Axle Payments is an NYC-based financial enablement platform for the freight and logistics industry. The company announced a $126 million Series B led by Pelion Venture Partners, comprising $26 million in equity funding and $100 million in debt financing.
Along with its new capital, the company also underwent a complete rebrand and changed its name to Denim. Bharath Krishnamoorthy, co-founder and CEO of Denim, commented on recent fundraising and the transition to its new brand.
This funding comes on the back of an extraordinary year for the company, in which we grew our revenue nearly 5x. With this fresh capital in the bank and the rebrand out of the way, we are laser-focused on building the world’s best financial enablement tools for the logistics industry.
Bharath Krishnamoorthy, Co-founder and CEO of Denim
The company’s goal to build a stronger supply chain is represented by the new brand name Denim. The brand’s connection with the word’s definition according to the dictionary precisely aligns with Denim’s mission statement to be Reliable, Essential, and Universal.
Denim symbolizes our goal to build a stronger supply chain through reliable, flexible and easy-to-use tools. Comparable to how denim disrupted the fashion industry as a durable closet staple, Denim’s financial enablement platform is on a path to making freight shipment payments easy and trustworthy at every step of the supply chain.
We often see businesses rebranding when they have outgrown their name, like Adwisely, Hapana, Deft, and many more. Denim has further increased its brand value by investing in the exact brand match domain – Denim.com. A short and memorable .com domain name incomparably optimizes brand recognition online.