Payment processing startup RoadSync has topped up its accounts with $5.7m in a new investment round.
Base10 Partners, the early-stage investor, led the Series A round. Hyde Park Venture partners and Companyon Ventures also participated in the raise.
RoadSync plans to use the funding to accelerate sales growth and broaden the financial products they provide to their customers.
The startup has already created a digital payment platform that slashes the time needed to process payments and that boosts revenue collection for the transportation industry.
Its software accomplishes this by digitising traditional paper task, meaning it can invoice and accept payments from truck drivers, carriers and brokers in real time.
“Our mission is to modernise payments for the transportation industry by enabling our users with a sophisticated digital solution to send and receive payments,” said Robin Gregg, CEO of RoadSync. “There is an opportunity to have a real impact on the logistics industry that is the backbone of our economy. The entire $700bn domestic transportation industry needs and deserves better financial products.”
TJ Nahigian, founding partner at Base10 Partners, added, “RoadSync is providing a truly transformative solution for the transportation industry. We have been immensely impressed with Robin’s expertise and leadership and look forward to their continued success and growth.”
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