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Mudflap Earns Exclusive Sector Placement in the Fintech 50

Many startups continued to thrive, making this year’s Fintech 50–our eighth annual list of the most innovative private fintech companies–extremely competitive once again.

The Future Of Payments: Fintech 50 2023

Nine payments companies made Forbes’ Fintech 50 2023 list, up from six in 2022. Niche newcomers GlossGenius, a platform for beauty businesses, and Mudflap, a fuel marketplace for truckers, join the likes of giant processor Stripe.

Six Founders Making Their Debut On The Fintech 50

As chief product officer of Trucker Path, Desai helped build a navigation and load- management program for truckers. But the Stanford MBA and a coworker saw another opening—for an app that would link owner- operators and small fleets with truck stops ready to offer them fuel discounts.

Fintech Companies Offer Options for Drivers and Truckstop and Travel Plaza Operators

The free Mudflap app launched in January 2020 and now has 500,000 who use it to save on fuel, said Sanjay Desai, CEO and founder of Mudflap. “This is now a mobile app that more than half a million truck drivers are looking at every day to make a decision around where to fuel. The opportunity to appear on that map when they are making that decision is a really valuable one,” he said.

Small Truckers, Truck Stops Pool Buying Clout to Take on Industry Giants

Driven by word of mouth, Mudflap now has more than 500,000 commercial drivers using the app on a regular basis. And when drivers hear about Mudflap from other drivers, they can immediately download it and start using it. “That instant ability to get savings — that instant gratification — turned out to be really powerful,” Desai said. Once they’ve seen how simple and fast it is to use the product — and get the savings — they tend to stick with it, Desai said.

The origin story of the fuel-discounts app aimed squarely at independents -- owner-ops and truck stops both

"We founded Mudflap with all that understanding" gleaned from countless consultation with owner-operator independents, undertaken via his work with Trucker Path, Mudflap CEO Desai said. He and the team launched the Mudflap mobile app early in 2020 with some investor support and, since, it's been downloaded and utilized by half a million people in the network of independent truck stops the company's built to offer discounts on every gallon of fuel bought.