Uber Freight Partners With Marqeta, Branch to Boost Logistics, Transportation

Marqeta’s card issuing platform, along with Branch’s digital wallet, will be partnered with Uber Freight to bolster payments for the logistics and transportation industries, according to a press release.

Uber Freight has driver-centered carrier tools that give trucking companies ways to book loads alongside managing their businesses, the release stated.

Marqeta’s card issuing platform and the Branch digital wallet will allow for Uber Freight to pay carriers faster, and for free, as opposed to the normal industry standards, according to the release.

The usual accounts payable (AP) process is 30 days or more, while the new arrangement makes it so carriers can get paid in two hours after delivery, the release stated.

The American Trucking Association has observed that the U.S. trucking industry works to transport 70% of all goods in the country, with $879 billion in revenue in 2020, according to the release. However, the pandemic, with its mass jump in eCommerce purchases, has put more pressure on shipping companies.

“We’re seeing growing demand for faster payments that better reflect the real-time nature of today’s workers,” said Marqeta Senior Vice President of International, Strategy and Planning Renata Caine in the release. “Uber Freight is a leader in the transportation industry and their deep knowledge of logistics makes them a fantastic partner to bring our modern card issuing and Branch’s accelerated payments to a new market.”

Meanwhile, Head of Uber Freight Lior Ron said in the release that the partnership “allows us to continue building our suite of carrier-first tools and offer the small carriers on our platform — the mom-and-pop shops and new authority carriers just starting their businesses — the opportunity to take advantage of lightning-fast payments, fuel discounts and other benefits typically reserved for larger carriers.”

Marqeta has also offered card solutions for cryptocurrency products, including Coinbase, Fold, Shakepay and Bakkt.

Read more: Marqeta Offers Card Solutions for Crypto Leaders

The products come with instant issuance systems, allowing cards to be put immediately into digital wallets. There are also ATM network integrations as well as direct deposit and ACH capabilities.