AtoB Announces New Funding and Growth Milestones
SAN FRANCISCO--(BUSINESS WIRE)--Sep 19, 2024--
AtoB, the leading provider of modern payment solutions for the transportation industry, today announced significant growth and strategic milestones, including $130 million in new equity and debt funding to further support product and team expansion. This momentum reflects AtoB's dedication to transforming the transportation sector through cutting-edge fintech solutions and strategic partnerships.
AtoB successfully raised $130 million in a combined Series C equity and debt funding round, led by General Catalyst and Bloomberg Beta along with participation from Mastercard and leading trucking and logistics industry players. This funding will drive AtoB's continued growth and innovation in supporting fleet owners, trucking companies, and truck drivers, a critical yet often underserved industry.
“As AtoB continues to grow and scale, we remain dedicated to transforming the trucking industry's financial systems,” shared AtoB CEO Vignan Velivela. “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."
The combination of rising fuel costs and tight profit margins undermines the financial stability of those working tirelessly to keep goods moving across the country. By simplifying payment processes and providing 24x7 instant access to earnings through the AtoB Carrier Wallet – designed for managing both fuel and non-fuel expenses – AtoB helps drivers optimize their finances, reduce fraud, and maintain the stability essential for success in a challenging industry.
In the past year, AtoB has achieved remarkable growth with a 500% increase in revenue and volume with its partners. This growth has been driven by strategic partnerships, including their work with Uber Freight to offer a co-branded fuel card to their customers. These partnerships enhance AtoB's services by delivering effective solutions for on-road purchases, enabling carriers and drivers to manage fuel expenses, streamline logistics, and reduce costs on long hauls.
Partnering with companies like Mastercard and Uber Freight and several top-10 brokerages, freight factoring and energy companies enables AtoB to deliver valuable and reliable service to even more small and medium-sized customers. Focusing on innovative payment solutions and strategic partnerships across the trucking ecosystem, AtoB is well-positioned for continued growth in supporting America’s trucking industry.
For more information about AtoB and its innovative solutions, please visit www.atob.com or contact press@atob.com.
About AtoB
AtoB was founded in 2019 with the mission to transform the fleet industry’s financial management infrastructure. AtoB’s groundbreaking fintech payments platform provides drivers and fleet operators with easy-to-use financial products such as no hidden fees fleet cards, instant direct-deposit payroll, and access to bank accounts and savings tools in order to provide ease on the road and network efficiencies. AtoB is a member of the World Economic Forum’s Global Innovators Community and is on Forbes’ Next Billion-Dollar Startup 2022 list. For more information, visit atob.com.
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press@atob.com
KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: PAYMENTS BANKING TRUCKING PROFESSIONAL SERVICES TECHNOLOGY FINTECH TRANSPORT DIGITAL CASH MANAGEMENT/DIGITAL ASSETS
SOURCE: AtoB
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