TEG’s SmartPay platform has processed £478 million in payments to UK haulage businesses since launch, including £418 million over the past 12 months, as it targets cash-flow challenges in the road freight sector. The payment and settlement service enables carriers to request early payment against approved invoices directly from the platform where they accept loads. Recognized with the Best Initiative in Embedded Finance award at the 2026 PAY360 Awards, SmartPay combines payment processing, carrier verification and reconciliation in a workflow designed to improve access to working capital for smaller operators.

TEG SmartPay Targets Cash-Flow Pressures in UK Freight

TEG’s SmartPay platform has processed £478 million for UK haulage businesses since launch, highlighting demand for embedded payment services in a sector where carriers often wait weeks to receive payment for completed work.

The platform is designed to address a structural cash-flow challenge in road freight. TEG cites a UK road freight market worth approximately £39.3 billion annually, where standard payment cycles typically range from 30 to 90 days and average haulage profit margins are around 2%. For small and medium-sized enterprises and sole traders, the gap between completing a delivery and receiving payment can complicate fuel purchases, driver payments and decisions about accepting new work.

SmartPay allows carriers to request early payment once an invoice has been approved, using the same dashboard where they accepted the load. TEG says the service has processed £418 million in the past 12 months, out of £478 million cumulatively since launch. The company has not disclosed the number of participating carriers, average transaction value or the proportion of eligible invoices paid early.

The platform was named Best Initiative in Embedded Finance at the 2026 PAY360 Awards, organized by The Payments Association.

Embedding Finance in Freight Workflows

Traditional invoice finance and asset-based lending can provide businesses with access to working capital before customers settle invoices. However, eligibility requirements, underwriting processes and administrative demands can make these products less accessible to smaller operators.

SmartPay takes a workflow-based approach, financing against a completed booking rather than requiring carriers to apply through a separate finance provider, according to TEG. The company says this model is intended to reach operators that have struggled to access conventional financing.

The distinction is relevant in a fragmented freight market, where many carriers operate with limited financial buffers. Faster access to funds can help reduce the time between completing a job and having cash available for the next one. Its practical value, however, depends on eligibility criteria, fees, payment terms and the availability of early payment for individual loads—details not fully disclosed in the announcement.

TEG says its embedded finance products provide payments on a non-recourse basis, subject to conditions including completion of the load and submission of proof of delivery. The company also describes proactive credit control designed to flag late payments within days.

Non-recourse arrangements can shift specified invoice non-payment risks away from a carrier, but the exact protection depends on contractual terms and exclusions. The announcement does not detail every circumstance in which a carrier might remain liable.

Verification and Payments Share One Workflow

TEG argues that faster settlement needs to be supported by reliable carrier verification. SmartPay transactions are checked through Trustd, a verification business associated with TEG’s leadership, with onboarding, identity checks, bank-detail verification and payment integrated into the workflow.

That combination addresses a practical issue in business payments: money must reach the intended recipient, and the parties involved need confidence that the underlying transaction and account details are legitimate. Bringing verification into the payment process may reduce repeated administrative steps, although TEG has not published fraud-reduction figures or independent performance data.

Once a payment is released, TEG says funds reach the carrier’s account in under four minutes on average. Remittance information and reconciliation are automated, and orders are marked as paid with an audit trail available to both sides.

The combination of payment execution and reconciliation is particularly relevant to freight operators managing many loads, counterparties and invoices. Still, the reported transfer time is a company-provided average and should not be interpreted as a guarantee for every bank, transaction or payment circumstance.

Embedded Finance Moves Beyond Faster Settlement

SmartPay’s reported transaction volume suggests that embedded finance can address an operational problem when funding is integrated into the workflow where businesses already transact. Rather than asking a carrier to navigate a separate lending application, the platform links payment access to an approved invoice and completed delivery.

TEG CEO and founder Lyall Cresswell says the objective is to make the service work for smaller operators, not only large businesses. The company’s broader proposition is that more predictable access to funds can make it easier for carriers to take on work and manage operating costs.

The model also brings financial services closer to the digital infrastructure coordinating freight transactions. Its long-term significance will depend on the cost of early payment, the breadth of carrier adoption, underwriting and verification controls, and how consistently payments meet the needs of smaller operators.

SmartPay’s award adds industry recognition, but the more meaningful indicator is its reported payment volume. Further disclosure on customer numbers, pricing, default performance and carrier outcomes would help assess whether the platform is improving access to working capital at scale.

Market Landscape

Embedded finance is extending payment and funding capabilities into industry-specific software, allowing businesses to access financial services within the workflows they already use. In freight, where carriers can face long payment cycles and thin margins, early settlement can be a significant operational consideration.

SmartPay’s model highlights three trends:

• Industry-specific embedded finance: Linking funding to completed freight bookings rather than requiring carriers to navigate a separate financing platform.
• Integrated verification and settlement: Combining carrier onboarding, identity and bank-account verification, payment execution and reconciliation.
• Working-capital access for SMEs: Addressing financing needs among smaller operators that may find traditional invoice finance difficult to access.

The reported £478 million in cumulative processing provides a measure of platform activity, but transaction volume alone does not establish profitability, customer satisfaction or the extent to which carriers are financially better off. Pricing, participation, repayment performance and contractual protections will be important indicators of the model’s long-term impact.

Top Insights

• £478 million processed: TEG says SmartPay has processed £478 million since launch, including £418 million during the past 12 months.
• Early payment: Carriers can request payment after invoice approval through the platform where they accepted the load.
• Integrated verification: Transactions pass through verification with TEG’s partner Trustd, according to the company.
• Rapid settlement: TEG reports average fund arrival in under four minutes after payment release.
• Industry recognition: SmartPay received Best Initiative in Embedded Finance at the 2026 PAY360 Awards.

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