Koffie Financial unveils tailor-made credit card for truckers
Koffie partners with Power, a credit card issuer platform, to bring modern credit solutions to truckers
NEW YORK, Nov. 2, 2022 /PRNewswire/ — Koffie Financial, an insurtech providing innovative financial services for the trucking and transportation sectors, today announced a first-of-its-kind credit card built specifically for trucking fleets.
The launch is Koffie’s latest innovative financial solution in their mission to help their trucking fleets scale profitably and safely. The Koffie Card will complement their best-in-class insurance products to fill a vast credit need in trucking.
“The trucking industry is responsible for transporting 80% of goods in the US and generates over $700B in annual revenue, yet continues to be wholly underserved in the credit market today,” explains Mike Dorfman, Co-Founder & COO at Koffie. “Existing card solutions for truckers are debit only and miss the mark on controlling expenses and aligning financial incentives. The Koffie Card was tailor-made to provide truckers the first credit card that comes with the tools and financial benefits to weather increasing cost pressures in their businesses.”
Koffie has partnered with Power, a leading credit card issuance platform focused on the commercial space, to launch the Koffie Card. Power’s all-in-one-credit platform allows Koffie to offer a highly differentiated product in a market dominated by offline and outdated payment methods such as paper invoices and debit cards. In addition to market-leading incentives enabled through credit card interchange revenue, the offering will also include robust spend management and expense tracking capabilities, offered natively within Koffie’s platform.
“Now more than ever, verticalized financial solutions are critical to support the unique needs of specific and important industries such as trucking, which is already hyper-margin-sensitive,” says Randy Fernando, Founder and CEO at Power. “Together, Koffie and Power have filled a very real need in the market through best-in-class cash back incentives and workflow management tooling, all embedded within a modern credit card product.”
The Koffie Card is launching this Fall, and will be available to all for-hire trucking companies in the US.
To learn more about the Koffie Card, visit www.getkoffie.com.
About Koffie Financial
Koffie Financial is a finsurtech platform purpose-built for the trucking and transportation industry. With insurance at its core, Koffie’s instant and transparent financial services empower truckers with the modern tools and technology necessary to drive efficiency and safety.
Founded in 2018 by Ian White and Mike Dorfman, Koffie holds deep expertise in trucking, insurance, data science and software. The company is backed by Anthemis Group, Lerer Hippeau, Plug and Play Ventures, and other leading venture capital firms.
Learn more at www.getkoffie.com.
Power is the first credit card issuer built on modern tech, from the ground up. Our cloud-native platform is tailored to meet the needs of high-growth brands who use Power, providing them solutions that have not been supported in the past.
Power was founded by Randy Fernando and Andrew Dust, and is backed by Anthemis, Fin Capital, Financial Venture Studio, CRV, Dash Fund, Plug and Play and others.
For more information visit www.usepower.com.