Freightos

How Freightos scaled their business & built trust with Noble-powered credit products

Automation

Automation

“Before Noble we committed to 14 business days to approve a line of credit. Today we reach decisions within hours.”

Platform Stickiness

Platform Stickiness

“Noble empowers us to build credit products that appeal to our customers, driving both acquisition and stickiness.”

Higher Customer Lifetime Value

Higher Customer Lifetime Value

“We see increased spend and more bookings from customers who consume our credit products.”

Interrupting global freight

Global freight transports nearly everything we eat, wear and use. Yet behind the scenes, international shipping remains a mostly offline operation. Enter Freightos, who is building innovative products to digitize the industry, and break down silos that have defined it for decades.

The Freightos Group pioneered novel platforms to better connect businesses, freight forwarders and carriers, all the while promoting simplicity, transparency and competition.

The group’s SaaS-enabled marketplace, Freightos.com, connects companies that need to ship goods with freight forwarders. It also provides access to essential services like insurance, tax and duty handling, a full suite of different payment options, and credit.

The group also offers an online booking agency through its subsidiary WebCargo, where freight forwarders can book space on airlines and ocean liners, offering an alternative to what used to be a slow, manual process.

Credit is an essential engine powering both products.

Freightos

Challenge: cashflow. Solution: credit.

Businesses moving goods need credit to bridge the gap until they receive and sell their goods. Freight forwarders need to front cash to pay airlines, ocean shipping lines, trucking companies, and other providers in the supply chain. So credit is an industry standard, but the standard was not always high.

Credit was always available, but it was extended by individual freight forwarders or trade finance companies in a very manual, slow process. The credit offered was rarely extended to the SMBs who needed it most, and new businesses stood no chance at all. 

Freightos knew that unifying the freight booking and payment experience, while providing credit, would help customer acquisition and add value across their platforms.

Prioritizing a smooth credit operation became integral to Freightos’ growth strategy.

Automation to support growth & scale

Freightos extended credit to its platform users early on, through a manual process. They were reaching out to business and bank references and were committing to decisions within 14 business days. But as they grew and targeted larger accounts they needed to scale their credit workflow. Another impetus for automation was COVID. After an initial lull in activity, shipping became a lifeline for global commerce and costs started rising accordingly. The business was growing, so in 2021 Freightos implemented Noble’s solution to streamline their credit offering, as part of their broader business strategy.

Freightos sought a platform to:
Support underwriting

Support underwriting

Design and build sophisticated policies to reflect the complexities of their underwriting process

Access data sources

Access data sources

Leverage external data sources as well as Freightos’ proprietary data

Manage products

Manage products

Manage multiple credit products to support small and large shippers and freight forwarders, across geographies.

The Freightos Group first used the platform to onboard new customers and manage their credit review process, which was managed across several software platforms. As time went by, they built a new, automated workflow with Noble.

A partnership to address present and future needs

Freightos chose Noble to help strike the right balance between cost, accuracy and friction. And it paid off. Both Freightos and WebCargo have fully functioning credit products embedded in their platforms. They can take on new applicants and provide decisions within hours. They see an uptick in CLTV, as customers who request credit spend more than customers who prepay by credit card. In addition, the average number of bookings made by customers who used credit products increased Quarter over Quarter. Freightos continues to grow its credit offering, leveraging additional data providers and deploying more complex underwriting rules. They’re reaching faster decisions, reducing friction and improving overall outcomes. But most importantly, they can expand their services knowing they have a platform that supports their business goals.

Automation

Automation

Credit products that appeal to end-customers

“Before Noble we committed to 14 business days to approve a line of credit. Today we reach decisions within hours.”
Higher Customer Lifetime Value

Higher Customer Lifetime Value

A boost to loyalty and revenue

“We see increased spend and more bookings from customers who consume our credit products.”
Platform Stickiness

Platform Stickiness

A platform that offers more services

“Noble empowers us to build credit products that appeal to our customers, driving both acquisition and stickiness.”
Yaniv Kalo

Yaniv Kalo

Senior Product Director - Payments Solutions and Strategy

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