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PayByCar, Inc. Announces Completion of $2 Million Pre-Seed Round

Boston, MA. ​(October 21, 2020) – PayByCar, the Boston-based fintech startup behind the market launch of its exclusive in-vehicle payment platform announces the completion of a $2 million pre-seed round of funding consisting of convertible notes. ​Participants included a leading firm in intelligent transportation systems and a leader in the connected car sector.

“Our announcement today is just the beginning of more news to come and it is all thanks to the continued faith our investors have provided​,” said Kevin Condon, CEO and founder of PayByCar.

PayByCar, Inc. continues growth following an unprecedented non-toll services agreement with the E-ZPass Group in 2018, to allow the PayByCar product to leverage the transponder devices E-ZPass drivers already use to pay for highway tolls across 18 states -- a service the agency group calls “Driven by E-ZPassT​ M​. Non-toll charges, such as fuel, fast food drive-thru and parking are charged not to the toll account, but to the payment card/wallet the consumer chooses when enrolling.

Today, PayByCar is accelerating their partnerships with c-stores and fuel chains in New England and the Mid-atlantic coast of the U.S. Most recently, PayByCar launched a pilot project at gas stations in Massachusetts where PayByCar users can simply pay by confirming a text message when they drive into a participating location, without ever having to open their wallet or touch the fuel dispenser keypad. In addition to eliminating multiple points of touching a public surface, the process also cuts the transaction time in half.

Key Takeaways
  • PayByCar announces the completion of a $2 million pre-seed round of funding
  • PayByCar is accelerating its partnerships with c-stores and fuel chains in New England and the Mid-Atlantic coast
  • PayByCar users can simply pay by confirming a text message when they drive into a participating location, without ever having to open their wallet or touch the fuel dispenser keypad.
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