BasicBlock co-founder and CEO Taylor Monks calls factoring a “necessary evil” given the fact there are so many small, independent trucking companies starting that do not have the cash flow or credit to wait more than a month to be paid.
“Traditionally a lot of these guys are very conservative. Every single day we see 500-800 new truck drivers that get their own authority. That means they could just be a truck driver for the first time or they could be working in a larger fleet and saying I'm not getting this vaccine and I'm leaving to go do my own thing now,” Monks explained.
“We've done well by being exceptionally driver friendly,” said Byman. “Drivers have traditionally been treated really really poorly by factory companies they've worked with, moreso related to a payday loan type of company and we see tremendous opportunity by being able to come in and just providing exceptional customer service.”
“Freight carriers continue to experience difficulty meeting working capital demands because traditional financial institutions are not meeting the needs of owner operators and small carriers,” said Burak Cendek, partner atone of the lead investors in a statement. “BasicBlock has developed a solution to enable this critical piece of the supply chain access to financing in order to compete. Autotech Ventures sees great potential in BasicBlock’s current offering as well as its plans for the future.
So Monks retreated to his mother's home in Nebraska where she demanded to know what he was going to do next. The answer to that came to Monks while working on another project in her basement and saw his future through the window.