Houston, TX, April 30, 2024 – P97 Networks, the leading provider of cloud-based mobile commerce and digital marketing solutions for the convenience retail industry, has secured a $10 million line of credit from Wells Fargo to help fuel the software firm’s 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. “As evidenced by this recent transaction, P97 and Wells Fargo share core values 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, including 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 U.S. gas stations already connected to their platform. The Company is focusing on global expansion, including 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,” said 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.”
About P97 Networks
P97 Networks, LLC, based in Houston, TX, was founded in 2012 with the commitment to re-imagining connected consumer experiences and making life’s daily journeys better for everyone. Convenience, speed and safety is our mission – and these are the expectations of buyers, sellers and anyone looking to make life easier during their daily commutes. P97 serves the world’s largest energy providers at the center of the transportation ecosystem – at the intersection which brings together drivers, information, connected vehicles, data, and business intelligence, to solve the most complex consumer engagement and customer loyalty challenges faced by retail brands and the markets they desire to serve.
As the leading provider of digital experiences across the transportation sector, P97 is developing customer loyalty programs coupled with the latest mobile payment technology and artificial intelligence to securely process millions of transactions each week. P97 is further recognized for its thought leadership by enabling digital transformation across more than 70,000 convenience retail and fuels marketing sites connected with secure mobile payments and geo-location services, which benefit millions of drivers each day.
About Wells Fargo Technology Banking
As part of Wells Fargo Commercial Banking, our specialized Technology Banking Group delivers a complete range of capital, advisory, risk management, and operating solutions tailored to scale through all stages of a company’s life cycle. The group supports a growing portfolio of clients in the fintech, software, hardware, internet and digital, and sustainable technology sectors across the U.S. The depth and breadth of industry knowledge and experience allows the specialized group to provide strategic and balanced guidance in addition to operational and capital support. To learn more, please visit Technology – Wells Fargo Commercial.
Media contacts
Fabian Braunwalder, P97 Networks: fabian.braunwalder@p97.com
David J. Kennedy, Wells Fargo: kenneddj@wellsfargo.com
