US transportation paytech AtoB raises $130m in equity and debt funding
AtoB, a US-based payments solutions provider serving the transportation industry, has landed $130 million in a Series C round made up of a mix of equity and debt funding.
AtoB raises $130 million in equity and debt funding
The round was co-led by General Catalyst and Bloomberg Beta, with additional backing from paytech giant Mastercard and a group of “leading trucking and logistics industry players”.
Founded in 2019 and headquartered in San Francisco, California, AtoB offers a payments platform tailored for drivers and fleet operators.
The company’s solution provides a range of financial products and services, including instant direct-deposit payroll, access to bank accounts and savings options, fraud prevention and expense management features, and no-fee fleet cards.
In the year leading up to its latest round, the company reports a 500% surge in revenue and volume driven by strategic partnerships like its collaboration with Uber Freight on a co-branded fuel card.
The company says it plans to use the funding “to further support product and team expansion”.
Speaking on the cash injection, AtoB’s CEO Vignan Velivela states that these “milestones” will allow the company to “better support truckers and the small businesses they represent – the backbone of America’s economy – with tools that allow for transparency and efficiency”.
