Germany-based Ryd announced this week it has received $11.9 million (€10 million) in funding for its technology that allows users to pay for vehicle fuel via their mobile app.

The investment, which marks the first time Ryd has received funding, comes from BP Ventures, the investment arm of British Petroleum. As part of today’s announcement, BP Ventures’ Managing Partner Daniela Proske will join the Ryd board.

Ryd offers a digital payment solution that enables drivers to pay for fuel, electric vehicle charging, and car washes without leaving their vehicle by using the company’s mobile app or with an integration with smart car systems. “This new payment form is much faster, easier, and more comfortable,” said Ryd Founder and Chairman Oliver Goetz, “Ryd is on its way to lead this movement in Europe.”

Goetz called BP “the perfect addition” to the company’s existing network of service stations and added that it completes Ryd’s ecosystem with strategic partners in finance, automotive, and energy sectors.

Ryd plans to use the funding to fuel expansion and deliver digital payment options for BP customers across Europe. The company’s payment technology is currently accepted at 3,000 service stations across seven countries in Europe.

BP will use the strategic relationship to expand its BPme digital fuel payment app into more European countries. The app currently works in the U.K. and the Netherlands. “In-car digital payments are an integral part of the seamless and convenient experience that customers increasingly expect at our retail sites,” said BP SVP of Mobility and Convenience for Europe and Southern Africa 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.”

The first BP filling stations are expected to go live with Ryd in the fourth quarter of this year.

Photo by Alejandro Barba on Unsplash

Could the death of credit turn out to be fintech’s greatest gift to humanity?

From the Cancel Student Debt movement to the rise of Buy Now Pay Later payment options, Millennials have led the way in a broad rejection of interest-based consumer financing. For those of us who vividly remember the carnival-like atmosphere of credit card companies aggressively courting new students on college campuses during the first weeks of the school year, this youth-led shift away from debt-fueled consumption has been an impressive development.

Today we learned that Point, a challenger bank based in San Francisco, California, has raised $46.5 million in Series B funding to support development of its “anti-credit card.” Point’s account and debit card offer users many of the same benefits and rewards they get with traditional credit cards, while providing them with the kind of payment flexibility they have come to appreciate with debit.

Like most debit cards, Point offers direct deposit, ATM withdrawal access, and the ability to top up your Point card with funds from another debit card. The Point card also supports contactless payments courtesy of an embedded RFID transponder, instant money transfer, and card spending controls.

However, the Point card also offers a number of rewards typically not found with debit card products. These include 5x points on subscription services such as Netflix and Spotify, 3x points on delivery services like DoorDash and ride-sharing services like Uber, and 1x points on all other transactions ranging from gasoline purchases to groceries.

Another interesting feature of Point’s rewards system is the way the company offers limited-time, cash-back rewards with specific, popular brands. Among the company’s current offerings are 15x points with Nike, Reformation, and Italic, as well as 5x points with Amazon, Whole Foods, and Starbucks.

Point also offers insurance for smartphone loss or damage, trip cancellation, and car rentals, as well as for new purchases if damaged or lost within 90 days. Becoming a Point account and cardholder costs $49 a year, and deposits are backed by Radius Bank, which was recently acquired by Finovate alum Lending Club.

Point’s Series B round was led by existing investor Valar Ventures. Also participating in the funding were Breyer Capital, YC Continuity, and Human Capital. Combined with a Series A investment of $10.5 million in the summer of 2020 and a previous seed funding round, Point has raised $60 million in total equity capital. The company said that the financing will enable it to add talent, launch new functionalities, and introduce new products.

Photo by Steve Johnson from Pexels

Insurtech company Blueprint Title recently raised $16 million, bringing its total funding to $24.5 million. Forte Ventures led the Series B round.

Blueprint Title launched in 2017 to tackle title insurance, a type of insurance that protects prospective homeowners from being sued for a claim against the home from before the purchase was finalized. These “clouds” can arise from back taxes, liens, conflicting wills, and other unresolved issues.

The title insurance market in the U.S. is small, however. Blueprint Title CEO Steve Berneman estimates that the market is comprised of four companies with 90% of the market share.

Blueprint Title offers an API that allows customers to search new transaction submissions, pull information about in-process deals, and view real-time updates when there’s a change in title status. Built for secure collaboration, the company’s portal enables document uploads and status updates that keep everyone up-to-date.

Blueprint Title is part of a wave of neoinsurance companies, a term coined by TechCrunch to describe digital-first insurtechs such as Metromile, Roots, and Trov. Blueprint Title’s model is slightly different than these three companies, however, in that it operates on a B2B model instead of marketing directly to consumers. The company’s client base is comprised of real estate investors, lenders, proptech companies, and home builders.

Blueprint Title is currently licensed in 26 states and operating in 19 states.

Photo by Andy White on Unsplash