RXO expands partnership with Triumph to offer factoring services

RXO (NYSE: RXO) and Triumph (NASDAQ: TFIN) announced an expanded partnership to provide financial services to freight carriers through a new offering called RXO Extra | Factoring.

The service combines Triumph's Factoring as a Service and LoadPay digital banking solution, allowing carriers to access same-day payments on approved invoices. The services operate 24 hours a day, seven days a week, including weekends and holidays, and are available to carriers regardless of whether they haul freight for RXO.

RXO Extra | Factoring is part of RXO's broader loyalty program called RXO Extra, which offers carriers discounts on fuel, maintenance, tires and retail services. Carriers earn additional savings and bonuses by moving through loyalty tiers based on their hauling activity through RXO Connect.

"Our expanded relationship with Triumph is enabling us to provide carriers with even more ways to improve their efficiency and profitability," said Lou Amo, president of RXO's truck brokerage business.

Factoring as a Service is a white-labeled solution that enables brokers to offer branded factoring and payment services directly to carriers. LoadPay serves as a digital bank account specifically designed for carriers, allowing payments to be received within minutes on approved invoices.

RXO currently uses Triumph's audit and payment capabilities as part of their existing relationship. The companies are headquartered in Charlotte, North Carolina and Dallas, Texas respectively.

"RXO continues to demonstrate its commitment to the carrier community by delivering tools that simplify operations and improve cash flow," said Aaron P. Graft, founder and chief executive officer of Triumph Financial.

The announcement was made through a joint press release from both companies.

You May Also Be Interested In

• Qualcomm to launch data center CPU in mid-2028 - Data Center Chief
• Corning (GLW) Declares $0.28 Quarterly Dividend; 0.5% Yield
• FDA approves Ionis drug Tryngolza for severe hypertriglyceridemia