Trucking lender Instapay and its parent company, Flexible Funding, have filed for Chapter 11 reorganization. FreightWave reports that the filing notes $110 million in loans.
Flexible Funding, established in 1982, offers payroll funding, consulting services, factoring services, etc. to staffing agencies of over $1,000,000 per week in sales. Additionally, the company received recognition as a Commercial Finance Lender by the State of California Department of Business Oversight.
Instapay started as a factoring provider by the TruckerPath application in 2016. Trucking companies found trouble getting paid immediately. Following this, Instapay was launched to provide "accounts receivable financing" to trucking businesses and brokers all over the United States.
Three years later, Fle...