In-car payments app ryd receives €10 million via bp ventures

Tech EU LogoThis post was originally published by Dan Taylor at Tech EU

ryd, the flagship product from Bavarian IoT specialist ThinxNet, has received a €10 million investment from bp ventures. The payment solution can be used for fuel purchases, EV charging, and even car washing either via an app or smart car integrations. The investment is meant to assist ryd with entries into new European markets.

According to a statement, “Through its investment and a partnership with ryd, bp aims to learn and benefit from ryd’s secure, scalable and flexible digital payment options to expand digital payment options for bp customers across Europe.” And if you’re thinking what I’m thinking, then yes, this does sound like the groundwork for a much longer-term collaborative partneracquisitionship.

And who could blame bp for wanting, ney, needing to get in on the game? With KPMG estimating that non-fuel retail sales in the connected car market will reach $285 billion by 2030, they’d be at a severe disadvantage if they didn’t.

The energy giant already has digital payment options available in the UK and the Netherlands via its BPme app, but not in Germany, Austria, Switzerland, and Belgium, where, you guessed it, ryd does. With 3,000 partner service stations across seven countries, ryd claims to have the biggest B2C network for digital fuelling in Europe.

“In-car digital payments are an integral part of the seamless and convenient experience that customers increasingly expect at our retail sites,” comments bp’s Alex Jensen. “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.”

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This post was originally published by Dan Taylor at Tech EU

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