Car IQ has announced new growth capital funding to expand its vehicle payment technology across multiple sectors. The move follows a recent $8 million investment. To lead this capital raise, Car IQ has partnered with FT Partners, a leading investment bank in fintech growth strategy. This collaboration marks a key milestone.

The funding will help scale Car IQ’s payment platform to recently signed enterprise clients in Fleet, Banking, and Auto OEM sectors by 2026. This development builds on a strategic investment from a major North American fleet management company. Car IQ plans to accelerate platform adoption. Car IQ’s payment solution enables vehicles to transact autonomously and securely without credit cards using real-time vehicle data.

“Car IQ built an automated payment system that lets vehicles pay directly,” said Steve McLaughlin, CEO of FT Partners. He added, “The company is gaining traction with global OEMs, issuing banks, and fleets. It’s clearly ready to scale.” Currently active with enterprise fleets, Car IQ processes thousands of transactions across tolls, fuel, and parking with its AI-powered tech.

This advanced payment platform reduces fraud and integrates directly into both vehicle systems and financial networks. It replaces outdated credit card systems. Strategic investors like Visa, RBC, Citibank, Circle K, Bridgestone, and State Farm already back the firm. New investors will join this expanding group. FT Partners sees the platform’s maturity and widespread enterprise use as signals for the right time to raise growth capital.

Scaling Car IQ’s AI Payment Tech in Mobility and Finance

“With FT Partners advising us, we’re scaling across sectors, customers, and capital markets,” said Sterling Pratz, CEO of Car IQ. He continued, “We’re creating a new financial channel where vehicles handle their own transactions securely and automatically.” Car IQ and FT Partners aim to secure strategic partnerships and institutional capital. Their focus is expansion at the crossroads of mobility, finance, and commerce.

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News Source: Businesswire.com