Source: GlobeNewswire (MIL-OSI)
DALLAS, Sept. 28, 2021 (GLOBE NEWSWIRE) — TriumphPay, a division of TBK Bank, SSB, today announced its annualized payments volume for the third quarter of 2021 will exceed $16 billion, making it the largest payor in brokered freight. Concurrent to this announcement, TriumphPay announced a strategic enhancement and realignment of its executive leadership, taking a critical next step in its journey towards building the payments network for trucking.
- Factoring industry veteran Tim Valdez will join as senior vice president, factor leader
- Chief executive officer Jordan Graft will transition to strategic advisor of TriumphPay
- Ed Schreyer will expand his role to president and chief operating officer of TriumphPay
As senior vice president, factor leader, Tim Valdez will focus on driving the strategy, vision, and growth supporting TriumphPay’s factor vertical.
“With our mission to provide frictionless presentment, audit and payment for all participants, including brokers, shippers, carriers and factors, Tim will ensure the wants and needs of factoring companies continue to be integrated into our platform,” said Schreyer.
He joins TriumphPay from WEX Fleet One Factoring, where he managed the recourse and non-recourse transportation factoring portfolio. Valdez joined WEX in 2019 when the company acquired Pavestone Capital, a recourse factoring company that he co-founded to serve small and middle-market transportation and commercial businesses. Prior to founding Pavestone Capital in 2012, he served as the chief lending officer for Transportation Alliance Bank.
“I have had the pleasure of knowing Tim for several years,” said Aaron P. Graft, co-founder, chief executive officer and president of TBK Bank. “He brings years of experience across multiple factoring companies and deep industry knowledge and leadership that will be invaluable as TriumphPay serves the needs of factoring companies utilizing our payments network for trucking.”
As a strategic advisor, Jordan Graft will work closely with Aaron Graft and TriumphPay’s leadership team, guiding product strategy and roadmap planning. He will also support the team with strategic partnerships and relationships with freight brokers and shippers.
“When we started this journey with Jordan three years ago, we defined proof of concept as becoming the largest payor in brokered freight,” commented Aaron P. Graft. “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. As we prepared for this transition, we now have Ed Schreyer, Melissa Forman, Tim Valdez and Mike Mangino in place, putting us into a position that allows Jordan to focus on what he does best.”
“TriumphPay has grown from an idea in 2015 to the largest payments network in brokered freight because we leveraged Triumph’s industry knowledge and invested in its potential,” said Jordan Graft. “The opportunity for TriumphPay is larger than it has ever been. We have an exceptional senior leadership team in place, and I can’t think of better leaders to continue growing the business, building the infrastructure, and providing stability needed by a multi-billion dollar payments network.”
As president and chief operating officer, Ed Schreyer will ensure TriumphPay’s overall vision is brought to fruition and he will be guiding its operations. Schreyer joined TriumphPay in early 2021 as executive vice president, chief operating officer with over 30 years of experience with CBRE.
“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.”
TriumphPay is the payments network for freight brokers, factors, shippers and carriers in the US trucking industry. Its forward-thinking solutions help each party successfully process, settle and manage carrier payments and drive growth. TriumphPay offers supply chain finance to brokers, allowing them to pay their carriers faster and drive carrier loyalty. TriumphPay provides tools and services to increase automation, mitigate fraud, create back-office efficiency and improve the payment experience.
TriumphPay is a division of TBK Bank, SSB, Member of FDIC, and a member of the Triumph Bancorp, Inc. (Nasdaq: TBK) group. Triumph Bancorp is a financial holding company with a diversified line of banking, payments, and factoring services. www.triumphpay.com
About Triumph Bancorp
Triumph Bancorp, Inc. is a financial holding company headquartered in Dallas, Texas. Triumph offers a diversified line of banking, payments, and factoring services products through its bank subsidiary, TBK Bank, SSB. www.triumphbancorp.com
This press release contains forward-looking statements within the meaning of the federal securities laws. Investors are cautioned that such statements are predictions and that actual events or results may differ materially. Triumph Bancorp’s expected financial results or other plans are subject to a number of risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see “Risk Factors” and the forward-looking statement disclosure contained in the Company’s Annual Report on Form 10-K, filed with the Securities and Exchange Commission on February 12, 2021. Forward-looking statements speak only as of the date made, and Triumph Bancorp undertakes no duty to update the information.
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