Cloud-based mobile commerce and digital marketing solution provider, P97, has secured a $10m line of credit from Wells Fargo. The software firm, focussed on the convenience retail sector, will use the funding to fuel further growth.
“For over 10 years, P97 has been developing an innovative, engaging, and data-driven customer loyalty and payments platform that has been recognized as an industry leader,” said Donald Frieden, CEO.
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“As evidenced by this recent transaction, P97 and Wells Fargo share core values. These are focused on enhancing the consumer experience and serving customers at scale. With this new credit facility, P97 will continue to serve and grow market share across the transportation sectors. This includes fuels marketing, energy transition, fleet, and convenience retail.”
P97’s platform enables consumers to use third-party apps to activate the pump, pay for fuel, and receive discounts for their loyalty. P97 has considerable distribution, with more than 53% of US gas stations already connected to their platform. The Company is focusing on global expansion. This includes energy transition, EV charging, logistics/fleet management, digital marketing/data analytics, and payments/loyalty aggregation.
“Wells Fargo is thrilled to support P97’s continued growth and execution,” added Matt Servatius, Wells Fargo Technology Banking central market executive.
“With seamless integration and impressive API capabilities, P97 is changing the way consumers and businesses interact and transact not only at gas stations and convenience stores, but across the transportation sector.”
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