P97 Networks, the leading mobile commerce platform provider to the convenience retail, fuels marketing, and automotive industries, announced that it has secured $40 million of venture debt financing from an affiliate of Peak Rock Capital, a leading middle-market private investment firm. This new credit facility was designed to support several key growth initiatives at P97.
“We will use this new capital to fund P97’s high growth initiatives, which include accelerating user adoption across our Consumer Engagement platform, Energy Transition programs for our clients, and our Mobility Services platform”
“We will use this new capital to fund P97’s high growth initiatives, which include accelerating user adoption across our Consumer Engagement platform, Energy Transition programs for our clients, and our Mobility Services platform,” said Donald Frieden, President and Chief Executive Officer of P97. “Over the past 18 months we have more than doubled the number of retail sites on our Mobility Services platform, which now includes four of the five largest energy brands in the world, and over 60,000 convenience retail sites in the US and Canada. With this new capital, we will continue to grow our install base and strategic partnerships. 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 & fuel retailing industry.”
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P97’s Mobility Services platform was developed to support the Connected Economy and address the challenges of a changing mobility landscape by seamlessly powering a vast collection of interoperable ecosystems with payments as a core competency. Beyond commerce, the platform serves as an engagement engine, where payments are tokenized for security and then tailored to experiences that meet consumers’ needs in unique and personalized ways.
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“P97 has become the industry standard in the convenience retail and fuel marketing industry, and we are very pleased to help the company reach its next level of scale and growth,” said Nick Basso, Managing Director at Peak Rock Capital. “We are excited by the compelling opportunities ahead for P97 as the market for mobile payment solutions continues to expand and gain broad adoption by consumers.”
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