bp ventures invests €10m in European in-car payments provider ryd

bp ventures is investing €10m in Europan in-car digital payments provider, ryd. The company offers a convenient single digital payment solution for drivers, for services such as fuel purchases, electric vehicle (EV) charging and car washing, via its app or through integration with smart car systems.

bp’s investment will help ryd strengthen its market-leading position, grow into new international markets, and further build its offering. Its ecosystem already covers a wide range of car brands, apps and payment networks and is in use across several European markets.

ryd aims to meet the growing consumer demand for digital payments and the integrated experience that they can deliver. It is targeting the connected car data market, which is forecast to reach $19bn globally by 2030, and the non-fuel retail sales market, which is forecast to reach $285bn globally by the same year. Its technology also enables payment for electric vehicle (EV) charging, supporting the electrification of transport.

Through its investment and a partnership with ryd, bp aims to learn and benefit from ryd’s secure, scalable and flexible digital payment options to expand digital payment options for bp customers across Europe.

bp already 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.”