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Tank PaymentsTank is the neobank that gets truckers paid faster.

Tank is the neobank for truckers. We enable instant funding from factoring companies to trucking companies, so a trucker never has to wait 2 days for money to settle before he can fuel up and get back on the road. By working directly with freight factors, Tank gets free distribution to a sticky audience of truckers and sits directly in the flow of funds in a cash intensive industry ($15-20k per month per truck). In 10 weeks, we closed 2 factoring companies and 17 trucking companies (45% after 1 phone call) - representing $2M+ in yearly direct deposits. With 925,000 trucks in our target segment of companies <7 trucks, and each truck spending $12k per month avg., we have a $2B+ opportunity just on interchange alone. The founders worked together at a startup (founded by DoubleClick founder Kevin O'Connor) that was acquired by Amazon and then spent 4+ years together building Alexa's AI functionality. Jad is a software developer with a CS degree from Cornell University, Matt was a technical product manager of analytics, and Dane was a manager of product management.

2022-08-02
Active
Early
S22
3
Fintech
United States of AmericaAmerica / CanadaRemotePartly Remote
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Tank Payments: Making Money Move in Freight

Introduction

Tank Payments is revolutionizing the financial infrastructure for the freight industry, enabling businesses to get paid and make payments faster. Our specialized financial tools are designed to eliminate friction and keep up with the fast-paced nature of freight businesses.

Key Features

  • Instant Payments: Get paid instantly to your account, cheaper than wires, and faster than ACH.
  • 24/7 Money Movement: Transfer money to peers, different accounts, or fuel cards anytime.
  • Fleet Management: Monitor spend, receive SMS fraud alerts, create fleet reports, and manage team access to funds.
  • Tank Card: A no-commitment, no-fee commercial Visa card accepted anywhere Visa is accepted.
  • Automated Payments: Simplify and automate payments made to freight carriers.
  • Fraud Recovery: Recover funds sent in error and avoid funding the wrong bank accounts.
  • Custom Card Programs: Monetize with custom card programs for factors and brokers.

Use Cases

  • Freight Carriers: Full-service financial accounts tailored for the unique needs of freight carriers.
  • Factors & Brokers: Simplify, automate, and accelerate payments to freight carriers, and offer instant payments to clients.
  • Fleet Management: Optimize fleet spend, manage cardholders, and ensure financial security with fraud alerts.

Pricing

Tank Payments offers competitive pricing with no overdraft fees, no maintenance fees, and no fees for withdrawals at VISA Plus Alliance ATMs. Custom pricing is available for factors and brokers looking to implement our financial solutions.

Teams

Our team at Tank Payments is dedicated to providing top-notch financial services tailored for the freight industry. We partner with leading names in financial technology to ensure our clients receive the best possible service. Interested in working with us? Schedule a time to speak with our team today to learn more about how Tank Payments can benefit your business.