AtoB, the leading provider of modern payment solutions for the transportation industry, today announced it has raised a substantial $130m in combined Series C equity and debt funding.
This financial injection marks a significant step for the company, founded in 2019 with a mission to overhaul the financial systems of trucking businesses, which are crucial yet often overlooked components of the U.S. economy.
The funding round was led by General Catalyst and Bloomberg Beta, with additional contributions from Mastercard and notable figures in the trucking and logistics industry. This capital will bolster AtoB’s ongoing efforts to innovate and expand its product offerings and team.
AtoB specializes in simplifying financial transactions for fleet owners, trucking companies, and truck drivers. The company provides a suite of financial tools designed to enhance transparency and efficiency within the trucking sector. These tools include the AtoB Carrier Wallet, which helps manage both fuel and non-fuel expenses, aiming to optimize finances and reduce fraud for truck drivers facing rising fuel costs and tight profit margins.
The new funding will be directed towards further product development and team expansion. AtoB aims to continue its trajectory of rapid growth and extend its reach within the transportation industry, focusing on delivering robust financial solutions that cater to the needs of small and medium-sized trucking businesses.
In the past year alone, AtoB has achieved a 500% increase in revenue and volume, driven by strategic partnerships with key players like Uber Freight, which has included a co-branded fuel card among its offerings. These collaborations have been instrumental in enhancing AtoB’s service capabilities, allowing it to provide more effective solutions for on-road expenses and streamline logistics for its clients.
AtoB CEO Vignan Velivela said, “As AtoB continues to grow and scale, we remain dedicated to transforming the trucking industry’s financial systems.
“Trucking is one of the largest occupations in the US, with small and medium-sized trucking businesses making up the vast majority of fleets today. These milestones will allow us to better support truckers and the small businesses they represent–the backbone of America’s economy – with tools that allow for transparency and efficiency.”
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