RoadSync, an innovative digital financial platform for the logistics industry, has announces its $30M Series B funding. The round was led by Tiger Global, with participation by current investors Base10 Partners, Hyde Park Venture Partners, and one other new investor, Gaingels. With this raise, RoadSync will continue its automation of the financial systems that fuel the $800B logistics industry, supporting businesses at all points on the supply chain. RoadSync plans to use the new funding to accelerate the development of its expanding product suite and continue recruitment of top talent in product, engineering, operations, and sales.
RoadSync’s digital financial platform automates the routine business expenses faced by truck drivers and their employers, delivering faster payments, better oversight, and more convenience for payers and their vendors. By offering more ways to pay and get paid, RoadSync is ensuring drivers are never stuck waiting for needed funds, brokers and carriers can securely give drivers the funds they need, and warehouses and merchants realize quick and easy driver transactions whether on the road or at the dock door.
“The logistics industry historically has conducted business over the phone and emails using isolated platforms and lots of paperwork. Our mission is to streamline and consolidate this entire experience for the logistics industry, removing friction for carriers, brokers, drivers and vendors and uniting previously disconnected financial and software platforms into a single, financial home,” says Robin Gregg, CEO, RoadSync. “With this infusion of capital, we will broaden our product suite to ensure this vital industry has access to best in-class financial solutions.”
Digital payments began eclipsing the use of checks and cash in the logistics space prior to the Covid-19 pandemic. However, the pandemic ushered in a greater sense of urgency as professional drivers and other parties in the supply chain needed contactless payment options for the sake of safety. RoadSync’s products offer a safe and efficient payment option for the industry, driving the transformative shift to contactless and digital payment technologies. In addition, RoadSync’s strategic partnerships with industry leaders, enable the technology to simply connect to existing payment solutions without the need to implement a new payment process, increasing the utility of existing solutions and making it easy for individuals in the logistics industry to adopt RoadSync’s innovative digital platform.
“RoadSync provides solutions that are modernizing an essential industry that gets goods into the hands of consumers every day,” says John Curtius, Partner at Tiger Global. “We are pleased to partner with an innovator in such a vital space that will create significant change and we look forward to being part of what’s next.”