BP Ventures Invests $12 Million in Ryd, an in-car Payments Service to Accelerate Expansion

BP Ventures an investment firm of the petroleum and oil company has announced $12 million investment in German in car digital payment service provider Ryd. according to the company statement the investments funds will help Ryd to expand its service into international markets.  

Ryd’s service allows users to lump together online payments for services like fuel purchases, EV charging and car washing via the startup’s app or integration with smart car systems. 

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BP already offers digital payment options in the UK and the Netherlands through its BPme app. As part of its investment and partnership with Ryd, the legacy company hopes to expand its digital offerings as it learns from the startup’s secure and flexible digital payment options. Ryd will get the benefit of scaling its technology to BP customers across Europe.

“In-car digital payments are an integral part of the seamless and convenient experience that customers increasingly expect at our retail sites,” Alex Jensen, bp’s senior vice president mobility and convenience, Europe and Southern Africa, said in a statement.

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Jansen adds, “Ryd’s technology can help deliver just that, and for an increasing range of services.”

“With Ryd we want to enable hassle-free and secure interactions with cars,” said Oliver Goetz, founder and chairman of Ryd, in a statement. 

“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. 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. Ryd is on its way to lead this movement in Europe,” added Goetz. 

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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