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U.S.-based fuel card issuer AtoB (website) has received US$155 million in Series B funding to fix the trucking industry’s broken payment system. AtoB, a San Francisco-based fintech company seeking to improve the trucking industry’s broken payments system, has received $155 million in Series B funding.
The funding is a combination of equity, which the company plans to use to expand its services over the next 12 months, and debt and CAC financing, which provides working capital to small trucking companies. This brings AtoB’s total funding to date to approximately $230 million.
The funding round was led by Elad Gil and General Catalyst, with participation from existing investors, Collaborative Fund, Contrary Capital, XYZ Venture Capital and Leadout Capital. The company also counts former Google CEO Eric Schmidt, DoorDash founders Tony Xu and Stanley Tang, and Coinbase’s Brian Armstrong among its backers.
The $790 billion U.S. transportation industry relies on fuel cards, which have limited networks, incur prohibitive fees, and are paid through outdated systems like checks that often cannot be cashed while drivers are on the road. Most of these companies are small, and more than 90% operate six or fewer trucks. AtoB, founded in 2020, aims to improve this system.
Its payment platform offers a range of products for fleet operators, including no-fee fleet cards, instant payroll with direct deposit, and access to bank accounts and savings tools. In addition, the company’s unique fuel analysis system highlights fuel theft and points out opportunities to increase fuel efficiency – two of the industry’s biggest challenges.