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FT Partners to lead next phase of Car IQ growth funding

Tuesday, July 29, 2025 — 17:54:42 (UTC)

Jul 29, 2025 10:11 AM Eastern Daylight Time

FT Partners Working with Car IQ to Lead Next Phase of Growth Funding

SAN FRANCISCO--(BUSINESS WIRE)--Car IQ, the company pioneering payment technology for connected vehicles, today announced the launch of new growth financing, building on a recent $8 million strategic investment. The company has engaged Financial Technology Partners (FT Partners) to lead its capital raising and banking strategy moving forward.

“Their traction with top fleets, issuing banks, and global OEMs signals a platform ready for scale, and we’re proud to help drive their next funding chapter.” Share

Building on the recent strategic investment from one of North America’s largest fleet management companies, this new round will accelerate Car IQ’s next stage of growth — scaling its platform to recently signed customers across the Fleet, Banking, and Auto OEM sectors in 2026. The funding reflects growing momentum behind Car IQ’s mission to transform how fleets pay.

“Car IQ has built an automated payment platform that allows vehicles to transact securely and autonomously—without the need for credit cards,” said Steve McLaughlin, Founder and CEO of FT Partners. “Their traction with top fleets, issuing banks, and global OEMs signals a platform ready for scale, and we’re proud to help drive their next funding chapter.”

Already live with enterprise fleets, Car IQ’s payment platform supports hundreds of thousands of transactions across fuel, tolls, parking, and more while identifying and reducing fraud. The company’s AI-driven payment system is integrated directly into financial networks and vehicle systems—replacing outdated credit card rails with secure, automated payments driven by vehicle data.

Investors in the current financing will join a growing list of strategic investors which currently includes Visa, Citibank, RBC, State Farm, Circle K, Telus and Bridgestone. FT Partners recognized the maturity of the platform and the strength of its enterprise adoption as indicators that the time is right to accelerate its next phase of growth.

“We’re building a completely new financial channel—one where machines like cars and trucks manage payments themselves,” said Sterling Pratz, CEO of Car IQ. “With FT Partners as our strategic advisor, we’re entering the next phase: scaling across customers, categories, and capital markets.”

Car IQ and FT Partners will work together to pursue institutional partnerships, growth capital, and strategic alliances that fuel the company's expansion and unlock new opportunities at the intersection of commerce, mobility, and finance.

About FT Partners

Financial Technology Partners (FT Partners), founded by Steve McLaughlin, is the only global investment bank focused exclusively on FinTech. The firm has advised on many of the industry’s most significant transactions, including Revolut’s $1.25 billion Series E at a $33 billion valuation, Divvy’s $2.5 billion sale to Bill.com, Deribit’s $2.9 billion sale to Coinbase, Truebill’s $1.3 billion sale to Rocket Companies, and Bilt’s $250 million financing at a $10.75 billion valuation.

About Car IQ Inc.

Car IQ® is a leading vehicle payment technology company, enabling vehicles to transact directly with merchants. Through its Know Your Machine platform, Car IQ makes it possible for cars and trucks to initiate and complete secure payments autonomously.

Car IQ is a financial technology company and not a bank. Credit Card Services are provided and issued by Lewis & Clark Bank, Member FDIC.

Contacts For media inquiries, please contact: kate@cariqpay.com

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Source: Company press release.

Categories: Partnership