Trucking business management solutions provider CloudTrucks has launched its new fintech solution, CT Credit, a Visa business card that avoids high interest rates and fees and connects users to CloudTrucks’ business management solution to help oversee carrier expenses.
After the company was founded 2019, CloudTrucks made its management solutions available to owner-operators through three programs: Virtual Carrier, the company’s leasing program, Flex, which gives owner-operators access to available loads and management systems while keeping their authority, and CT Cash, a non recourse factoring solution that leverages a Visa Cash card.
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According to the company’s co-founder and CEO, Tobenna Arodiogbu, the CT Credit solution came from a number of requests by the CloudTrucks’ current owner-operator network looking for ways to improve and manage cash flow.
CT Credit has no hidden fees and no interest, and users will be able to leverage the same rewards provided by the CT Cash offering, including discounts at Road Ranger, Pilot Flying J and Love’s Maintenance.
CloudTrucks’ factoring solution will also be available to owner-operators who use both CT Credit and CT Cash.
“It is worth noting that if a CT Credit customer is also using CT Cash as a factoring solution, they can gain a more complete view of the money going in and out of their business to stay in better control of their cash flow and finances,” said Hali Mo, product manager at CloudTrucks.
Future product offerings
Both CloudTrucks’ cash and credit offerings have followed the company’s $115 million Series B round led by Tiger Global in November to help propel CloudTrucks’ plan to build a “complete business management solution for trucking entrepreneurs,” according to Arodiogbu.
These solutions appear to be working for the company’s owner-operator network. CloudTrucks has reported its drivers have “at least 15% lower total annual costs compared to the national average for small fleets.” To date, drivers have completed 45,000 loads and have earned over $75 million using CloudTrucks’ solutions, according to Arodiogbu.
Still, Arodiogbu believes there is more the company can contribute to the owner-operator community to help it build sustainable business, including adding more integrations for load choices and additional educational content.
“We have a few things cooking. Some exciting projects include providing ongoing data insights to our drivers to help them identify and book the best loads. We’ve also had some great momentum in our load provider partner ecosystem. We now have over 30 integrations with load providers, up from just seven about one year ago.
“We’re also starting to develop a library of content to help our customers with general trucking business management. For example, how should they think about safety, compliance, revenue and cash flow, why is that important to their business, and what can they do to manage those business principles effectively,” said Arodiogbu.
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