The round was led by Forte Ventures with participation from existing investors including State Farm Ventures®, TELUS Ventures, and Avanta Ventures (the corporate venture arm of CSAA Insurance Group). New strategic investors Visa, Bridgestone, Navistar, and Circle K also joined the round, which brings the total funding raised to-date to $42 million.

Car IQ® has created a payment network for cars that eliminates the need for physical credit cards and enables vehicles to connect to merchants and transact securely. Using Car IQ Pay vehicles can automatically initiate and complete payments for services ranging from fueling, toll management, paid parking, EV charging, and more. Car IQ's payment solution delivers value by reducing fraud and risk for fleets and participating merchants.