TriumphPay, a division of TBK Bank and member of Triumph Bancorp Inc. Group (NASDAQ:TBK), announced on Tuesday it has exceeded $16 billion in annualized payments volume for Q3 of 2021.
The company works with carriers, shippers, brokers and factors to help process, settle and manage transportation payments in its payment platform.
After acquiring cloud-based automation software HubTran in April, the company has been able to leverage AI and machine-learning techniques in its platform to help supply chain actors increase back-office productivity, reduce fraud and maintain positive cash flow.
These services, along with its strong relationship with domestic carriers, have attracted integrations with an increasing number of logistics providers who rely on the payment solution to provide a value-added relationship with their capacity networks.
New leadership alignments
In tandem with its payment volume report, TriumphPay announced leadership transitions in its quest to become “the payments network for trucking.”
CEO Jordan Graft will move into a strategic adviser role, working alongside his brother, co-founder, President and CEO of TBK Bank Aaron P. Graft.
“When we started this journey with Jordan three years ago, we defined proof of concept as becoming the largest payor in brokered freight,” said Aaron P. Graft in the release.
“As of this quarter, we have achieved that milestone. Several months ago, in anticipation of this landmark, we began laying the groundwork for the transition to the next phase of leadership. Jordan was the entrepreneurial leader we needed to take an idea and turn it into a viable business model, and he has done that with excellence.”
To continue its growth strategies, factoring industry veteran Tim Valdez will join the team as the senior vice president and factor leader.
Valdez brings his experience as vice president of WEX Fleet One Factoring. Valdez co-founded recourse factoring company Pavestone Capital, which was acquired by WEX in 2019. Prior to Pavestone, he led Transportation Alliance Bank as the chief lending officer until 2012.
Executive Vice President and COO Ed Schreyer, who joined TriumphPay earlier this year with 30 years of experience from real estate service CBRE, will continue his operating duties, along with a promotion to president of the company.
“Our best days are ahead of us as we continue our growth, delivering value and cost savings to network participants and ultimately revenue to our enterprise,” said Aaron P. Graft.
“With the addition of Ed seven months ago, Tim’s deep industry knowledge and the development talent we acquired from HubTran, we have a more complete leadership team than ever. I am confident these changes will leverage the strengths of our team, continuing our momentum and positioning us for exceptional growth in 2022 and beyond.”