P97 Raises $40M to Expand Mobility Services Platform

Mobile commerce platform provider P97 Networks has secured $40 million in venture debt financing from a Peak Rock Capital affiliate, according to a press release.

P97 Networks works with convenience retail, fuels marketing ad automotive industries, while Peak Rock Capital is a middle-market private investment firm.

P97 CEO and president Donald Frieden says the new funding will go toward “high growth initiatives,” including user adoption, energy transition programs for clients and the company’s mobility services platform.

According to the release, the P97 mobility services platform supports the connected economy, trying to deal with the various issues of the changing mobility landscape. It powers a number of interoperable ecosystems, with payments at the center of it.

In addition, the platform helps the engagement engines, tokenizing payments for security and helping them tailor to experiences to meet customers’ needs in personalized ways.

“With this new capital, we will continue to grow our install base and strategic partnerships,” Frieden said. “We look forward to working with Peak Rock to bring our company to its next stage of growth and further establish our position as the leading provider of mobile commerce technology in the convenience and fuel retailing industry.”

Peak Rock Capital managing director Nick Basso said the firm was “excited by the compelling opportunities ahead for P97 as the market for mobile payment solutions continues to expand and gain broad adoption by consumers.”

PYMNTS writes that Citgo and P97 teamed up in late 2020 to offer new services for customers to purchase food, fuel and other items with a mobile app.

Read more: Citgo, P97 Networks Team On Mobile Payments, Loyalty Program

The app integrates Connected Car and Citgo’s shopper loyalty program with new mobile commerce technology, furthering an objective to continue connecting tech with peoples’ normal lives. At the time, Frieden was quoted as saying that the partnership would improve transactions.