Fleetcor Technologies Inc., a global provider of commercial payment products, has made a strategic minority investment in P97 Networks Inc., a provider of cloud-based mobile commerce and behavioral marketing products, according to a press release.
In addition to the investment, Fleetcor has signed a commercial agreement to use P97’s technology for its U.S. fuel card programs. The partnership is intended to drive the adoption of mobile payments among Fleetcor’s existing customers, cardholders and oil company partners through delivery of a modern, robust, app-based customer experience.
The companies will deploy mobile payment applications, as well as explore the use of existing P97 functionality such as the authorization of in-store purchases and delivery of personalized offers directly to drivers through an app, according to the release.
“We believe this investment and strategic partnership is an exciting way to ramp up mobile usage in our fuel card category and secure our place as a leader in the mobile fuel card payment space,” Ron Clarke, Fleetcor’s chairman and CEO, said in the release. “We look forward to working closely with P97 to further our common goal of driving payments innovation within the petroleum industry.”