ComFreight is fintech for the trucking and logistics industry and automates the invoicing, credit terms, and payment advance process for logistics (HaulPay). ComFreight also provides a digital load board.

Long Beach, CA, USA

One Liner

One Liner
ComFreight is fintech for the trucking and logistics industry and automates the invoicing, credit terms, and payment advance process for logistics (HaulPay). ComFreight also provides a digital load board.

What Problem We are Solving

We provide digital finance and payments service to freight carriers and freight brokers via our apps and API. Brokers: https://youtu.be/cMHMj5NVLIU Carrier: https://youtu.be/_j0hAliQWuQ

About Us

About Us
We provide: - Non-recourse payment financing at various payment speeds - We automate non-financed freight payments & settlements - We unlock and derisk the growth of SMB freight companies - We increase efficiency by automating back-office operations We eliminate the following issues for carriers and brokers: - Credit risk and potential payment fraud - Hundreds-Thousands of hours per year in back-office AP & AR - Losses from manual payments that account for 7%/rev per year.

Business Model

Business Model
Financing freight payment advances (digital factoring) at a target annual return of 36% per annum or 1% per 10 days advanced. We receive repayment for advances against freight invoices in an average or 31 days as of 2020. Our current default/loss rate is less than 0.07% per year. We also offer the digital freight payment management system and API that we use to eliminate fraud, risk and payment scheudling and automation as a SaaS product for larger freight companies that do not need the financing (launching in 2021). SaaS tiers coming in 2021 $1,500mo for AP only $2,500/mo for AP & AR $10,000/mo for Enterprise including full white labeling + $2.50-$3.50 per successful payment transaction settlement

Competitive Advantage

API and integration first engineering focus specific to the challenges of both the AP & AR side of freight payments. Proven technology for risk and fraud mitigation (proven by our default/loss rate in financed transactions to date). Easy to deploy, set up and use for both carriers and brokers. Current market options are limited to inflexible legacy based Fincos for carriers and only a few options for brokers that are expensive or require heavy loan covenants that can't be accessed by 90% 0f the freight companies servicing the market.

Go-To Market Strategy

Business Strategy
We acquire carriers through a free job finding app (60%) and other carriers we acquire via direct invitation to our payments service from freight brokers. We acquire brokers via 50% via direct sales outreach by inside sales reps and 50% via partner referrals from other transportation technology platforms. These platforms also integrate with our API making our payment and financing service embedded within the workflow of the freight brokers rapidly increasing volumes as the marketing to the partner platforms users ramps up.

Competitive Analysis

Competitive Analysys
Currently the only options to try to address the challenges of automating freight payments and financing are: Triumph Pay - Loan for Account Payable with available web and mobile app - targets large freight brokers (not addressing SMBs). Axle Payments - Recent startup focused on digital recource facotring for small freight brokers. EPay Manager - SaaS for freight AP without a financing component. - Clients of this product have to find a financing source outside of this platform, and API is legacy.

Competitor Website
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We are open to meeting up to grab a coffee, or just to chat. We would really enjoy your feedback and insight into our venture and would be happy to discuss anything that you are currently working on to see if we can be of service!



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