Airbnb’s Brian Chesky and SV Angel’s Ron Conway today announced that Tank Payments, a startup that helps truck drivers and trucking companies get paid faster by providing financial services for the freight industry, will receive the 2023 Ron Conway Economic Empowerment Award. The award recognizes one Y Combinator company whose business model provides economic empowerment opportunities in innovative ways.
Austin-based Tank Payments has created a banking experience specifically designed for the freight industry. According to Tank, when trucking companies—the vast majority of which are small businesses—haul loads, they often do not receive payment for their work until 30 days or more after the delivery is complete. To get paid faster, trucking companies sell their invoices to financing companies called factoring companies. Many factoring companies rely on costly and outdated financial infrastructure.
The Tank platform simplifies the payout process for both truckers and factoring companies. Tank’s platform helps factoring companies manage their business and more quickly and efficiently deliver payments to trucking companies. Over time, Tank Payments hopes to provide a broad range of services to support the many unique financial requirements of freight businesses.
In conjunction with the award, Tank Payments will receive no-strings-attached financial support of $100,000 from Airbnb. Ron Conway will also personally match that support, providing the company with an additional $100,000. In addition to the financial support, Tank Payments will also receive personal mentorship from Brian and Ron.
“Mentorship from people like Ron and Michael Seibel was integral to Airbnb’s success, especially in our early days. We created this award to support the next generation of great entrepreneurs, and I’m excited for the opportunity to work with Tank Payments to help them reach their full potential.”
Brian Chesky, Airbnb Co-founder and Chief Executive Officer
“In my career, I have seen how innovative technologies can have incredible benefits and create a rising tide that lifts all boats. Tank Payments has the potential to save money for truck drivers, get truckers paid faster and make our supply chain more efficient.”
Ron Conway, SV Angel Founder
“We’re honored to receive the Ron Conway Economic Empowerment award. Millions of truck drivers work long hours under challenging conditions to keep the US economy moving. While we all expect to receive shipments faster and faster, the time it takes to get paid for that work has not sped up. We started Tank Payments to simplify payments for everyone involved, and ultimately deliver the fastest, cheapest way for trucking companies to get paid.”
Dane Cook, Jad Rahbany, and Matthew Rybak, Tank Payments Co-founders
Conway, Chesky, Y Combinator Partner and Early Stage Managing Director Michael Seibel, co-founder and Managing Partner at Slauson & Co. Austin Clements, and Airbnb Head of Global Operations Tara Bunch advised on the selection of Tank as this year’s recipient of the award.