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