Tytonical uses a patent pending technology to identify consumers and facilitate frictionless vehicle based payments.
Problem and Opportunity: 50% percent of the time it takes to refuel a vehicle is taken with simply making the payment, and this is just the first problem in a $230Bn vehicle based payment market. Tytonical doubles the throughput for petrol stations, using existing infrastructure, and delivers the best user experience possible. Drive up, Fuel up, Drive off - Fuel Faster.
Fuel retailers operate on razor thin margins, and whilst many make most of their margin through kiosk sales, it is the bottleneck at pump that limits customers. In a Covid-19 world consumers are actively looking for solutions which reduce or eliminate physical contact and Tytonical enables this.
Our patent pending technology and our exclusive partnerships with Europes leading driving apps giving us exclusive access to 38 million drivers.
Business model: We charge consumers a small convenience fee for each transaction. This is the same fee mechanism which our partners use and consumers are familiar with.
We are conducting technical pilots in the UK and The Netherlands in Q4 this year with agreement for a full commercial rollout in early Q2 2021.
Traction: 2x exclusive app partnerships (ParkMobile & JustPark) - over 38 million drivers. 2x technical pilots (UK and NL) - over 1,000 fuel stations.
Our team is comprised of a unique mix of competencies which culminate in the best group to take this challenge. Our co-founders have both previous run small business, with Matt running the UK’s leading license plate recognition technology company, and Grant an ex Director of Acceptance Innovation at Mastercard Europe responsible for new payment methods and connected cars. Our Technology Lead Andrew has an MA in Physics from Cambridge and has previously worked with Matt. Our Finance Lead, another Andrew, has MA in Geography from Cambridge, is AMCT, ACMA (CIMA) qualified and is the ex Head of Business Analytics at GSK.
We will be raising our Series A in Q1 next year following the completion of our pilots. In the lead up to that we would love to have interesting conversations and allow people to track our progress.