SA Startup Payment24 Secures Standard Bank Investment

• South African digital fuel management solutions and telematics startup Payment24 has secured an investment from Standard Bank.
• The Investment gained Standard Bank a 40% per cent stake of Payment24.
• The partnership will allow both companies to strengthen their footprint across Africa.

South African digital fuel management solutions and telematics startup Payment24 received an investment from Standard Bank which gained 40% of the company’s stake.

Established just over five years ago, Payment24 serves large- companies and has already seen its fuel management technology widely embraced through collaborations with major filling stations.

The company’s solutions which includes the fuel management platform Payment24, fleet fuel management solutions, mobile fuel solutions, vehicle monitoring, telematics and geofencing solutions are built from South Africa to facilitate smart fleet and fuel management and payments on the African continent.

It has now received funding from Standard Bank to fast-track its growth, selling a 40 per cent stake in the company. Shadab Rahil and Nolan Daniel, Payment24’s co-CEOs, said the deal came on the back of a fruitful three-year partnership with various Regular Bank divisions, which included rolling out the BlueFuel Fleet Card network across Namibia.

“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 Rahil.

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“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.”

Derick De Vries, Standard Bank’s executive head of fleet management, said Payment24’s activities align with Standard Bank’s initiatives and core strategic priorities of building positive partnerships that provide creative solutions for customers.

“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 an efficient and digitally connected solution for its customers and oil company partners to facilitate fuel, repairs, and toll transactions across the 35 transport hubs and corridors in Africa.