Payment24, a global payments platform provider specializing in payment and loyalty solutions, has announced a strategic investment in Inergy 24, a technology service provider based in Switzerland. The collaboration aims to offer customers across Europe access to the comprehensive Payment24 platform, encompassing payment, fleet management, mobile and retail solutions, loyalty programs, electric vehicle (EV) services, and Cloud Switch solutions.
With a presence in five continents and 18 countries, Payment24 was founded in 2013 by Nolan Daniel and Shadab Rahil. Today, Payment24 boasts one of the most extensive private refuelling and fuel loyalty networks in Africa, with billions of litres of fuel transacted through its platform annually.
The investment in Inergy 24 provides a significant entry point for Payment24 into the European market, addressing the increasing demand for its white-label and infrastructure-agnostic solutions. This move enhances Payment24’s scalability and allows the company to better serve multinational clients, supporting the global rollout of its platform.
Shadab Rahil, Joint CEO at Payment24, expressed enthusiasm about entering the European market, stating, “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 an extremely exciting time to enter the European market, and we are experiencing enormous interest in the platform and its additional retail and banking capabilities. Our investment in Inergy 24 allows us to better serve and deliver solutions to clients across Europe.”
As part of the agreement, industry expert Alan McGown has been appointed as the CEO of Inergy 24, with joint Payment24 CEOs Shadab Rahil and Nolan Daniel serving on the company’s board. The collaboration includes ongoing investment and access to Payment24’s development, support, sales, and marketing teams.
Payment24 has established itself in the payment and loyalty sector, particularly in the fuel industry. Operating one of Africa’s largest private label refueling networks, the company handles transactions for a significant portion of the region’s fuel stations and facilitates cross-border refueling. Payment24’s services extend to the Americas, marked by significant growth, especially in fuel loyalty programs and retail loyalty. The company’s diverse offerings include advanced payment channels, customer engagement methods, and solutions for car rental businesses and banking. The recent launch of Cloud Switch, a cloud-based payments and transacting solution, further expands its capabilities.
Nolan Daniel, Joint CEO at Payment24, highlighted the platform’s evolution, stating, “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.” The platform, committed to openness and integration, supports various third-party technologies and hardware, ensuring real-time service delivery and adaptability in the evolving digital payment landscape.
