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About Car IQ
Industries
Automotive & Transportation
Fintech
Company Size
51-200
Company Stage
Series B
Total Funding
$35.5M
Headquarters
San Francisco, California
Founded
2016
Overview
Car IQ focuses on improving fleet operations by providing a payments platform designed for managing all fleet-related expenses. The platform uses real-time data from vehicles to authenticate transactions, which means businesses no longer need to rely on traditional credit cards. This approach not only simplifies the payment process but also reduces the administrative work involved in managing these transactions. Car IQ's services cover various payments, including fuel and electric vehicle charging, while also ensuring strong fraud monitoring and prevention measures are in place. What sets Car IQ apart from its competitors is its ability to integrate vehicle data directly into the payment process, making it easier for businesses to manage their fleets efficiently. The company's goal is to help businesses streamline their payment processes and enhance overall operational efficiency.
Simplify's Take
What believers are saying
- Partnerships with Exxon and Mobil expand Car IQ's fuel payment network.
- Collaboration with Visa enhances Car IQ's global reach and payment capabilities.
- Growing EV market offers opportunities for Car IQ in EV charging payments.
What critics are saying
- Competition from Sheeva.AI's tokenization platform may threaten Car IQ's market share.
- Reliance on partnerships like Lewis & Clark Bank could pose financial risks.
- Visa may prioritize other in-vehicle payment providers, affecting Car IQ's growth.
What makes Car IQ unique
- Car IQ eliminates credit cards by connecting vehicles directly to merchants for payments.
- The platform uses telematics and vehicle data for real-time transaction authentication.
- Car IQ consolidates transactions into a single ledger, simplifying fleet expense management.
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Funding
Total Funding
$35.5M
Below
Industry Average
Funded Over
3 Rounds
Industry standards
Growth & Insights and Company News
6 month growth
↑ 4%1 year growth
↑ 4%2 year growth
↑ 28%ZIONSVILLE, Ind.--(BUSINESS WIRE)--Rahal Letterman Lanigan Racing (RLL) announced today that Car IQ Inc., a leading innovator in vehicle payment solutions, will be the “Official Autonomous Payment Platform” of the team and an associate sponsor on the team’s No. 15 Honda-powered entry for Graham Rahal during the 2024 NTT INDYCAR SERIES season. San Francisco-based, Car IQ Inc., enables commercial fleet vehicles to connect directly to merchants and banks and pay without a credit card. The cutting-edge platform utilizes vehicle and payment data to create a one-touch payment experience directly from a driver’s phone. “We’re thrilled Rahal Letterman Lanigan Racing has chosen Car IQ as their official payment partner,” said Sterling Pratz, CEO and Founder of Car IQ Inc. “Using Car IQ, RLL will now be able to connect their race transporters to fuel stations across the country as they travel from race to race
SAN FRANCISCO--(BUSINESS WIRE)--Car IQ Inc. announced a strategic partnership with Lewis Clark Bank to offer a new credit line to its fleet payments service, allowing medium and large fleets to manage their operating expenses more effectively. For the first time ever, the vehicle will connect directly to the fleet owner’s credit line and pay for services such as fuel, tolls, repair and more nationwide. With this new program, businesses are now removing the driver from the management of their daily credit spend by transferring the purchase power to the vehicle. This new way to charge for daily vehicle expenses eliminates any potential misuse of the fleet's credit line by using vehicle and transaction data to precisely calculate the vehicles available credit. This new way to pay enables access only when vehicle services are needed and for the exact amount requested at the time of the transaction
SAN FRANCISCO--(BUSINESS WIRE)--Car IQ Inc. announced a strategic partnership with Lewis Clark Bank to offer a new credit line to its fleet payments service, allowing medium and large fleets to manage their operating expenses more effectively. For the first time ever, the vehicle will connect directly to the fleet owner’s credit line and pay for services such as fuel, tolls, repair and more nationwide. With this new program, businesses are now removing the driver from the management of their daily credit spend by transferring the purchase power to the vehicle. This new way to charge for daily vehicle expenses eliminates any potential misuse of the fleet's credit line by using vehicle and transaction data to precisely calculate the vehicles available credit. This new way to pay enables access only when vehicle services are needed and for the exact amount requested at the time of the transaction
Car IQ Inc., a provider of technology for in-car payments, announced it has added Exxon and Mobil stations to its network of Car IQ Pay locations.
Car IQ and Fluid Truck have joined forces to transform the way fleet drivers pay for services on the go. This collaboration will bring together Car IQ’s payment solution and Fluid Truck’s truck sharing technology, the companies said in a Wednesday (Dec. 6) press release. By integrating Car IQ Pay into the Fluid Truck driver app, fleet drivers can now seamlessly pay for fuel within the app, eliminating the need for a fleet card program, according to the release
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About Car IQ
Industries
Automotive & Transportation
Fintech
Company Size
51-200
Company Stage
Series B
Total Funding
$35.5M
Headquarters
San Francisco, California
Founded
2016
There are no jobs for Car IQ right now.
Find jobs on Simplify and start your career today