BP Ventures pumps $11.9m in German in-car payment FinTech Ryd

BP Ventures has invested €10m (nearly $11.9m) in German in-car digital payments provider Ryd.

bp’s investment will help ryd strengthen its market-leading position, expand into new international markets and further build its offering.

With this investment and a partnership with ryd, bp will benefit from the app’s secure, scalable and flexible digital payment options. Eventually, it will be able to expand the digital payment opinions for bp customers in Europe.

Ryd offers a convenient single digital payment solution for drivers allowing payment for fuel, electric vehicle (EV) charging and car washing via its app or through integration with smart car systems. BP offers digital payment options in the UK and the Netherlands via its BPme app. Ryd will enable bp’s digital customer offer to expand rapidly into additional European markets.

BP senior vice president mobility and convenience, Europe and Southern Africa Alex Jensen said, “In-car digital payments are an integral part of the seamless and convenient experience that customers increasingly expect at our retail sites. ryd’s technology can help deliver just that, and for an increasing range of services. Our investment and partnership will help bp provide these digital services more widely across Europe, making our customers’ experience easier and more enjoyable.”

Echoing a similar sentiment Ryd founder and chairman Oliver Goetz added, “With ryd we want to enable hassle-free and secure interactions with cars. bp is the final piece to our puzzle and completes our ecosystem with strong strategic partners in all of our business areas: finance, automotive and energy. As ryd and its partners, bp expects tens of millions of car drivers to move to direct digital payment systems which are both connected to car data and to payment systems at gas stations and beyond. This new payment form is much faster, easier and more comfortable.”

Looking ahead, Ryd intends to capitalise on the increasing consumer demand for digital payments and the integrated experience that they can deliver. As per the company, the connected car data market is estimated to reach $19bn globally by 2030. In the same year, the non-fuel retail sales market is estimated to reach $285bn globally.

Now, ryd is accepted at 3000 partner service stations across seven countries, thereby making it the biggest B2C network for digital fuelling in Europe. In addition to 1.4 million direct customers, its partnerships with Mastercard and several car manufacturers provide access to up to 100 million customers.

Ryd expects to go live at the first BP filling stations in the fourth quarter of 2021, according to Ryd’s CEO Sandra Dax.

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