In January of 2020, we announced CloudTrucks, a first-of-its-kind virtual trucking carrier, to the world. We had seen first-hand how in a quickly evolving environment where brokers and shippers were adopting increasingly sophisticated tools, the owner-operator, the lifeblood of the trucking industry, was being left behind. We decided to make it our mission to create world-class tools and services that would empower truck drivers to make more money, faster, and with fewer headaches.
Over the past year and a half, we have been laser-focused on building one simple app to help the owner-operator truly succeed. Today, I’m excited to announce that truck drivers have generated over $13.5M to date on the CloudTrucks platform (up from $1.8M in December). Now, we’re taking it a step further and announcing the launch of two new products designed to serve trucking entrepreneurs who want to keep their own authority: Flex and CT Cash.
Flex is designed to give owner-operators with their own authority (and their own insurance) a low-cost option to optimize their business. With Flex, owner-operators have access to our most popular products and services — from the Schedule Optimizer and aggregated loadboard to instant pay on load completion — while remaining under their own authority. This has been one of the biggest requests from small trucking carriers around the country and we have been working tirelessly over the last few months to make this a reality. We’re happy to finally provide this option to trucking entrepreneurs with their own authority.
CT Cash is a first-of-its-kind instant pay solution that allows truck drivers to get paid faster, save more money, and track spending in real-time. We first introduced this innovative fintech solution in December of 2020. Since then we have seen firsthand how this product has significantly improved cash flow opportunities for owner-operators working with CloudTrucks. Today, we are launching CT Cash as a standalone product for any truck driver who wants better business insights, instant access to their cash-flow, and doesn’t want to deal with 30-day payment terms from brokers or predatory factoring agreements. With CT Cash, we’re on a mission to transform how drivers get paid.
In addition to the launch of our two new product lines, we are excited to announce Business Intelligence. We understand that business owners cannot improve what they cannot track, so our data science team set out to build a product from the ground up that would give owner-operators actionable insight into the health of their business. Our goal was to create a solution that would help trucking entrepreneurs understand how their business is performing at a quick glance. With Business Intelligence, owner-operators can track their revenue and costs in real time and better understand the profitability — and predictability — of their business. Business Intelligence is available for truck drivers across all of our products, Virtual Carrier, Flex or CT Cash.
These new product launches represent the biggest step we’ve taken since launching our first product in May of 2020. Now CloudTrucks customers have three options — Virtual Carrier, Flex and CT Cash — to pick from in order to solve their unique business challenges.
We call our customers, CloudTrucks Business Partners, because we truly believe that our missions are aligned and that we’re in this together. We’re proud to be able to serve and empower the trucking entrepreneurs that keep the economy running. We hope you’ll join us.