London-based Bp Ventures is best known for its investments in high-growth, game-changing private technology companies. Today, the venture capital fund of bp ventures announced that it has invested € 10million (almost £ 8.6million) in a German provider of on-board digital payments. ryd.
Supports the expansion of ryd across Europe
Bp’s investment will help ryd to strengthen its market leadership position, expand into new international markets and further develop its offering. Already, its ecosystem covers a wide range of car brands, applications and payment networks and is used in several European markets. With this investment and a partnership with ryd, bp wishes to learn and benefit from the application’s secure, scalable and flexible digital payment options. Eventually, it will be able to extend digital payment advices for bp customers in Europe.
Already, bp offers digital payment options in the UK and the Netherlands through its BPme app. ryd will enable bp’s digital customer offering to develop rapidly in other European markets.
Alex Jensen, senior vice president mobility and convenience of bp, Europe and Southern Africa at bp, said: “On-board digital payments are an integral part of the seamless and convenient experience that customers increasingly expect at our locations. retail. Ryd’s technology can help deliver just that, and for a growing range of services. Our investment and partnership will help bp deliver these digital services more widely across Europe, making our customers’ experience easier and more enjoyable.
Oliver Goetz, founder and chairman of ryd, said: “bp is the perfect addition to our impressive network. With ryd, we want to enable secure and hassle-free interactions with cars. bp is the last piece of our puzzle and completes our ecosystem with strong strategic partners in all our fields of activity: finance, automotive and energy. Like ryd and its partners, bp expects tens of millions of motorists to switch to direct digital payment systems that are both connected to car data and to payment systems at petrol stations and beyond. This new payment method is much faster, easier and more comfortable. ryd is poised to lead this movement in Europe.
Sandra Dax, CEO of ryd added: “The partnership with bp will help meet this demand and accelerate the growth of our network and ecosystem across Europe. This will help ryd to become even more attractive to end customers and to new embedded and integrated payment partners. The expected commissioning of the first bp service stations is scheduled for the fourth quarter, marking an exciting period of growth across Europe.
Convenient digital payment for drivers
ryd intends to take advantage of the growing consumer demand for digital payments and the integrated experience they can offer. According to the company, the connected car data market is expected to reach $ 19 billion globally by 2030. In the same year, the non-fuel retail market is expected to reach $ 285 billion globally.
It offers a unique and convenient digital payment solution for drivers allowing payment for fuel, electric vehicle (EV) charging and car wash through its app or through integration with smart car systems.
Today, ryd is accepted at 3,000 partner service stations in seven countries, making it the largest B2C digital refueling network in Europe. In addition to 1.4 million direct customers, its partnerships with Mastercard and several car manufacturers provide access to up to 100 million customers.