BP Ventures invests USD 11.9 mln in in-car payments provider Ryd to support expansion

Tuesday 7 September 2021 11:24 CET | News

BP Ventures, an investment company of UK-based BP, has invested EUR 20 mln in Germany-based payments startup Ryd to expand its services in the international market.

Ryd service allows users to piece together online payments for services like fuel purchases, EV charging and car washing via the startup’s app or integration with smart car systems. BP already offers digital payment options in the UK and the Netherlands through its BPme app. As part of its investment and partnership with Ryd, the company hopes to expand its digital offerings as it learns from the startup’s secure and flexible digital payment options. Ryd will get the benefit of scaling its technology to BP customers across Europe.

In June 2021, the firm also invested USD 7 million in IoTecha, a smart EV charging company that connects chargers with the electricity grid using IoT and automates charging payments. Strategic investments like these add to BP Ventures’s ecosystem, which is designed to help BP turn itself as an integrated energy company, as well as help it reduce its carbon footprint.

Ryd is already accepted today at 3,000 partner service stations across seven countries, according to the company. It has 1.4 million direct customers, as well as access to up to 100 million additional customers through its partnerships with Mastercard and several car manufacturers. According to TechCrunch, with the connected car data market expected to reach USD 19 billion globally by 2030, and the non-fuel retail sales market expected to reach USD 285 billion globally by the same year, the startup is now homing in on its strategy to integrate its tech into more vehicles.

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Keywords: funding, payment methods, online payments, digital payments
Categories: Payments & Commerce | Mobile Payments
Countries: Germany
This article is part of category

Payments & Commerce