AtoB payment platform announced On Wednesday, it raised $155 million in a Series B round led by Elod Gil and General Catalyst.

The financing represents a combination of equity capital to expand its services over the next year, as well as debt financing and customer acquisition costs to provide working capital for small fleets, the company said in a press release.

“AtoB is working to improve the lives of operators and drivers who drive the global economy,” Vignan Velivel, CEO and co-founder of AtoB, said in a statement. “For too long they have been without the basic financial services that most businesses take for granted. Our Series B will support new product development, small business working capital and international expansion so we can offer our services to more operators and drivers.”

Based in San Francisco AtoB was founded in 2020 by Veliwela, Harshita Arora and Tushar Misra. The company’s payment platform provides a suite of trucking tools, including free fleet cards, instant direct deposit and access to bank accounts and savings tools.

AtoB’s fuel analytics system also identifies fuel theft and opportunities to improve fuel efficiency, and helps fleets reduce emissions and supports the transition to cleaner fuels and electric vehicles, the company said.

Funding amount 155 million dollars
A round of financing Series B
Leading investors Elad Gill and General Catalyst
Secondary investors Collaborative Fund, Contrary Capital, XYZ Venture Capital and Leadout Capital
Goal for the round New product development, small business working capital and international expansion,
General financing 230 million dollars
AtoB Series B funding round.

The Series B round brings AtoB’s total debt and equity to $230 million. Other participants in the latest fundraising include existing investors Collaborative Fund, Contrary Capital, XYZ Venture Capital and Leadout Capital. The preliminary rounds were led by General Catalyst and Bloomberg Beta’s Roy Bahat.

“AtoB has made a smart and targeted expansion, positioning them to support fleets in the U.S. and beyond,” Ross Fubini, managing partner at XYZ Venture Capital, said in a statement.

See: FreightWaves latest carrier update.

Click to see more FreightWaves articles by Noah Mahoney.

More articles by Noi Mahoney

The Texas Bridge will become a full-service cross-border commercial port

Federal officials drop fraud charges against Celadon trucking executives

The wife of the slain trucker is now accused of massive fraud

Previous articleThe 2022 Rimac Nevera hypercar is alive
Next articleNew test rig for EV powertrain components developed by GKN