New payment platform for supply chain hits series B in fundraising

A new audit and payment platform for the supply chain industry has announced it has raised a $35 million (US) series B investment.

Loop, created by former Uber and Flexport engineers, aims to unlock capital trapped in the supply chain and is currently used by global shippers including Great Dane, GIKKIG and JPMorgan Chase as well as logistics service providers Convoy and Loadsmart.

“As geopolitics radically reshapes the global supply chain and consumers bear the brunt of inflation, legacy financial infrastructure is driving up costs at a critical time for the economy,” said CEO and co-founder of Loop, Matt McKinney. “We founded Loop to solve this massive problem, and this fundraise is a testament to Loop’s ability to cut costs and power profits for our customers.”

Transportation and logistics represent more than 8 per cent of GDP, but throughout this movement of global goods and services, outdated systems leave millions of dollars trapped, the company says. Loop’s infrastructure and data platform give customers visibility into costs and unlocks savings. Its AI delivers insights into the impact of everything from linking disparate documents to root-cause of discrepancies to contract renegotiations.

“Loop transformed the way we do business, enabling us to capture data and utilise it for better insights on decision making from how we allocate transportation spend to negotiating carrier contracts,” said VP of Aftermarket Parts at bus manufacturer GILLIG, Chuck O’Brien. “With Loop, we went from a gut checking 30 per cent of our invoices and manually auditing them, to being fully automated.”

Loop was founded in 2021, at the height of the disruption of the global supply chain by the COVID-19 pandemic, to unlock margin and increase liquidity. With an AI-driven platform that consolidates and analyses all transportation financial data, Loop accelerates the movement of money between shippers, carriers, and brokers.

In other news, Schmitz Cargobull has closed its 2022/23 financial year with an increased turnover of €2.6 billion, up 13 per cent over last year. 

Send this to a friend