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BP invests £8.6 million into in-car payment firm ryd

The investment is to be used to help develop ryd's offering. Image: BP

The investment is to be used to help develop ryd's offering. Image: BP

European in-car payment app ryd – which offers payment services including for electric vehicle (EV) charging – has received a €10 million (£8.6 million) investment from BP Ventures.

This is to be used to help ryd grow into new international markets and further build its offering, with the company currently providing a single digital payment solution for drivers for services such as fuel purchases and car washing. This is done through its app or through integration with smart car systems.

BP is also to expand the digital payment options for its customers across Europe as part of the investment, learning and benefitting from ryd’s digital payment options, which it described as secure, scalable and flexible.

Already, BP offers digital payment options in the UK and the Netherlands through its BPme app, with ryd to 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, 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."

BP Ventures has also invested in companies such as US-headquartered energy tech company FreeWire Technologies to support commercialisation of its ultra-fast EV charging technologies, as well as Chinese energy management company R&B and UK energy management platform Grid Edge.

Meanwhile, BP acquired Open Energi earlier this year, with the company joining the BP Launchpad portfolio.

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