San Francisco based provider of software that will enable vehicles to autonomously connect to a bank’s payment network, validate, and pay for their own services raised $5m in Series A funding led by Quest Venture Partners.
“We believe the future of banking is machine commerce and cars are just the beginning. When vehicles pay for their own services, they eliminate fraud risk, add transparency to the transaction and greatly streamline operations for fleet managers,” said Sterling Pratz, Founder and CEO of Car IQ. “The addition of a well-rounded group of seasoned investors will allow us to execute our vision even more rapidly as we grow our team, scale our operations, and focus our efforts on powering full machine commerce.” “The next revolution in payments will be driven by machine banking technology that allows any IoT device, including vehicles, to connect directly to the bank and pay for its own services,” said Vanessa Colella, Chief Innovation Officer of Citi and Head of Citi Ventures. “Situated at the intersection of two rapidly evolving industries, automotive and financial services, Car IQ is uniquely positioned to enable the next generation of vehicle payments. We are excited to partner with Sterling and his talented team on their next phase of growth.”