AtoB raises $155 million

AtoB, a fintech startup building “Stripe for transportation,” has raised $155 million in Series B funding led by Elad Gil and General Catalyst, with participation from existing investors Collaborative Fund, Contrary Capital, XYZ Venture Capital, and Leadout Capital. The funding is a combination of equity and debt. This latest investment brings AtoB’s total debt and equity raise to $230 million.

Founded in 2020, the California-based startup offers a suite of products for the fleet community including no-fee fleet cards, direct-deposit payroll, and access to bank accounts and savings tools. AtoB may also introduce additional services in the future such as insurance and working capital.

“AtoB is working to improve the lives of the operators and drivers who power the global economy. For too long they’ve been left behind, without the basic financial services that most businesses take for granted. Our Series B will support new product development, working capital for small businesses, and international expansion, so we can bring our services to more operators and drivers.” – AtoB CEO and co-founder Vignan Velivela.

“AtoB is operating in a deceivingly large market in a space that needs innovation. Creating a modern logistics and payment stack that is unique to the transportation industry is an important problem to solve in improving the global supply chain. Vignan Velivela, Harshita Arora, Tushar Misra and team think deeply about serving truck drivers and fleet owners well and in doing so they are building an enduring fintech company that empowers the transportation workforce and businesses that rely on them.” – Hemant Taneja, managing partner at General Catalyst.

“In industry after industry, enormous companies still provide customers with awful service—and AtoB is out to change that for truckers. As one of the most common occupations in the U.S., truckers deserve better. It’s difficult to innovate on complex, established systems, and the rewards for the startups that succeed are massive.” – Roy Bahat, head of Bloomberg Beta.