London-based bp ventures is best known for investing in private, high-growth, game-changing technology companies. Today, the venture capital fund of bp ventures announced that it has invested €10 million (nearly £8.6 million) in German in-car digital payments provider ryd.
Supports ryd’s expansion across Europe
bp’s investment will help ryd strengthen its market-leading position, grow into new international markets, and further build its offering. Already, its ecosystem covers a wide range of car brands, apps, and payment networks and is in use across several European markets. With this investment and a partnership with ryd, bp eyes to learn and benefit from the app’s secure, scalable and flexible digital payment options. Eventually, it will be able to expand the digital payment opinions for bp customers in Europe.
Already, bp offers digital payment options in the UK and the Netherlands via its BPme app. ryd will enable bp’s digital customer offer to expand rapidly into additional European markets.
Alex Jensen, bp’s senior vice president mobility and convenience, Europe and Southern Africa at bp, said: “In-car digital payments are an integral part of the seamless and convenient experience that customers increasingly expect at our retail sites. 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.”
Oliver Goetz, founder and chairman of ryd, said: “bp is the perfect addition to our impressive network. With ryd we want to enable hassle-free and secure interactions with cars. 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. As ryd and its partners, 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.”
Sandra Dax, CEO of ryd added: “Partnering with bp will help meet that demand and accelerate the growth of our network and ecosystem all over Europe. It will help ryd become even more appealing to end customers, and to new in-car and in-app-payment partners. The expected go-live of the first bp filling stations is planned for Q4, marking a period of exciting growth throughout Europe.”
Convenient digital payment for drivers
ryd intends to capitalise on the increasing consumer demand for digital payments and the integrated experience that they can deliver. As per the company, the connected car data market is estimated to reach $19 billion globally by 2030. In the same year, the non-fuel retail sales market is estimated to reach $285 billion globally.
It offers a convenient single digital payment solution for drivers allowing payment for fuel, electric vehicle (EV) charging and car washing via its app or through integration with smart car systems.
Now, ryd is accepted at 3000 partner service stations across seven countries, thereby making it the biggest B2C network for digital fuelling 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.