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Logistics fintech OTR Solutions acquired TruckSmarter's $300 million factoring and banking portfolio, OTR president Clayton Griffin tells Axios Pro.

The big picture: More deals in the freight transportation finance sector are likely to follow this year, Griffin says.

Zoom in: The deal closed in the span of about 30 days on Nov. 13.

What's next: OTR will be on the lookout for other deals to bulk up its offerings or add capabilities, Griffin says.

How it works: Freight factoring pays trucking firms up front for outstanding invoices, in exchange for a percentage.

By the numbers: OTR processes more than $10 billion in carrier payments annually.

State of play: The trucking industry's use of factoring has grown, especially during a freight recession that's driven many carriers out of business.

Catch up quick: Recent deals have kept both companies busy.

TruckSmarter, which offers load matching and freight visibility, closed a $16 million equity raise led by Cox Enterprises-backed Socium Ventures last month.

OTR's first acquisition was back-office automation platform Epay Manager in 2024. 

The bottom line: TruckSmarter "deliver[s] a high level of service, which is why they were looking for somebody that could take that and run with it," Griffin says.

Disclosure: Cox Enterprises is the owner of Axios Media, which has editorial independence.

acquired back-office automation platform Epay Manage

OTR Solutions acquires TruckSmarter's $300M factoring, banking portfolio

More deals in the freight transportation finance sector are likely to follow this year, Griffin says.

Illustration of a semitruck and shipping containers surrounded by abstract shapes and money elements.

Logistics fintech OTR Solutions acquired TruckSmarter&#x27;s $300 million factoring and banking portfolio, OTR president Clayton Griffin tells Axios Pro.The big picture: More deals in the freight transportation finance sector are likely to follow this year, Griffin says.

OTR Solutions acquires TruckSmarter's $300M factoring, banking portfolio

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