Uber Freight, Marqeta and Branch to bring financial services for carriers

Monday 25 October 2021 21:41 CET | News

US-based fintech Marqeta has partnered with payment service provider Branch and logistics company Uber Freight to offer payment solutions to the logistics and transportation industries.

To expand their offerings and extend speed, control, and transparency to the carrier payment experience, Uber Freight has partnered with Marqeta and Branch. Through Marqeta’s card issuing platform and Branch’s digital wallet, Uber Freight can pay carriers at no additional cost. Carriers on Uber Freight can get paid two hours after approved proof of delivery.

According to the American Trucking Association, the US trucking industry is responsible for transporting 70% of all goods in the country and the industry’s total revenue reached USD 879 billion in 2020. Ecommerce purchases jumped 33% to USD 792 billion during the COVID-19 pandemic, making up 14% of all retail sales and putting more pressure on shipping companies to satisfy customers and improve the experience for carriers in an increasingly competitive industry, according to data put forth in the company press release. 

In addition to faster payments, Branch’s digital wallet features a suite of financial services to help carriers grow their businesses including a fee-free, FDIC-insured checking account and a commercial card specifically designed to enable carrier settlements in the trucking industry. The Uber Freight Card powered by Branch provides Uber Freight carriers a free-to-use card to easily spend funds from the Branch Wallet, and fuel rewards to support drivers on their biggest expense.

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Keywords: ecommerce, Marqeta, partnership, digital wallet, virtual card, delivery
Categories: Payments & Commerce
Countries: United States
This article is part of category

Payments & Commerce