Standard Bank acquires 40% stake of SA fuel management platform Payment24

Standard Bank has acquired a 40% stake in Cape Town based digital fuel management solutions and telematics company Payment24 Group.

Payment24, founded in 2014, runs a platform that aims to eliminate the hassle of managing, monitoring and controlling fleet fuelling transactions using real time, mobile and cloud technologies, according to the LinkedIn profile of joint CEO Shadab Rahil (pictured above, left, with joint CEO Nolan Daniel).

Businesstech reported in an article today, quoting Rahil and joint CEO Nolan Daniel, that the new deal comes on the back of a successful three-year relationship with various divisions of Standard Bank.

Standard Bank’s acquisition of a 40% stake in Payment24 follows a three-year relationship with the bank

It said this includes the roll-out of the BlueFuel Fleet Card system across Namibia, which ensures that only authorised vehicles are able to fill up and authorise transactions.

The investment will help Standard Bank Fleet Management to strengthen its footprint across the African continent, Standard Bank’s Derick De Vries is quoted saying.

According to Crunchbase figures the startup raised a seed round of an undisclosed amount in 2018.

Featured image (from left to right): Joint CEOs of Payment24 Nolan Daniel and Shadab Rahil (Supplied)