Payment24, the global payments platform provider specialising in payment and loyalty solutions, announced today that it has invested in Switzerland-headquartered Inergy 24, a European-based technology service provider.
The businesses will collectively provide customers throughout Europe access to the Payment24 platform, including payment, fleet management, mobile and retail, loyalty, electric vehicle (EV), and Cloud Switch solutions.
Payment24 is an emerging leader in digital platform development with a presence in five continents and 18 countries. With the growing demand for its white-label and infrastructure-agnostic solutions in Europe, its investment in Inergy 24 provides the company with a further launchpad into the continent and the scalability needed to provide its multi-national clients with the expertise and reach required to support the global rollout of the Payment24 platform.
“As a fairly new player in the European digital and fuel payments ecosystem, our platform provides customers bound to unwieldy legacy payment solutions with an entirely reimagined digital solution that is quick and easy to deploy. This is extremely exciting time to enter the European market, and we are experiencing enormous interest in the platform and its additional retail and banking capabilities,” says Shadab Rahil, Joint CEO at Payment24. “Our investment in Inergy 24 allows us to better serve and deliver solutions to clients across Europe.”
As part of the agreement, the Payment24 team has appointed industry expert Alan McGown as the CEO of the Inergy 24 and joint Payment24 CEOs Shadab Rahil and Nolan Daniel will serve on the company’s board. Alongside ongoing investment and access to its platform, Payment24 will provide Inergy 24 with access to its development, support, sales, and marketing teams.
Payment24 has significantly advanced in the payment and loyalty sector, particularly in the fuel industry. It operates one of Africa’s largest private label refuelling networks, handling transactions for a significant portion of the region’s fuel stations and facilitating cross-border refuelling.
Payment24 also operates in multiple countries in the Americas and is experiencing tremendous growth in the region.
This is supported by its growth in fuel loyalty programmes, processing billions of litres of fuel annually, and its expansion into retail loyalty, enhanced by click-and-collect and mobile payment features.
Its services include advanced payment channels like windshield fuel tags, Fastlane, mobile payments and vouchering, and customer engagement methods like WhatsApp and USSD, and it offers solutions for car rental business and banking, supported by its recent launch of Cloud Switch, a cloud-based payments and transacting solution.
In recognition of the shift towards alternative energy, the company also offers an electric vehicle (EV) solution, enabling transactions for EV and traditional fossil fuels that meet European and EU standards.
Beyond its expertise in closed-loop payments, Payment24 now supports open-loop EMV payments, combining the security of its traditional system with open-loop requirements.
“The investment from Payment24 comes at a time when European businesses are hungry for a change from outdated, inflexible payment solutions,” says Alan McGown, CEO at Inergy 24. “The modularity and expandability of the Payment24 platform allows our customers to think beyond payments and add elements such as loyalty, telematics, mobile payments, and even vouchers to their offerings. Its EV payment is also exceptionally relevant for the growing ESG requirements in Europe.”
“Over the last three years, the Payment24 platform has grown from a fleet management and petroleum payments solution to an all-encompassing payments and transacting solution,” says Nolan Daniel, joint CEO at Payment24. “We are constantly developing the platform, and today we are delivering solutions to customers in the banking, oil, retail, convenience, transport, and logistics markets. In addition, our ongoing development and the inclusion of technologies such as AI to the platform ensure that our clients benefit from constant modernisation and can adapt their offerings at the speed of business.”
At its core, Payment24 remains committed to an open, highly integrative platform compatible with various third-party technologies and hardware, ensuring real-time service delivery.
This approach allows the platform to work seamlessly with partners and competitors, highlighting its versatility and adaptability in the evolving digital payment landscape.
