We use cookies to provide you with a better experience. By continuing to browse the site you are agreeing to our use of cookies in accordance with our Cookie Policy.
  • INDUSTRY PRESS ROOM
  • ABOUT
  • CONTACT
  • MEDIA FILE
  • Create Account
  • Sign In
  • Sign Out
  • My Account
Free Newsletters
  • MAGAZINE
    • Current Issue
    • Archives
    • Digital Edition
    • Subscribe
    • Newsletters
    • Mobile Apps
  • TRANSPORTATION
  • MATERIAL HANDLING
  • TECHNOLOGY
  • LIFT TRUCKS
  • PODCAST ETC
    • Podcast
    • Webcasts
    • Blogs
      • One-Off Sound Off
      • Global Logistics and Risk
      • Empowering Your Performance Edge
      • Analytics & Big Data
      • Submit your blog post
    • Events
    • White Papers
    • Industry Press Room
      • Upload Your News
    • New Products
      • Upload Your Product News
    • Conference Guides
    • Conference Reports
    • Newsletters
    • Mobile Apps
  • DCV-TV
    • DCV-TV 1: News
    • DCV-TV 2: Case Studies
    • DCV-TV 3: Webcasts
    • DCV-TV 4: Viewer Contributed
    • DCV-TV 5: Solution Profiles
    • Parcel Forum 2022
    • MODEX 2022
    • Upload Your Video
  • MAGAZINE
    • Current Issue
    • Archives
    • Digital Edition
    • Subscribe
    • Newsletters
    • Mobile Apps
  • TRANSPORTATION
  • MATERIAL HANDLING
  • TECHNOLOGY
  • LIFT TRUCKS
  • PODCAST ETC
    • Podcast
    • Webcasts
    • Blogs
      • One-Off Sound Off
      • Global Logistics and Risk
      • Empowering Your Performance Edge
      • Analytics & Big Data
      • Submit your blog post
    • Events
    • White Papers
    • Industry Press Room
      • Upload Your News
    • New Products
      • Upload Your Product News
    • Conference Guides
    • Conference Reports
    • Newsletters
    • Mobile Apps
  • DCV-TV
    • DCV-TV 1: News
    • DCV-TV 2: Case Studies
    • DCV-TV 3: Webcasts
    • DCV-TV 4: Viewer Contributed
    • DCV-TV 5: Solution Profiles
    • Parcel Forum 2022
    • MODEX 2022
    • Upload Your Video
Home » Trucking finance platform vendor AtoB gains $155 million backing

Trucking finance platform vendor AtoB gains $155 million backing

Two-year-old startup says its products modernize trucking industry financial transactions like fuel purchase, payroll, and maintenance funding.

atob Screen Shot 2022-08-17 at 4.44.44 PM.png
August 17, 2022
Ben Ames
No Comments

Investors continue to see opportunities to overhaul freight payment systems, backing the two-year-old transportation sector financial technology (“fintech”) startup AtoB with a $155 million venture capital round on Tuesday.

San Francisco-based AtoB provides a platform that modernizes trucking industry financial transactions through products like no-fee fleet cards, instant direct-deposit payroll, and access to bank accounts and savings tools.

The “series B” round was led by Elad Gil and General Catalyst with participation from existing investors Collaborative Fund, Contrary Capital, XYZ Venture Capital, and Leadout Capital. It brings the firm’s total backing raised to $230 million to date.

The funding follows years of investment in freight operations through technologies like digital freight matching (DFM) apps, application programming interface (API) connections, and real time shipment visibility. In recent years, money has also begun to flow to programs that seek to digitalize the transportation sector through more efficient financial practices.

In January, the Nebraska supply chain tech startup BasicBlock Inc. said it had raised $78 million in backing for its platform supporting financing options for the trucking industry. That round followed similar backing for startups like Relay Payments, a venture-backed fintech company addressing transportation payments for less than truckload (LTL) carriers, and CloudTrucks, which raised $115 million for its platform that helps truckers manage payments.

In a statement, AtoB CEO and co-founder Vignan Velivela said that truck operators and drivers have long lacked the basic financial services that most businesses take for granted. According to Velivela, truck drivers and fleet owners rely on under-regulated and exploitative fuel cards, which come with limited networks and prohibitively expensive fees. They also lack access to low-cost capital for maintenance, and are paid through outdated legacy systems, such as hard copy checks that often cannot be deposited while drivers are on the road. 

“In industry after industry, enormous companies still provide customers with awful service—and AtoB is out to change that for truckers,” investor Roy Bahat, head of Bloomberg Beta, said in a release. “As one of the most common occupations in the U.S., truckers deserve better. It’s difficult to innovate on complex, established systems, and the rewards for the startups that succeed are massive.”

 

Transportation IT
KEYWORDS AtoB
  • Related Articles

    Veho gains $170 million backing for crowdsourced parcel delivery platform

    Tech startup CloudTrucks lands $115 million backing for "business in a box" platform

    Flexport lands enormous $935 million backing for freight forwarding platform

Benames
Ben Ames has spent 20 years as a journalist since starting out as a daily newspaper reporter in Pennsylvania in 1995. From 1999 forward, he has focused on business and technology reporting for a number of trade journals, beginning when he joined Design News and Modern Materials Handling magazines. Ames is author of the trail guide "Hiking Massachusetts" and is a graduate of the Columbia School of Journalism.

Recent Articles by Ben Ames

Jungheinrich buys Indiana warehouse automation vendor for $375 million

Shipping groups back bipartisan trucking overhaul bill

Walmart boosts investment in GoLocal delivery-as-a-service platform

You must login or register in order to post a comment.

Report Abusive Comment

Most Popular Articles

  • Outlook 2023: What’s in store for logistics/supply chain?

  • Ports, maritime operators see tide turning as ocean freight tsunami subsides

  • In Person: Steve Beverly of Penske

  • InPerson interview: Rob McKeel of Fortna

  • Shipping groups back bipartisan trucking overhaul bill

Now Playing on DCV-TV

89cfed30 8aac 4284 960d c8c8c1886e16

Have you checked your read rate lately?

DCV-TV 4: Viewer Contributed
No reads. Unaccounted for boxes. Boxes sent to the wrong place. A logistics nightmare! But this nightmare doesn’t have to come true. SICK’s linear line scan camera is what dreams are made of for your logistics operations. And if you’re worried about motion and vibration from conveyor belts...well, there’s no reason...

FEATURED WHITE PAPERS

  • The five best applications for robotic lift trucks in warehouse environments

  • Fulfillment Facility Improved Efficiencies by 4x

  • 3PLs: Complete Orders Faster with Flexible Automation

  • Reusable Packaging for the New Wave of Supply Chain Automation

View More

Subscribe to DC Velocity Magazine

GET YOUR FREE SUBSCRIPTION
  • SUBSCRIBE
  • NEWSLETTERS
  • ADVERTISING
  • CUSTOMER CARE
  • CONTACT
  • ABOUT
  • STAFF
  • PRIVACY POLICY

Copyright ©2023. All Rights ReservedDesign, CMS, Hosting & Web Development :: ePublishing