TruTac Secure Funding Through Archover
Founded in 1994, TruTac is a market leading logistics software company. Their core business is analysing tachograph data from road haulage and passenger carrying vehicles. Records are analysed in accordance with strict EU and GB regulations. TruTac makes managing compliance easier for all fleet sizes and sectors.
TruTac used an invoice discounting facility for 19 years, which was proving to be an expensive form of credit. The company was looking for a better solution.
TruTac found ArchOver, a P2P lender, and sought a loan of £100,000 to reduce credit costs. The loan was spread over a 24-month period and funding was secured within a month through ArchOver’s platform.
Terry Ramsey, TruTac MD, said: “We’re a software and services company working for various household names and analysing 6 to 7 million drivers’ records a year. Drivers’ hours compliance is key for transportation companies in protecting their Operators’ Licences. Accurate reporting of key compliance data enables driver training before they fall foul of the law.”
“We are a profitable company, but the ArchOver loan has made a considerable difference to our bottom line. It’s far more competitive than banks who charge 7-8% for the same service.”
More information on Archover can be found at https://www.archover.com/