Fintech platform for freight and logistics, Denim, closes $126m Series B
Denim (previously Axle Payments), a financial enablement platform for the freight and logistics industry, has raised $126 million in Series B funding.
The round was led by Pelion Venture Partners and includes $26 million in equity financing and $100 million in debt financing.
Also participating were Crosslink Capital, Anthemis, Trucks VC, FJ Labs, Tribeca Early Stage Partners, and Refashiond Ventures.
In total, Denim has raised $165 million in three years.
The equity financing will be used towards scaling its platform and expand product offerings, while the debt financing will provide working capital to freight brokerages.
Founded in 2019 and based in New York, Denim’s platform automates invoicing, collections and payments, claiming to reduce daily payments and collections tasks by 75%. It also provides freight brokers with access to working capital.
“The core challenge our clients face is adapting to the pressures of an increasingly complex and unpredictable supply chain. Freight brokers – and the shippers and carriers they work – must find ways to evolve how they do business together with smarter tools,” says Bharath Krishnamoorthy, CEO and co-founder of Denim.
Denim says it quadrupled its revenue last year, and this year, facilitated nearly 60,000 jobs between shippers, carriers and freight brokers through its platform, and also scaled the team 200%.