How the online portal Financefwd.com According to Financefwd, Axa Switzerland is participating in a new financing round that Ryd (formerly Thinxnet) is currently completing. According to the report, the insurance company is expected to invest an undisclosed amount. However, the commercial register indicates that only one percent of the company's shares will go to the group. In Switzerland, the two companies have been working together in a joint venture since 2019. This will now be intensified and expanded to include data cooperation involving mobility data from the Ryd app, according to Financefwd.
At the start of the cooperation in 2019, Nick Kasper, Head of P&C at Axa Switzerland:
"Together with Thinxnet, we want to offer innovative services that provide our customers with real added value beyond our core business. The feedback from our customers during the pilot project was very positive, so we decided to establish Ryd Suisse together with Thinxnet and continuously expand our offering."
Pay at the pump with Ryd mobile
Ryd's solution works via app or through integration into vehicle infotainment systems. The startup enables easy integration with third-party providers such as navigation systems or car manufacturers. This allows users to pay at participating gas stations and also use additional services from Ryd partners. The company is currently active in Germany, Austria, Switzerland, Belgium, the Netherlands, Luxembourg, Portugal, Spain, and Denmark.
The startup has already been able to convince corporate heavyweights in the past: For example, BP, Mastercard and Mercedes-Benz the startup.
Alex Jensen for example, Senior Vice President Mobility and Convenience, Europe and Southern Africa at BP, says about the startup:
"Digital in-car payments are an integral part of the seamless and convenient experience that customers increasingly expect. Ryd's technology can help deliver just that for a growing range of services. Our investment and partnership will help BP offer these digital services across Europe, providing our customers with a simpler and more enjoyable experience."
