Silicon Valley Bank (SVB), a division of First Citizens Bank, along with lending partner Trinity Capital, provided a $63 million warehouse facility to Denim, a technology-forward factoring partner for freight brokers.
The financing, offered by SVB’s national fintech practice, allows Denim to continue supporting the cash flow and operational needs of growing freight brokers. In a volatile market, this support is vital for helping brokerages and fleets maximize their finances and enhance efficiency through automation.
“The facility will enhance Denim’s ability to support the cash flow needs and accelerate the expansion of growing freight brokerages,” Bharath Krishnamoorthy, co-founder and CEO of Denim, said. “We are very pleased to have SVB and Trinity as partners in our mission to support the freight industry.”
“With their innovative payment platform, Denim is helping freight brokers simplify their back-office operations so they can focus on running their business,” Brian Foley, market manager for SVB’s warehouse and fintech group, said. “SVB is proud to continue our strong relationship with Denim and provide them with the financial solutions and advice they need to continue to strengthen and scale their business.”
“The team at Denim has built an impressive and highly functional software suite that is advancing the digitization of the expansive freight and logistics market,” Steven Lambe, managing director, warehouse lending at Trinity Capital, said. “We are excited to partner with their team to provide a flexible facility that will help support their mission and scale operations.”
