The number of trucking payment companies continues to grow, and one startup has broken through the noise to capture the money and attention of Airbnb and one of Silicon Valley’s “super angels.”
Tank Payments, an Austin, Texas-based startup that creates digital wallets for truckers, was awarded Airbnb’s 2023 Ron Conway Economic Empowerment Award. The award recognizes one Y Combinator company with a business model that provides economic empowerment opportunities in innovative ways. Conway, the founder and co-managing partner of SV Angel, became an investor in Airbnb in 2010.
Brian Chesky, Airbnb’s founder and CEO, said he has seen firsthand the value behind the powerful combination of mentorship and financial support. Tank Payments will receive an award of $100,000 plus a $100,000 personal match by Chesky. Tank Payments’ executives will also receive personal mentorship from both Chesky and Conway.
“Ron has always shared our belief that technology can be an engine for economic empowerment,” Chesky wrote in a 2020 message about the creation of the award. “Ron and I also share a desire to inspire more entrepreneurs to create companies that offer economic opportunities for more people and a commitment to making the tech industry more diverse and inclusive. In the years to come, I plan to take a number of significant steps to help achieve these goals.”
Conway met with Chesky weekly during their mentorship period and coached Chesky on fundraising, building a united and inspiring startup culture as well as product growth.
Chesky said the information was invaluable. “Mentorship from people like Ron was integral to Airbnb’s success, especially in our early days. We created this award to support the next generation of great entrepreneurs, and I’m excited for the opportunity to work with Tank Payments to help them reach their full potential.”
Tank is the second startup to receive the award. The first was Nash, a platform for businesses to organize and manage their deliveries. While Airbnb is not directly involved in the world of freight, both Conway and Chesky are hyperfocused on innovation.
“In my career, I have seen how innovative technologies can have incredible benefits and create a rising tide that lifts all boats,” Conway said. “Tank Payments has the potential to save money for truck drivers, get truckers paid faster and make our supply chain more efficient.”
The Tank platform is designed to simplify the payout process for both truckers and factoring companies to expedite the delivery of payments. According to Tank Payments, based on today’s payment systems, truckers are paid on average 30 days or more after their deliveries.
“Truckers are essential workers and collectively, the logistics industry is 10% of our nation’s GDP,” explained Matt Rybak, COO of Tank Payments. “We’re committed to modernizing the systems that truckers depend on so they can get paid faster.”
Over time, Tank Payments hopes to provide a broad range of services to support the many unique financial requirements of freight businesses.
“It’s an honor to receive the Ron Conway Economic Empowerment award,” said Dane Cook, CEO of Tank Payments. “Millions of truck drivers work long hours under challenging conditions to keep the U.S. economy moving. While we all expect to receive shipments faster and faster, the time it takes to get paid for that work has not sped up. We started Tank Payments to simplify payments for everyone involved, and ultimately deliver the fastest, cheapest way for trucking companies to get paid.”