Digital financial platform RoadSync has closed its Series B round on $30m, which was led by Tiger Global.
Commitments to the round also came from Base10 Partners, Hyde Park Venture Partners and Gaingels.
The capital will help RoadSync to further its goal of automating financial systems that fuel the logistics industry, which is estimated at around $800bn. RoadSync hopes to continue its growth by expanding its product suite and hiring more staff for its product, engineering, operations and sales teams.
RoadSync’s platform automates the routine business expenses truck drivers and employers are faced with. Its service supports faster payments and greater insights of the financial goings on.
The company claims the Covid-19 pandemic has increased the need for contactless payment options, which RoadSync helps to solve.
It also boasts strategic partnerships with industry leaders to enable the technology to integrate with existing payment solutions without needing a new payment process.
RoadSync CEO Robin Gregg said, “The logistics industry historically has conducted business over the phone and emails using isolated platforms and lots of paperwork. Our mission is to streamline and consolidate this entire experience for the logistics industry, removing friction for carriers, brokers, drivers and vendors and uniting previously disconnected financial and software platforms into a single, financial home.
“With this infusion of capital, we will broaden our product suite to ensure this vital industry has access to best in-class financial solutions.”
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