P97 Networks raises USD 40 mln

With participation from existing investors, the capital coming from the Portage Capital Solutions strategy is to fuel growth initiatives for P97 Networks to further establish the company’s position as a payment and loyalty solutions provider for mobility-focused retailers.

P97 Networks’ offering and what the funding entails

A cloud-based technology solution, the P97 mobile commerce platform enables retail brands within the convenience mobility and fuel industries to connect with their customer via mobile devices in a secure manner.

The company’s proprietary APIs are leveraged by most North America-based retail fuel markets, with the possibility for further expansion into the fleet, connected car, and EV charging markets, and the expansion in said adjacent verticals is believed to position it as a ‘key player’ in the emerging digital ecosystem within the transportation industry. Beyond commerce, the platform acts as an engagement engine, where payments are tokenised for security and tailored to experiences that address consumers’ needs in ways that are both unique and personalised.

Donald Frieden, CEO of P97 Networks advised that in the current increasingly connected world, retail brands are looking for new methods to increase consumer engagement, and as such, the power of network effects in the digital world is set to be a key contributor to revenue growth and margins. As per their statement, with consumers continuing to adopt mobile payment solutions, the company is ‘proud’ to have built a connected commerce and digital marketing platform for the convenience, retail, energy marketing, and transportation industry.

Adding on this, Dan Ballen, Partner & Co-Head of Portage Capital Solutions stated that P97 has established itself as a mobile commerce solution for the North American retail convenience and fuel market, and the company is set to continue benefiting from accelerating consumer adoption of mobile payment while making use of its technology to capitalise on opportunities in adjacent capitals.

P97 Networks offering and recent developments

P97 Networks offers a global, cloud-based mobility services platform that enables mobile commerce, digital marketing, and consumer engagement for convenience, retail, utilities, energy companies, and auto OEMs. More than 65,000 convenience retail and fuel marketing sites worldwide leverage P97’s connected commerce platform, together with 240,000 EV chargers, to provide mobile payment acceptance for 137 million daily commuters.

One of its most recent developments marks the February 2023 Visa partnership announcement following which the companies were set to collaborate on deploying P97 Networks’ token technology for mobile payments. As per the information detailed at the time of the news, the companies were looking to reduce friction associated with in-car payments and enable EV charging payments services throughout public networks.