SMB Insurance Platform LuckyTruck to Launch Credit Card for Trucking

LuckyTruck is launching a credit card built for small trucking companies and their fleet managers.

This will be the first credit card offered by the firm, which is an insurance and FinTech platform for small and medium-sized businesses (SMBs) in trucking, LuckyTruck said in a Wednesday (Dec. 7) press release.

“Trucking is a growing and capital intensive segment of the U.S. economy,” LuckyTruck CEO Julie Zimmer said in the release. “We recognize the need to unlock more cash flow for the 1 million-plus small and medium-sized trucking businesses in the country.”

The LuckyTruck Card will offer a cash-back incentive for signing up, will include a full-stack rewards program and will enable truckers to finance their most common expenses, according to the press release.

The card will be launched in partnership with credit card issuing platform Power. It is not yet available, but LuckyTruck invites truckers to join the waitlist.

“Helping trucking companies manage their finances and overcome tough market cycles is a priority,” LuckyTruck Vice President of Product Adam Smith said in the release. “The credit card is purpose-built for SMB trucking companies, taking into account their most pressing needs given the headwinds they are facing today.”

The LuckyTruck Card will join the trucking insurance market-focused all-in-one retail platform that has been offered by LuckyTruck since 2019, according to the press release.

“Customers have been asking for a credit card that ties into LuckyTruck’s insurance offering, so we are really excited to add this card to our suite of products,” LuckyTruck Co-Founder and President Devin Bostick said in the release.

PYMNTS research has found that transportation and logistics companies expect the heady pace of growth their industry has experienced in recent years to continue.

To better manage this growth, many plan to continue investing in automating and upgrading their accounts payable (AP) platforms, according to “Accounts Payable Automation: Transportation Companies Innovate To Drive Growth,” a PYMNTS and Routable collaboration.