Car IQ seeks to optimize vehicle payment and service workflows through its innovative payment gateway enabling direct and autonomous connection to bank payment networks. Leveraging the sensor data in every vehicle to make a “digital vehicle fingerprint”, the system has transparency and integrity while reducing fraud risk by removing most of the human element from the transaction.
The system serves the needs of vehicle fleet managers from car-sharing services to commercial fleets. Car IQ’s partnerships with third-party service providers, financial institutions, and automobile Original Equipment Manufacturers (OEMs) ensures a wide range of consumers and businesses have access to the technology.
“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 the CIO and Head of Citi Ventures, Vanessa Colella in a press statement. “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.”
Sterling Pratz, founder of Car IQ, saw an opportunity to innovate in the stagnant automotive payment solution market, beginning development on Car IQ in 2006. The company has substantial backing, with a recently-closed Series A funding round worth $5 million powering further development.
