BP Ventures invests $11.9M in in-car payments provider Ryd to support expansion TechCrunch

BP Ventures, the investment arm of oil and gas giant BP, has announced a €10 million (~$11.9 million) investment in German in-car digital payments provider Ryd. According to a statement, the fresh funds will help Ryd expand its service to international markets and build out its offering.

Ryd’s service allows users to make simultaneous online payments for services such as fuel purchases, EV charging and car washing through integration with the startup’s app or 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 legacy company hopes to expand its digital offerings as it learns from the startup’s secure and flexible digital payment options. Ryd will benefit from expanding its technology to BP customers across Europe.

“In-car digital payments are an integral part of the seamless and convenient experience that customers are increasingly expecting at our retail sites,” Alex Jensen, BP’s senior vice president of mobility and convenience for Europe and Southern Africa, said in a statement. “Ryd’s technology can help deliver just that for a growing range of services.”

This isn’t the first bet that BP is taking in the smart vehicle space, and it likely won’t be the last. In June, the firm invested $7 million in IoTecha, a smart EV charging company that uses IoT to connect chargers to the power grid and automate charging payments. Such strategic investments ultimately add to BP Ventures’ ecosystem that is designed to help BP re-establish itself as an integrated energy company, as well as reduce its carbon footprint. has gone.

Ryd is accepted today at 3,000 partner service stations in seven countries, according to the company. It has 1.4 million direct customers, as well as access to an additional 100 million customers through its partnerships with MasterCard and several car manufacturers. With the connected car data market expected to reach $19 billion globally by 2030, and the non-fuel retailing market expected to reach $285 billion globally in the same year, startups are now integrating their technology into more vehicles. Working on strategy. .

“With Ryd we want to enable hassle-free and secure interactions with cars,” Ryd founder and president Oliver Goetz said in a statement. “BP is the final piece of our puzzle and complements our ecosystem with strong strategic partners across all of our business areas: finance, automotive and energy. BP expects millions of car drivers to move directly to digital payment systems, Which are linked to both car data and payment systems at gas stations and beyond. This new payment form is much faster, easier and more convenient. Ryd is well on its way to leading this movement in Europe.”

According to Ryd CEO Sandra Dax, Ryd is expected to go live at the first BP filling stations in the fourth quarter of 2021.

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