AToB, which is revolutionising the trucking industry’s financial ecosystem, has closed its Series B funding round on $155m.
The round was a combination of equity to scale its services over the next 12 months, and debt and CAC financing to provide working capital to small fleet businesses.
Elad Gil and General Catalyst served as the lead investors, with commitments coming from existing backers Collaborative Fund, Contrary Capital, XYZ Venture Capital and Leadout Capital.
AToB claims to be the first FinTech payments platform that is modernising the $790bn trucking industry’s broken financial system.
Its platform supplies the fleet community with a suite of financial products, including no-fee fleet cards, instant direct-deposit payroll and access to bank accounts and savings tools.
The company claims America’s fleet financial system is broken. It stated that truck drivers and fleet owners rely on underregulated and exploitative fuel cards, which come with limited networks and prohibitively expensive fees, lack access to low-cost capital for maintenance and are paid through outdated systems, such as hard checks that cannot be deposited while on the road.
AToB’s fuel analytics system flags fuel theft, and opportunities to increase fuel efficiency.
Vignan Velivela, the CEO and co-founder of AToB, said, “AtoB is working to improve the lives of the operators and drivers who power the global economy. For too long they’ve been left behind, without the basic financial services that most businesses take for granted. Our Series B will support new product development, working capital for small businesses, and international expansion, so we can bring our services to more operators and drivers.”
The FinTech company has raised a total of $230m in debt and equity.
General Catalyst is no stranger to the FinTech sector. It recently co-led the $25m Series B funding round of Indian healthcare and insurance startup Loop. It also joined the $15m Series A round of employment API developer Finch.
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