The world’s supply chains all too often rely on outdated, inefficient technology to perform services that are vital for modern life, a fact dramatically illustrated by the recent interruptions of those chains around the world. The trucking industry in particular has shown itself to be a weak link in that chain, with 3.4 million drivers struggling to keep up in a $790 billion industry.
As with so many other critical problems, FinTech startups are looking to lead the search for a better way. And with a $155 million Series B fundraise contributing to an $800 million valuation, trucking payments platform AtoB is preparing to do just that.
“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,” said the company’s Co-Founder and Chief Executive Officer, Vignan Velivela. “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 fundraising round was made up of $75 million in equity and $80 million in debt financing, and was led by venture capital firms including Elad Gil, General Catalyst, and Collaborative Fund.