AtoB, a fleet payments platform, is using telematics and geolocation technology to provide commercial transportation operators with more information about fuel purchasing habits and security.
The San Francisco-based startup recently released apps and fuel cards that optimize station selection, track location with telematics, and monitor fuel levels.
Modernizing the Payment Experience
“We’re modernizing payments for trucking and transportation by building from the ground up on a more reliable card network,” said AtoB co-founder and CEO Vignan Velivela to FreightWaves.
Velivela, Harshita Arora, and Tushar Misra founded AtoB in 2020. The company’s payments platform provides trucking industry tools, including no-fee fleet cards, instant direct-deposit payroll, and banking and savings tools.
Over 30,000 fleets and 100,000 drivers, including owner-operators, use AtoB’s Visa fleet card. The company is also seeing an increase in the number of fuel card users from rental car companies and last-mile providers.
Collaborations and Technological Advancements
Velivela stated that AtoB’s telematics offerings resulted from collaboration with Visa as well as collaboration with some of the nation’s largest gas station and truck stop chains. In addition, the company collaborates with approximately 30 telematics providers to collect data from the cards.
Telematics is a branch of information technology that deals with the long-distance transmission of computerized data.
Velivela explained, “We focus on providing a seamless experience for drivers using fuel cards, while also monitoring reporting, analytics, and potential fraud in the background. Additionally, we leverage truck telematics data from both long-haul and regional commercial fleets in North America.”
Velivela noted that each time a driver uses an AtoB fuel card, the system records details like the fuel level and the amount authorized based on the vehicle’s location. Additionally, AtoB cards can be locked until an authorized driver texts the system, and geolocation tools ensure they are only used near the truck.
“We built it on a real-time payment model,” Velivela explained. “The key emphasis is real-time payment, ensuring drivers avoid spending hours on receipts or paperwork, as everything is automated.”
AtoB raised $155 million in a Series B round in August, bringing its total debt and equity raise to $230 million. AtoB has also announced fuel card savings partnerships with convenience store chains Casey’s and Kum & Go in recent months.
In October, AtoB laid off 30% of its employees due to “economic headwinds and restructuring.”
Positive Outlook for 2023
Velivela stated that AtoB’s 2023 outlook is positive as it aims to expand its fleet card market share. Other fleet card operators include large corporations like Fleetcor and WEX, as well as smaller startups like OnRamp and MudFlap.
“As long as people are moving goods, fuel is an essential component of the industry,” Velivela explained. “We diversify by collaborating with local and regional fleets and leveraging long-term trends like e-commerce.” We are continuing to grow faster this year than last year due to the larger customer base we serve.”
