legal-document-to-plain-english-translator/”>Try Free Now: Legalese tool without registration

Find a LOCAL lawyer

## CloudTrucks Announces Transition of Factoring Business

CloudTrucks CEO Tobenna Arodiogbu has revealed that the company will be exiting the factoring business. The decision comes amid a series of rumors and speculations on social media platforms about the company shutting down its operations and transferring its factoring business to RTS Financial, based in Overland Park, Kansas. In response to these rumors, Arodiogbu clarified in an interview with FreightWaves that the move is not a shutdown, but rather a strategic business decision to shift focus and resources to its core offerings, Virtual Carrier and Flex.

In July 2022, CloudTrucks introduced fintech solutions for truck drivers, including the CT Credit, a Visa business card, and CT Cash, a nonrecourse factoring solution leveraging a Visa Cash card. Despite this transition, the CT Credit service remains unaffected. As part of the transition, CloudTrucks has assured its customers that its Virtual Carrier offerings will continue to provide instant payments, on-the-job cash advances, and fuel discounts directly through its Visa partnership.

The transition to RTS Financial marks a critical move for CloudTrucks to invest more in its core business segments. Arodiogbu emphasized that the company will continue to focus on its Virtual Carrier offering, where it acts as a trucking carrier, leasing its authority to owner-operators. As of now, CloudTrucks has 240 power units and 250 truck drivers, with plans to further expand its operations in the future.

**How AI legalese decoder can help:**
The AI legalese decoder can help interpret and analyze the legal intricacies and implications of CloudTrucks’ business transition, providing vital insights into the decision-making process and potential ramifications of such actions. Additionally, it can assist in understanding the regulatory and compliance aspects associated with transitioning a factoring business and the impact of such decisions on the company’s overall operations.

legal-document-to-plain-english-translator/”>Try Free Now: Legalese tool without registration

Find a LOCAL lawyer

Reference link