Volkswagen FS Acquires a Payment Specialist

Volkswagen’s financial arm acquires 100% of the shares in LogPay Financial Services from DVB Bank SE.

No indication as to the amount of this transaction has been released and it is still subject to approval by antitrust authorities.
The German company LogPay focuses on means of payment and sells various products including a fuel card, enabling its users to pay at over 12,000 gas stations across Europe (6,500 in Germany). In France, this service is available in 67 Avia and Dyneff stations.

Achieving economies of scale. The car manufacturer bets on this acquisition to boost their business internationally. They plan to integrate all Volkswagen FS fuel card activities with LogPay.
Making the most of a favourable environment. This operation is consistent with the overall context which witnesses the expansion of per-kilometre toll payment services throughout Europe. Volkswagen expects LogPay to become a European leader in payment services by 2020, allowing them to sell more than one billion litres of fuel each year to their customers.
Further aiming for local public transport industries. Through this acquisition, they are provided access to LogPay Mobility Services. This subsidiary of LogPay Financial Services focuses on processing payments for local public transport operators.

In 2017, Volkswagen FS acquired a majority stake in LogPay Transport Services from DVB Bank. This purchase is another means for them to include fleet management and mobility-dedicated services.
Less than a year ago, Volkswagen’s financial arm acquired a 60% stake in FleetCompany. Their own independent fleet management company, CarMobility, then merged with FleetCompany and the brand FleetLogistics.
Lastly, back in 2017, Volkswagen FS also bought out the car parking payment operator PayByPhone.

Category : Alertes quotidiennes