Bridge Bank Provides $10 Million Asset-Based Loan Facility to Zuum Transportation
San Jose, Calif.
Bridge Bank today announced its Capital Finance Group has closed on a $10 million asset-based loan facility for Zuum Transportation Inc., a California-based logistics technology provider for manufacturers, freight brokers and carriers.
“It’s rewarding to work with a company like Zuum that is making a difference for such a great stable of internationally recognized clients,” said Justin Vogel, senior vice president in Bridge Bank’s Capital Finance Group. “Bridge Bank appreciates the innovation Zuum brings to the logistics industry.”
Founded in 2016, Zuum’s clients include Tyson, Sherwin Williams and Staples. The company offers shipper transportation management systems (TMS), freight broker software, carrier TMS and a mobile app for truck drivers who are connected within the company’s Logistics Super Platform. The tools enable customers to enhance the efficiency and effectiveness of their logistics operations while simultaneously automating their transportation networks.
“We’re all about smooth processes and enhanced efficiencies, the same qualities Bridge Bank brings to clients,” said Matt Tabatabai, co-founder and chief operating officer of Zuum. “Our goal is to defragment the logistics industry through collaboration and partnerships — including with our lender.”
The Capital Finance Group at Bridge Bank offers a range of asset-based lending and factoring solutions, including accounts receivable, inventory and invoice financing, to provide lines of credit and working capital. The group’s expertise supports companies in manufacturing, professional services, retail, technology and more that are experiencing unusual market conditions that might hamper their ability to adhere to traditional covenants and credit structures.
Bridge Bank, a division of Western Alliance Bank, Member FDIC, delivers relationship banking that puts clients at the center of everything. Founded in 2001 in Silicon Valley, Bridge Bank offers a full spectrum of tailored business banking solutions throughout the Bay Area and has specialized expertise focused on life sciences and technology and innovation companies, at every stage in their life cycle, through its offices in major tech hubs across the country. Bridge Bank also serves the private equity and venture capital communities and provides business escrow services. Bridge Bank is part of Western Alliance Bancorporation, which has more than $65 billion in assets and ranked #1 among top-performing large banks in 2021 by both American Banker and Bank Director. As a regional bank with significant national capabilities, Bridge Bank delivers the reach, resources and local market expertise that make a difference for customers.