CloudTrucks launches new fintech offer – CT Credit
CloudTrucks ‘solution 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 monitor carrier costs.
After the company was founded in 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 retaining authority, and CT Cash , a non-recourse factoring solution that utilizes a Visa Cash card.
According to the company’s co-founder and CEO, Tobenna Arodiogbu, the CT Credit solution came from a series of requests from CloudTruck’s current owner-operator network in search of ways to improve and manage cash flow.
CT Credit has no hidden fees and no interest, and users will be able to take advantage of the same rewards offered by the CT Cash offer, including discounts on Road Ranger, Pilot Flying J and Love’s Maintenance.
CloudTrucks’ factoring solution will also be available to owner-operator using both CT Credit and CT Cash.
“It is worth noting that if a CT Credit customer also uses CT Cash as a factoring solution, they can get a more complete overview of the money going in and out of their business to have better control over cash flow and finances. theirs, ”said Hali Mo, Product Manager at CloudTrucks.
Future product offerings
Both CloudTruck’s cash and credit offerings have followed the company’s $ 115 million Series B round led by Tiger Global in November to help drive CloudTruck’s plan to build a “complete business management solution for trucking contractors,” according to Arodiogbu.
These solutions seem to work for the company’s owner-operator network. CloudTrucks has reported that 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.
Nevertheless, Arodiogbu believes that there is more the company can contribute to the owner-operator environment to help it build sustainable business, including adding more integrations for load selection and additional educational content.
“We have a couple of things to cook. Some exciting projects include providing ongoing data insight to our drivers to help them identify and order the best loads. We have also had good momentum in our ecosystem for cargo supplier partners. We now have over 30 integrations with load providers, up from just seven about a year ago.
«We are also starting to develop a content library to help our customers with general administration of truck transport. For example, how should they think about security, compliance, revenue and cash flow, why is it important to their business, and what can they do to manage these business principles effectively, ”said Arodiogbu.
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