a carrier’s operating cushion. Factoring may therefore become more attractive even as weaker freight conditions make underwriting and broker selection more important.
That observation is management’s interpretation, not proof that the funding round established product-market fit. GeekWire’s report did not include specific customer or revenue metrics.
What happened after the funding
DAT announced its acquisition of Outgo on May 15, 2025. The strategic combination links DAT’s freight marketplace with Outgo’s payment and factoring workflow. In DAT One, eligible loads can display a dollar-sign indicator showing that the broker is eligible for DAT Outgo factoring, allowing a carrier to consider payment access before booking the load.
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The current positioning connects load discovery, broker eligibility, invoicing, collections and funding. Outgo’s integration explanation describes submitting invoices through the Outgo workflow, while DAT’s factoring page advertises automated invoicing, broker vetting, no annual contracts, no reserves, no minimums and non-recourse factoring, subject to the applicable agreement.
What current DAT Outgo claims mean
Current pages use timing and pricing language that is not identical to the 2024 announcement. DAT says some invoices may be ready to factor in 15 minutes or less, while other product materials refer to processing within four hours. These are not promises that every invoice will be funded in that time; invoice quality, broker eligibility, underwriting, operating hours and the transfer method can change the result.
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1Repair Windows errors before they cause bigger problems2Scan for outdated or missing drivers - takes under a minute3Clear out junk files and repair common Windows errorsThe current site also says the Outgo (now DAT Outgo) Card can reduce the factoring rate to 1.0% on purchases, subject to eligibility and product terms. That card-linked figure is not automatically comparable with the historical “2.5% or less” claim and should not be treated as a universal rate for every factoring transaction.
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The product page lists no-fee ACH transfers, $20 domestic wires, no-fee in-network ATM use, a $2.50 out-of-network ATM fee and a 1% international transaction fee. Card, account, transfer and factoring charges may be governed by different documents, so the current agreement controls.
Questions to ask before choosing factoring
- Effective discount: Does the quoted percentage apply to every invoice, or only purchases made with the card?
- Advance and reserves: What percentage is advanced, and is any balance held back?
- Recourse: Which events can make the carrier repay an advance?
- Fees: Are there per-invoice, wire, transfer, card, service or cancellation charges?
- Eligibility: Which brokers, loads, invoice sizes and document types qualify?
- Timing: What conditions must be met for same-day or rapid funding?
- Disputes: Who handles shortages, claims, documentation defects and chargebacks?
- Contract: What notice, buyout or termination obligations apply?
“Non-recourse” generally addresses the customer’s default or inability to pay; it does not mean a carrier can never owe money. DAT Outgo’s rate-match terms identify exclusions and conditions involving documentation defects, fraud or misrepresentation, disputed invoices and other contractual obligations.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Eligibility and alternatives
Applicants should expect to provide an MC or DOT number, company information, insurance or other business documents, invoices, proof of delivery and broker details. DAT says carriers must apply and receive approval. Its rate-match program is narrower: it applies to qualifying U.S. non-recourse contracts, requires an average invoice value of at least $750 in the prior month and caps average monthly invoice volume at $500,000.
Best Value
Alternatives include broker quick pay, traditional transportation factors, a bank line of credit and carrier-focused expense or card products. Quick pay may be useful for a particular broker but does not necessarily provide factoring’s broader invoice-management and collections workflow. A bank line finances the business generally, while factoring is tied to receivables. Compare total fees, covenants, reserves, recourse and operational fit rather than headline rates alone.
Outgo is a fintech, not a bank
Outgo is a financial-technology company. Its legal disclosures state that banking services come from partner institutions and that the Outgo Business Visa Debit Card is issued by TransPecos Banks, SSB. Review the applicable account disclosures instead of assuming every balance or product has identical deposit-insurance treatment.
Bottom line for carriers and investors
Outgo’s original story was an integrated way to shorten the gap between hauling a load and receiving payment: $15 million of equity supported the company, while a separate $50 million facility supplied capital for receivables purchases. The current story is DAT Outgo’s marketplace-finance integration. It may help an eligible carrier identify factorable loads and manage invoices in one ecosystem, but funding speed, rates and non-recourse protections remain conditional. Factoring can solve a timing problem; it cannot make unprofitable freight profitable.
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