Car IQ Pay is a vehicle payment platform that enables vehicles to autonomously initiate and complete transactions with merchants using real-time vehicle data for authentication. This technology eliminates the need for traditional fleet cards, reducing fraud risk and streamlining expense management for fleet operators.
Funding
$42M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
BCV+2Founders
Product
Problem
Traditional fleet cards present challenges for expense management, reconciliation, and fraud prevention, requiring manual processes and increasing the risk of unauthorized transactions. Managing physical cards, tracking receipts, and monitoring fuel usage across a fleet can be time-consuming and prone to errors.
Solution
Car IQ Pay is a vehicle payment platform that enables vehicles to autonomously initiate and complete transactions with merchants using real-time vehicle data for authentication. The platform eliminates the need for traditional fleet cards by using vehicle-specific data to validate transactions at the point of sale, reducing fraud risk and streamlining expense management for fleet operators. Car IQ Pay connects vehicles directly to merchants, enabling automated payments for fuel, tolls, service, repair, EV charging, insurance, and parking. The system provides a single ledger for all fleet expenditures, offering detailed insights into vehicle usage, share of wallet, and trip efficiency.
Target Audience
Car IQ Pay targets fleet owners, fleet managers, and operators of commercial vehicle fleets seeking to streamline payment processes, reduce fraud, and gain better visibility into fleet spending.
Features
- Vehicle-embedded payment platform enabling direct connection to merchants
- Real-time vehicle data authentication for secure transactions
- Elimination of physical fleet cards, reducing fraud and administrative overhead
- Single ledger for managing all fleet expenditures, including fuel, tolls, and maintenance
- Integration with telematics providers for enhanced data insights
- Customizable spending limits and controls by vehicle and merchant
- Digital receipts and automated reconciliation processes
- Mobile app for drivers to facilitate fuel purchases and access digital receipts