Axle, a payments automation and financing platform for the freight and logistics industry, on Thursday (March 10) unveiled its new carrier payments solution, Axle Wallet, which allows freight brokerages and shippers to pay their carriers with their own capital through Axle’s payments network.
Axle Wallet customers can schedule and disburse funds to carriers and access Axle’s suite of automation features, including its multiple transportation management systems and accounting integrations, the company press release said.
“Freight brokers and shippers are riding the wave of digital transformation, streamlining workflows and increasing efficiencies,” said Shawn Vo, co-founder and CTO of Axle. “Our financial platform enables brokers and shippers to automate their most time-consuming tasks so they can focus on growing their business and moving shipments.”
Axle Wallet allows brokers and shippers to transfer funds to one account and disperse payments to the right carrier at the right time, while preserving the security of the payments and the relationships of the parties on each end of the transaction. Carriers only need one login to track their payments.
The addition of Axle Wallet, when combined with Axle’s other integrations, can eliminate manual data entry to launch payments and automate carrier payments for brokerages and shippers.
In January, Axle hired Jamie Waldinger as vice president of revenue and Heather Beckstead as head of people.
Related: Axle Lands $27.7M For Freight Financing, B2B Payments
In August 2020, Axle raised $27.7 million in a funding round backed by Anthemis and Techstars to continue its work in automating processes and boosting cash management through increased product development and expansion into new markets.
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