Digital fuel management solutions and telematics startup Payment24 has secured an undisclosed investment from Standard Bank, which has acquired a 40 per cent stake in the company.
“We have had a good relationship with Standard Bank for some years, and our new partnership presents opportunities for both Standard Bank and Payment24,” said Shadab Rahil co-CEO of Payment24. “Standard Bank is the biggest bank in Africa, so this gives Payment24 leverage for growth into new markets and customer segments across the continent. We are already on a growth trajectory, but this new deal positions us for further exponential growth. We see this as a very strong partnership, with synergies across a number of divisions.”
Here Is All You Need To Know
- By this new investment, Standard Bank has acquired a 40 per cent stake in Payment24.
- The investment wil enable the startup to fast-track its growth.
- Shadab Rahil and Nolan Daniel, co-CEOs of Payment24, said the deal came on the back of a successful three-year relationship with various divisions of Standard Bank, which included the roll-out of the BlueFuel Fleet Card system across Namibia.
Why The Investor Invested
- According to Derick De Vries, executive head of fleet management at Standard Bank, the activities of Payment24 align to Standard Bank’s efforts and key strategic objectives of developing meaningful relationships that provide innovative solutions for clients.
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“Through our strategic investment into Payment24, Standard Bank Fleet Management will strengthen its footprint across the African continent and will remain the leading digital and analytics-led fleet management services provider in Africa,” he said.
- De Vries said it would also allow Standard Bank to provide its customers and oil company partners with an effective and digitally enabled solution to facilitate fuel, repairs and toll purchases across the 35 transport hubs and corridors in Africa.
A Look At What Startup Payment24 Does
- Launched just over five years ago, Payment24 supports companies with large fleets and has already seen wide adoption of its fuel management app via partnerships with major filling stations.
- The company’s solutions — including the Payment24 fuel management platform, fleet fuel management solutions, mobile fuelling solutions, vehicle tracking, telematics and geofencing solutions — are developed out of South Africa to support smart fleet and fuel management and payments on the African continent.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer.