June 26, 2019
Car IQ, a firm that specializes in vehicle payment technology, closed $5 million in Series A funding, led by Quest Venture Partners, to create an autonomous payment gateway, according to a press release.
The funding participants included several new investors, including Avanta Ventures, Citi Ventures, Plug and Play and AVG's Spike Ventures.
The San Francisco-based firm is developing a payment gateway that will allow cars to connect directly to bank payment networks, and essentially process payments for various services without human intervention.
"We believe the future of banking is machine commerce and cars are just the beginning," Sterling Pratz, founder and CEO of Car IQ, said in the release. "When vehicles pay for their own services, they eliminate fraud risk, add transparency to the transaction and greatly streamline operations for fleet managers."
Car IQ uses dynamic identity management features to leverage the sensors inside a vehicle to let vehicles connect directly to bank payment networks. The service will allow the technology to be used for car fleets, ride sharing and car sharing services and original equipment manufacturers.
Topics: In-App Payments, Internet of Things, Mobile Payments, Technology Providers
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