E97: Why Freight Factoring Isn't A Scam

We are excited to announce that starting today, we have a new co-host on our podcast, Bob Kruz, the Founder of @usa_transportation. In our first episode as co-hosts, we’re delving into the fast-paced world of freight factoring with Brett Byman, the COO of BasicBlock.io. From the inside scoop on starting and financing a freight factoring company to the secrets behind building a strong reputation in a stigmatized sector, Brett will be sharing it all. And Bob will be giving us his expert insight as a carrier, sharing how he's navigating the current downturn in the freight industry and what he looks for in a factoring company. From Brett, we’ll get the details on BasicBlock’s journey: Brett and his partner, Taylor Monks, set out to leverage blockchain technology in trucking and transportation but eventually pivoted to payments and started factoring invoices. BasicBlock's growth was almost too much to handle, they had to raise more funds to keep up with the demand, even considering "loan sharks" to get the money they needed. An early investor in BasicBlock was Jason Calacanis, Brett and his partner were able to secure a $100,000 check from Jason, which was the first big investment they were able to put into the company. With the help of some additional awesome lenders and an $80 million round of debt and equity financing, BasicBlock has been able to grow uninhibited and continue its unique contract-less model. You’ll also get the carrier perspective from Bob on working with factoring companies and how he’s navigating the current downturn. With nine years of experience in the industry and a steadily growing fleet, he is pushing the limits and striving for even greater success. Bob is also a savvy social media professional, connecting with industry players and building relationships through Instagram. It was with his help that FreightCaviar has grown into what it is today. Bob’s leveraging social media to build business partnerships and learning more about all sides of the industry along the way. He has a ton of great questions for Brett, so you don’t want to miss out on this episode! You can listen to the full podcast on the FreightCaviar Spotify or YouTube channel. #Freight #FreightBroker #Trucking #FreightTech #Logistics Listen to The Freight Caviar Podcast on: Spotify: https://open.spotify.com/show/6FnFUrM5RUMENBejSjts8L Apple Podcasts: https://podcasts.apple.com/us/podcast/the-freightcaviar-podcast/id1609852288