Denim (formerly known as Axle Payments), a provider of factoring services to freight brokers, raised USD 126 million in a Series B funding round led by Pelion Venture Partners, with participation from Crosslink Capital, Anthemis, and Trucks VC, among others. The company’s total funding following this round stands at USD 165 million.

The Series B funding consisted of USD 26 million in equity and USD 100 million in debt financing, with the company intending to use the equity to develop its financial platform and for recruitment while using debt financing to provide working capital to freight brokers.

Formed in 2019, Denim provides freight brokers with factoring services via its financial platform. Additionally, brokers can also use the platform to automate their invoicing claims and payment processes.