EV charging payment startup Mina now valued at £6M after raising latest funding
Global fuel cards provider and specialised payment products to businesses, Fleetcor UK recently announced to have made a minority investment in Sheffield-based EV charging payment startup Mina. While the investment amount has not been disclosed, however, UKTN has learnt that with the funding from Fleetcor and the top-up from the angel investors, Mina is now valued at £6 million – up from £2 million, a couple of months ago.
The cloud-based digital software platform simplifies charging and payments management for commercial fleets with electric vehicles (EVs) and the platform integrates with home and work charging points throughout the United Kingdom to capture energy costs accurately. The company claims to be UK’s only EV charging solution that credits payment for the drivers’ energy used while charging at home for business purposes to their energy provider, eliminating cumbersome expense reimbursement processes.
With the latest investment and association, Fleetcor UK can provide Mina solution to commercial fleet customers transitioning to EV by removing the payment complexities traditionally associated with expense reclaim and EV charging.
“FLEETCOR is in the business of solving and simplifying complex payment and logistics problems for customers of all sizes, industries and locations with innovative products and services. The move to EVs is just the latest business challenge facing commercial fleets,” said Alan King, FLEETCOR Group President, Europe & Australasia. “With EV adoption accelerating across the UK and Europe, Mina’s solution provides an effective and efficient means of tracking charging, simplifying payments and streamlining reimbursement, initially for our UK customers for EV charging needs, regardless of location.”
“By 2025, 75 percent of all EVs will be owned by businesses. For drivers, their homes will be an important location to charge vehicles. Most fleet operators want to support home charging, but are challenged in how best to handle driver reimbursement,” said Ashley Tate, Mina co-founder and CEO. “Our award-winning technology offers businesses the simplest solution.”
FLEETCOR UK, which has Allstar Business Solutions, Keyfuels, The Fuelcard Company, epyx and r2c among its UK brands, has already begun answering the needs and supporting UK businesses to transition to full electric or hybrid company vehicles.
On the road: Allstar launched the Allstar One Electric fuel card that enables fleet operators to manage all fuel types, whether traditional (petrol and diesel) or alternative, such as electric, hydrogen or hybrid, on one payment card. As part of this, Allstar has partnered with eight leading EV charging providers, including Chargepoint services, ESB Energy, Engenie, and Source London, to create the one of the largest multi-branded EV fuel networks in the UK. It now provides fleet operators and drivers with access to more than 3,700 charging points across 1,500 locations throughout the UK. And Allstar is not stopping there, as it is continually working to grow its electric charging network, easing access to charging points and lowering range anxiety.
Home & Work: Adding Mina’s home reimbursement solution to Allstar’s Home & Work Charging solution gives customers the ability to reimburse for their employees’ home charging directly, accurately and automatically to their utilities. This combined with Allstar’s on the road capabilities gives Fleet Managers access to a holistic EV solution to effectively manage their transition to EV. As Allstar continues to build out holistic EV charging for Home and Work, Mina’s solution will play a pivotal role in simplifying charging management and payment for fleets. Allstar can now offer the best of Fuel cards and market leading EV solutions for Fleets.