Dallas-based Triumph Bancorp announced Wednesday the launch of TriumphX, a business unit aimed at streamlining freight financing options for carriers, shippers and brokers that need liquidity in order to move goods.
TriumphX is a division of TBK Bank, the primary operating subsidiary of Triumph Bancorp. TriumphX will support the execution of Triumph Bancorp’s venture in transportation fintech, the company said in a release.
“We see massive opportunities to reshape the future of payments in transportation,” Aaron P. Graft, CEO of Triumph Bancorp, said in a statement.
Graft said TriumphX will help attract more technical talent to the company, as well as evaluate concepts and ideas for its transportation fintech offerings — TriumphPay and Triumph Business Capital.
“The TriumphX team will support the line of business project teams, increasing their capacity and accelerating the execution of critical technology-based projects,” Graft said.
TriumphPay is a payment network aiming to enable seamless digital payment transactions for carriers, brokers, shippers and factors.
TriumphPay currently has about 91,000 carriers and 554 brokers in its system. In January, TriumphPay completed its first round of what the company called conforming transactions — fully automated factoring payments.
Triumph Business Capital is a provider of working capital financial solutions, arranging data-driven automation solutions for its factoring clients.
Triumph Bancorp (NASDAQ: TBK) has appointed Matt Levy as president of TriumphX. Prior to joining TriumphX, Levy served as the founder of Credera, a full-service management consulting and technology firm.
The global factoring services market is forecast to reach $6 billion by 2028, an 8.4% compound annual growth rate from 2021 to 2028, according to a report published in December by ResearchAndMarkets.
Watch: FreightWaves interviews Aaron Graft, CEO at Triumph Bancorp, and Mike Mangino, CTO at TriumphPay.
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