FinTech: Marqeta, Branch And Uber Freight Collaborate On Payments To Transporters

October 26, 2021 | FinTech, News
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The arrangement will cut the wait time in payments to carriers on Uber Freight by nearly 98%.

Card issuing platform Marqeta and digital wallet Branch, together with Uber Freight, have devised a system to speed up payments to Uber Freight carriers. Compared to the traditional routing of payments through the accounts payable process, which pays after 30 days or more, carriers can now expect payment within two hours of approved proof of delivery. (BusinessWire)

Faster business, faster payments

The new solution will provide carriers with greater cash flow and keep up with the investments and expenses required to sustain and grow their businesses.

“We’re seeing growing demand for faster payments that better reflect the real-time nature of today’s workers,” said Renata Caine, SVP of International, Strategy and Planning, Marqeta.

Benefits for the smaller carriers

The Branch issued Uber Freight Card is a free-to-use commercial card to easily spend funds from the Branch Wallet, and fuel rewards to support drivers on their biggest expense. The Branch digital wallet also features a fee-free, FDIC-insured checking account.

“This partnership allows us to continue building our suite of carrier-first tools and offer the small carriers on our platform — the mom and pop shops and new authority carriers just starting their businesses — the opportunity to take advantage of lightning-fast payments, fuel discounts, and other benefits typically reserved for larger carriers,” said Lior Ron, Head of Uber Freight.

Smaller carriers have been instrumental in meeting the increased demand for shipping services after ecommerce purchases jumped 33% to $792 billion during the pandemic, according to data from the American Trucking Association.

“With more independent owner-operators than ever, we’re thrilled to partner with Uber Freight and Marqeta to empower a new generation of entrepreneurs with faster payments, increased cash flow, and financial services tailored to carriers’ and drivers’ unique needs,” said Branch CEO Atif Siddiqi.

Related Story: Leading Logistics Investor Greenbriar Commits $500M To Uber Freight

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