TBK - This Stock Wants to Become the Ubiquitous Payments Network for the $800 Billion Trucking Industry
The trucking industry has continued growing as the demand for e-commerce has shot up in recent years, becoming even more mainstream. The trucking industry now accounts for $800 billion of gross domestic product. However, the industry is quite fragmented among shippers, carriers, individual truckers, freight brokers, factoring companies, vendors, and more.
And up until recently, the way payments have flowed between these players has been anything but efficient. Now, one company thinks it has created what will eventually become the ubiquitous payments network for the sector. Let's take a look at this potential disruptor.
So, who's behind the payments network that may take over the trucking industry? It's a relatively small Texas-based bank with $9.1 billion in assets called Triumph Bancorp (NASDAQ: TBK) . Triumph was already heavily involved in the trucking industry as a participant in factoring, meaning the bank purchases truckers' invoices up front and at a discount, and then collects a nice spread when the invoice is paid in full later.
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This Stock Wants to Become the Ubiquitous Payments Network for the $800 Billion Trucking Industry