Koffie Financial will release a credit card built specifically for for-hire trucking fleets in the U.S.
“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, cofounder and chief operating officer of Koffie. “Existing card solutions for truckers are debit only and miss the mark on controlling expenses and aligning financial incentives.”
Koffie partnered with Power, a 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all-in-one-credit platform allows Koffie to offer a highly differentiated product in a market dominated by offline and outdated payment methods such as paper invoices and debit cards,” Koffie officials said.
The offering will include 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.