The digital trucking platform partners with CoVenture for up to $100 million in debt to accelerate its financial services. The post TruckSmarter’s financial services secure $50M debt facility appeared first on FreightWaves.

Financing will enable the company to expand its suite of financial services to make drivers' lives easierSAN FRANCISCO, July 15, 2024 /PRNewswire/ -- TruckSmarter, a digital platform designed to assist owner-operators and trucking companies in optimizing their operations, today announced the close of a $50 million debt facility, with the option to scale to $100 million, led by CoVenture. The funding will allow TruckSmarter to continue to scale its suite of financial services to further empower truck drivers to build, manage, and grow their businesses.TruckSmarter leads the industry in offering driver-first solutions, serving as a one-stop shop of financial services for truck drivers, owner-operators, and fleets. With TruckSmarter, truck drivers have access to a 100% free load board, transparent freight factoring, fuel discounts, and banking services. Designed and built for truck drivers, the app streamlines their workflows, quickens payment processes, and gives owners easier access to the capital they need to run their businesses."The pandemic reminded the world just how critical the trucking industry is to our daily lives and why maintaining a healthy supply chain is key," said Daniel Kao, co-founder and CEO of TruckSmarter. "In order to transform the logistics industry, we must focus on its backbone – truck drivers. TruckSmarter is committed to providing tailored products and tools to truck drivers that streamline their day-to-day operations, increase earnings, make their lives easier, and, in turn, improve all of our lives.""Amid challenges for the trucking industry over the past several years, TruckSmarter has demonstrated how technological innovation and its commitment to drivers is pivotal when developing a disruptive solution that addresses industry needs," said Lei Tie, Managing Director of CoVenture