Tank is the neobank that gets truckers paid faster.
Tank is the neobank for truckers. We enable instant funding from factoring companies to trucking companies, so a trucker never has to wait 2 days for money to settle before he can fuel up and get back on the road. By working directly with freight factors, Tank gets free distribution to a sticky audience of truckers and sits directly in the flow of funds in a cash intensive industry ($15-20k per month per truck). In 10 weeks, we closed 2 factoring companies and 17 trucking companies (45% after 1 phone call) - representing $2M+ in yearly direct deposits. With 925,000 trucks in our target segment of companies <7 trucks, and each truck spending $12k per month avg., we have a $2B+ opportunity just on interchange alone. The founders worked together at a startup (founded by DoubleClick founder Kevin O'Connor) that was acquired by Amazon and then spent 4+ years together building Alexa's AI functionality. Jad is a software developer with a CS degree from Cornell University, Matt was a technical product manager of analytics, and Dane was a manager of product management.
Jobs at Tank Payments
Active Founders
Dane Cook
Dane is a co-founder of Tank Payments. Prior to Tank, Dane managed product teams at Amazon. Before that, he worked at a startup building a semantic knowledge graph and a startup that sold data to hedge funds. Dane started his career at a Wall Street investment bank.
Jad Rahbany
Jad is a co-founder of Tank Payments. Prior to Tank, Jad was a Software Engineer at Amazon working on the Alexa AI team, and a Product Manager at Google and Graphiq (acq. by Amazon). Originally from Lebanon, Jad graduated from Cornell University with a degree in Computer Science and a minor in Business.
Matthew Rybak
Matthew Rybak is the co-founder of Tank Payments. Matthew heads factor business development and product at Tank. He started out in financial services (Citigroup), but quickly moved to a tech startup in Santa Barbara CA (FindTheBest/Graphiq), which was acquired by Amazon Alexa AI in 2017. Since departing Amazon, he has started a RE development firm, a website (Truckinfo.net), and Tank Payments. He earned a Bachelors and Masters in Systems Engineering from the University of Pennsylvania.
Company Launches
We’re Dane, Jad, and Matt, and we’re excited to introduce Tank Payments.
❌ The Problem
When truckers haul loads, shippers stipulate 30 to 90 day payment terms, which is too long for many trucking companies that operate on thin margins. To access cash faster (1-3 days), trucking companies sell their invoices to financing companies called “factors” for a 2-5% fee. Many truckers end up paying up to $40 in fees per invoice to wire money from their factors if they need cash from their factors immediately, meaning that some truckers give up close to 10% of their income to get access to the money they’ve already earned.
Money movement in freight is not efficient, causing truckers to stitch together a variety of tools (Cash App, local commercial banks, factoring, fuel cards, and more) to manage their businesses. Even the business that pay truckers (e.g. factors) use dated payments infrastructure, exacerbating delays. This leaves an opportunity for software that addresses these financial needs in a way that’s purpose-built for the freight industry.
✨ Our Solution
Tank Payments is a banking experience specifically designed for the freight industry, and its first feature allows truckers to get paid faster. We give truckers instant access to their money by putting factors and truckers on the same financial infrastructure. Factoring companies partner with Tank because our infrastructure reduces their time spent on accounts payable, and helps them retain customers by offering a better funding experience.
Over time, the Tank Payments will become the finance department for trucking SMBs, supporting the many unique financial requirements of freight businesses. We’ve pinpointed payroll, expense management, insurance, and P2P payments as areas of priority that our neobank is well-positioned to serve.
Our team worked together for the past 7 years, first at a startup (Graphiq, acq. 2017) and then at Amazon Alexa AI. We bring experience in financial services, data analytics, digital security, and natural language processing to a freight industry in the midst of a tech adoption boom.
🙏 Asks
- We would love to connect with founders and teams that have experience embedding 1) payroll, 2) card rewards (e.g. fuel discounts), and 3) insurance into their software.
- Tank wants to expand and distribute its neobank through entities that pay truckers, beyond factors. We want to learn more about how players like international freighters (e.g. Maersk), freight forwarding companies (e.g. Flexport), domestic shippers (e.g. Kroger’s Markets), and third-party logistics providers (e.g. C.H. Robinson) perform payouts and if they could benefit from payment speed and/or coordination.