Velocity Financial, a leader in invoice factoring for oilfield service companies, recently marked its fifth anniversary since its founding in 2019. The company, founded by oilfield veteran Tripp Wommack, has been instrumental in helping service companies in the industry access much-needed capital.
With Chief Executive Officer Son Wright and President Irene Hinojos at the helm, Velocity has become a key player in the Permian Basin, serving companies of all sizes. Despite industry consolidation, Wright highlighted the benefits of steadier business and the continued opportunities for growth in the sector.
Invoice factoring, a method where companies purchase invoices directly from their clients, has proven to be a valuable tool for oil and gas businesses looking to avoid the delays in payment typical of the industry. Velocity currently works with 40 clients, with 80% of them operating within the oil and gas sector.
Wright emphasized the company’s commitment to providing a simple fee structure, transparency, and no exit fees for its clients. He expressed optimism about the future of the business, noting a surge in activity as the industry emerges from the challenges of the pandemic.
With a focus on becoming the premier factoring company in the Permian Basin, Velocity is dedicated to building on its success and continuing to support the region’s entrepreneurs. Wright credited his father’s entrepreneurial spirit for the vision behind Velocity and stressed the importance of having a strong team in achieving their goals.
As Velocity Financial celebrates its fifth year in operation, the company remains a reliable partner for oilfield service companies looking to navigate the complex world of finance in the energy industry.
