Payment24: Story, Founders, Investors & Funding Rounds
Launched in 2014, Payment24 runs a platform that aims to eliminate the hassle of managing, monitoring, and controlling fleet fuelling transactions using real-time, mobile, and cloud technologies.
Payment24 focuses on innovative IT research and development projects within the main focus areas of Fleet Management Systems, Payment Systems, Mobile Solutions, and Retail Solutions.
Headquartered in San Francisco, Cape Town, and Berlin, they help global organizations of all sizes stay competitive through the implementation of innovative technology and delivery of inspired groundbreaking solutions.
Their platform works with your current hardware and software, or you can use their hardware.
The company’s platform integrates into gas stations and vehicles to track employees and their fuel consumption in real-time using mobile and cloud technologies, enabling businesses to gain a view of their fuelling transactions.
The startup supports companies with large fleets and already boasts wide adoption of its fuel management app via partnerships with major filling stations.
Although the company’s technology which serves up such solutions as fleet fuel management, mobile fuelling, vehicle tracking, telematics, and geofencing solutions is developed in South Africa, Payment24 claims to also be offering its services in other African countries.
How it Works
Payment24 is a hardware agnostic, mobile & card based fleet, loyalty & ewallet couponing platform. Services include mobile-less and cardless fleet fuel management, merchant branded loyalty program with an optional card for the end consumers along with a mobile app, and mobile wallets for small and medium businesses. Also provides various PoS and mPoS devices.
You can manage an entire operation on their platform since they offer a proven solution that allows you to track employees, vehicles, and fuel consumption in real-time so you can better control your business.
Their Fleet Fuel Management system eliminates fuel fraud and improves the efficiency of your operation and the behavior of your drivers.
Payment24 gives you real-time control of your business and therefore you can manage customers, operations, and costs all in one integrated online system via the Payment24 portal.
Additionally, Payment24’s solutions work to increase the retention of clients and differentiate your business from the competition.
This is an extremely accurate real-time satellite vehicle tracking system that delivers information on the location, activity, and fuel levels of your vehicles, every second of the day to their management portal on your web device.
It improves business performance and customer service by providing relevant real-time information. It also ensures protection from vehicle theft and recovery which lowers insurance premiums.
GPS Monitors real-time vehicle location and speed, combining onboard computer data and built-in sensors to provide: Exact location mapped on your computer or mobile, comprehensive fleet visibility and route history, safety and diagnostic analysis highlights route planning, monitoring, and geo-fencing capabilities.
Payment24 lowers the barrier to entry for fleet owners who might not have used a fleet management tool before, due to its perceived high cost.
Unlike traditional and costly AVI sensors used in nozzles and fuel tanks, the contactless windscreen tags cost only R15 – R30 each.
Tags are unlikely to break, work with basic technology, and can be quickly replaced without the vehicle going into a workshop and losing valuable transport time off the road.
As fleet owners move from merely tracking their vehicles and drivers to implementing a comprehensive solution, they’ll soon realize huge secondary benefits.
Integrated Fuel Monitoring
Integrated Fuel Monitoring merges fleet telematics and fuel management in an integrated commercial fleet fuel management system, providing a range of powerful tools to efficiently run your fleet and control operations, yielding significant savings and optimal performance, including Fleet tracking and routing, fuel optimization, fleet maintenance, and diagnostics, business management and scheduling, scrutinizing driver behavior and safety, and fleet analytics and alerts.
Payment24 Fleet Management is one of the first fleet payment solutions that can operate using a Mobile Application, Fleet Card, or Contactless Card method.
They are also able to monitor and dynamically react to situations such as adverse weather, additional pick-ups or drop-offs, or heavy traffic, meaning that your goods are always traveling the most efficient route through their global network of control towers and state-of-the-art technology.
Loyalty and Rewards
Payment24’s Loyalty and Rewards module enables organizations to better understand their customers’ preferences and spending habits, while monitoring, reinforcing, and rewarding desired behaviors.
Auto Dealership Fuel Management
Payment24 Dealership System reduces this risk by identifying the Vehicle and Driver at the selected Service Station by using any one of the License Discs, VIN Numbers, Mobile Numbers, and contactless technologies.
The Payment24 Mobile Wallet allows consumers to securely store and spend funds with the option to link credit cards to their mobile wallets as a funding mechanism.
To fund, simply enter the CVV number and amount. Once linked to the wallet, you never have to enter your credit card details again.
Shadab Rahil is the CEO of Payment24.
Nolan Daniel is the CEO at Payment24.
Investors & Funding Rounds
Payment24 has secured an undisclosed investment from Standard Bank in a deal that has seen the bank acquire a 40 percent stake in the startup.
Standard Bank is the biggest bank in Africa, so this gives Payment24 leverage for growth into new markets and customer segments across the continent. The new deal positions Payment24 for further exponential growth.
Standard Bank’s Payment24 stake buy was influenced by several factors, and one of those is the fact that the activities of Payment24 seem to align with the bank’s focus on developing meaningful relationships that provide innovative solutions for clients.
Fat Zebra: This is an Internet Payment Gateway established to simplify online credit card payments.
LianLian Pay: It is a cross-border payment solution provider.
PayRange: This is a network for everyday purchases developing a mobile payment technology to make mobile payments easy to use.
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