Uber Freight and AtoB have partnered to deliver FinTech tools to carriers.
With this partnership, eligible Uber Freight carriers can manage fuel purchases through the Uber Freight Carrier Card and use spend management software that is integrated with the Uber Freight platform, the companies said in a Thursday (April 27) press release.
“Now more than ever, carriers need a solution that simplifies finances, brings same-day payments to wallets and supports better cash flow management for the future,” Uber Freight CEO Lior Ron said in the release.
PYMNTS research has found that 55% of transportation companies see innovating accounts payable (AP) platforms as an important goal.
The benefits of streamlining those processes are readily apparent, as 61% of the companies in the sector that have automated AP processes report being highly satisfied with those platforms, according to “Accounts Payable Automation: Transportation Companies Innovate to Drive Growth,” a PYMNTS and Routable collaboration.
With the addition of AtoB’s FinTech payments platform to Uber Freight’s digital freight marketplace and managed transportation network, eligible carriers can access exclusive fuel discounts, same-day payouts, and streamlined expense reporting and controls, according to the press release.
Carriers can also use the Uber Freight Carrier Card that is accepted at fuel retailers that accept Visa, pay no annual or hidden fees and, with each purchase, build business credit, the release said.
“AtoB aligns fleet finances with powerful banking, lending and credit tools that, until now, have been out of reach for many operators,” AtoB CEO Vignan Velivela said in the release. “This announcement is an important growth moment for both our company and fleet operators across the U.S.”
The announcement comes about eight months after AtoB raised $155 million in a Series B round and said the funding was earmarked for scaling and for providing working capital for small truck fleet operators.
The trucking industry lacks basic digitization innovations that are taken for granted in other industries, and efficiency, speedy and effective payments have emerged among the top three pain points for driver retention, Velivela told PYMNTS’ Karen Webster in an interview posted in August.
“AtoB is working to improve the lives of the operators and drivers who power the global economy,” Velivela said at the time. “For too long they’ve been left behind, without the basic financial services that most businesses take for granted.”
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