EKA Solutions, which provides a cloud-based integrated freight management ecosystem, will offer working capital financial services to small-business carriers, brokers, and shippers.
The wholly owned subsidiary, EKA Logistics Capital LLC, will offer services beginning in January 2022 to “further help SMBs compete with their much savvy competitors,” said J.J. Singh, EKA founder and CEO, in a news release.
Services will be competitive to large factoring companies. EKA will offer receivables financing of an entire customer receivable portfolio. Or, it can offer receivables financing of select shipper receivables or on a single shipper invoice basis.
EKA announced its Omni-TMS cloud-based supply chain platform in 2018, designed to allow brokers, carriers, and shippers to easily assign and track loads, including back-end billing and financial functions. It has since added a number of functions and features, including private freight marketplaces for larger companies, features for carriers using independent contractors, mapping tools, load-matching, and most recently pricing data.
“EKA's freight management and working capital solutions and services workflow processes have been optimally melded for highest seamless productive user experience and to accrue lowest customer lending costs,” said Mark Walker, president and CDO, in a release. “The result is a highly efficient and effective open loop automated receivables financing and payments digital platform for any carrier, broker, and shipper.”