BP Ventures Invests in Ryd: In-Car Payments Expansion

BP Ventures Invests in In-Car Payment Platform Ryd

BP Ventures, the venture capital division of the energy corporation BP, has committed €10 million (approximately $11.9 million) to Ryd, a German company specializing in in-car digital payments. This new capital injection is intended to facilitate Ryd’s expansion into new international markets and further develop its service offerings, as detailed in a recent announcement.

Ryd's Service and BP's Strategy

Ryd’s platform streamlines payments for vehicle-related expenses. Users can consolidate online transactions for services such as fuel, electric vehicle (EV) charging, and car washes through the Ryd app or integrated car systems. BP currently provides digital payment solutions in the U.K. and the Netherlands via its BPme application.

This investment and partnership with Ryd are expected to broaden BP’s digital capabilities. The company aims to leverage Ryd’s secure and adaptable digital payment technologies. Ryd, in turn, will benefit from the opportunity to scale its technology to a wider customer base across Europe through BP’s network.

Statements from Key Executives

Alex Jensen, BP’s Senior Vice President for Mobility and Convenience in Europe and Southern Africa, emphasized the importance of convenient in-car payments. He stated that Ryd’s technology is poised to deliver a seamless experience for customers across an expanding range of services.

Oliver Goetz, founder and chairman of Ryd, highlighted the strategic importance of BP as a partner. He believes BP completes Ryd’s ecosystem, solidifying relationships with key players in finance, automotive, and energy sectors.

BP's Broader Investment in Smart Vehicle Technology

This investment in Ryd is not an isolated event. BP has demonstrated a growing interest in the smart vehicle sector. In June, the company invested $7 million in IoTecha, a firm focused on smart EV charging solutions. IoTecha connects EV chargers to the power grid using IoT technology and automates payment processing.

These strategic investments contribute to BP Ventures’s overall objective: to assist BP in its transformation into an integrated energy company and to reduce its environmental impact.

Ryd's Current Reach and Future Potential

Currently, Ryd is accepted at 3,000 partner service stations across seven countries. The company boasts 1.4 million direct customers. Furthermore, it has access to an additional 100 million potential customers through partnerships with Mastercard and various automotive manufacturers.

The market for connected car data is projected to reach $19 billion globally by 2030. Simultaneously, the non-fuel retail sales market is anticipated to hit $285 billion worldwide by the same year. Ryd is strategically positioning itself to capitalize on these growth opportunities by integrating its technology into a greater number of vehicles.

Implementation Timeline

According to Sandra Dax, Ryd’s CEO, the platform is scheduled to launch at select BP filling stations during the fourth quarter of 2021. BP anticipates that millions of drivers will transition to these direct digital payment systems, which offer enhanced convenience and integration with vehicle data and payment networks.

Ryd aims to spearhead this shift towards digital payments within the European automotive landscape.