Car IQ, a San Francisco, CA-based company providing vehicle payments solutions, raised $15M in additional Series B funding.
The round, which brings the total funding raised to-date to $42M, was led by Forte Ventures with participation from State Farm Ventures, Telus Ventures, Avanta Ventures, Visa, Bridgestone, Navistar, and Circle K.
The company intends to use the funds to accelerate the expansion of its payment platform and to add new commerce categories such as electric vehicle charging, repairs, registration, and insurance.
Led by CEO Sterling Pratz, Car IQ created a new form of machine identity verification allowing vehicles to connect directly with banks and service providers and make purchases without the use of a physical credit card. The company’s product, Car IQ Pay, offers commercial fleets an easier way to pay for fuel, tolls, and parking by leveraging vehicle data to automate the payment process. This allows fleets to manage their spending effectively, develop unique insights, and reduce fraud. Currently, Car IQ Pay is accepted at over 21,500 fuel stations nationwide including Shell, Sunoco and others across the US.
FinSMEs
07/02/2023