Pacific Mercantile Bank, the wholly owned subsidiary of Pacific Mercantile Bancorp, announced that the Bank’s Asset-Based Lending Group has extended an $11 million credit facility to NEXT Trucking to support the company’s continued growth. In addition to the financing, NEXT Trucking utilizes a full suite of Pacific Mercantile Bank’s depository products, business credit cards and cash management services.
Based in Lynwood, CA, NEXT Trucking offers an easy-to-navigate online trucking marketplace and app designed first and foremost with shippers, dispatchers and owner-operators in mind. Utilizing intelligent matching capabilities and extensive data-driven metrics that factor in preferred routes, rates and additional key touch points, drivers of small- and medium-sized trucking companies are connected directly with shippers searching for efficiency, transparency and competitive pricing. The NEXT Trucking family has been in the logistics business for over 15 years, operating one of the largest HDTV distribution centers in Southern California.
“We are seeing strong adoption of the NEXT Trucking app by owner operators and small fleets that recognize the convenience and value they get from selecting routes and negotiating pricing directly from their smartphones,” said Lidia Yan, Chief Executive Officer of NEXT Trucking. “As we continue to revolutionize the logistics industry, we needed a bank that had the flexibility and financial strength to support our business plan. We were impressed with Pacific Mercantile Bank’s expertise in both technology and the logistics industry, which allowed them to customize a credit facility that suits our business model and growth trajectory.”
“NEXT Trucking has created a disruptive technology that is bringing improved efficiency and pricing to the logistics marketplace,” said Tom Vertin, President and Chief Executive Officer of Pacific Mercantile Bank. “The company’s growth was recently accelerated by a $21 million investment led by Sequoia Capital. This is an exciting time for NEXT Trucking and we look forward to supporting the company’s efforts to modernize the logistics industry and continuing to provide insight using Horizon Analytics® to further their success.”