Car IQ, a provider of vehicle payments, has exceeded its Series B target, closing the round on $15m.
Forte Ventures served as the lead investor to the round. Other commitments came from existing backers State Farm Ventures, TELUS Ventures and Avanta Ventures, as well as new strategic investors Visa, Bridgestone, Navistar and Circle K.
With the capital, the company hopes to accelerate the expansion of its Car IQ platform to meet the rising demand from customers and merchants. It also plans to add new commerce categories, including electric vehicle charging, repairs, registration and insurance.
Founded in 2016, Car IQ offers machine identity verification that allows vehicles to directly connect with banks and service providers, without needing the use of physical credit cards.
Through this solution, Car IQ Pay, commercial fleets can pay for fuel, tolls, and parking by leveraging vehicle data to automate the payment process. Fleets would be able to better manage spending, develop unique insights and reduce fraud.
Car IQ Pay is used at over 21,500 fuel stations nationwide including Shell, Sunoco and others across the US.
Car IQ CEO Sterling Pratz said, “These funds will allow us to move faster and meet the market demands from fleets in the commercial and OTR trucking spaces.
“Incorporating vehicle data to the payment transaction is a game-changer: we can determine what the vehicle needs before it buys, validate the purchase after the fact, and make the experience for the driver completely frictionless.”
With the close of the round, the company has raised a total of $42m.
In other FinTech-powered vehicle fleet news, Cover Whale Insurance Solutions, an InsurTech focused on commercial trucking, recently teamed up with video telematics company Nexar. The deal sees Nexar provide its AI dual-facing dash cams to fleet truck drivers using Cover Whale.
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