Payment Technology being used as a Differentiator at Ingogo with $6.45 Mn Funding

Ingogo, a Taxi booking app for customers in Australia, raised an additional $3.4 Mn in its latest round of funding. The company plans to utilize the money to expand its payment terminals to thousands of taxi drivers across Australia.

Ingogo was founded in August 2011 by Hamish Petrie (CEO). The management team includes Joe Black (CTO) and Brad Newling (CFO). The company has received a total funding of $6.45 Mn (AU$7.1 Million) through investors Angel and most recently UBS. According to the company, it is now valued at over $22.74 Mn (AU$25 Million).

This is a video that shows you how to use the Ingogo app:

Some Features of their Platform:

  • The payment terminals were developed in partnership with Ingenico and ANZ Bank.
  • The terminals enable passengers to process payments from the Ingogo mobile application.
  • It also allows them to pay directly with all major credit cards, using contactless, EFTPOS chip & pin, magstripe and virtual wallets. Essentialy more than 5 payment enabling technologies.
  • While initially deployed in cabs, Ingogo is now looking to sell the terminals to other industries according to the company.

The payment system solves a range of complex issues that also correspond to other mobile payment environments, said Hamish Petrie, CEO. And given that taxis are one of the toughest payment spaces and we’ve cracked the market – our pilot group successfully processed several million dollars of payments last month – we see huge potential for the Ingogo platform within new industries.

Other companies operating in the same space include Uber, which recently expanded operations to enter Australia, and GoCatch. Uber’s platform uses technology to provide information to the customer in order to make their ride as predictable and as transparent as possible so as to make them feel safer and comfortable. A user can book a taxi either through SMS or a mobile app. The user is given the option of choosing his/her own driver based on the reviews of earlier customers. The app also calculates and displays the approximate fare value. Uber has also added a new feature wherein nearby customers can share a cab and hence the fare.

Ingogo recently completed a 30-day trial of the terminals with 250 drivers who processed more than $1 million in payments. Ingogo said it will roll out thousands of the terminals across Australia over the next 12 months. The company also plans to list on the ASX (Australian Securities Exchange) in 2014.