VWFS acquires LogPay
Volkswagen Financial Services (VWFS) have acquired LogPay Financial Services (LogPay), a fuel card and toll payment specialist. The deal signals VWFS’s commitment to extending the range of their mobility services.
LogPay acts as a network aggregator, bringing together various different fuel station providers in a single fuel card. VWFS aims to integrate its entire fuel and service card business into LogPay.
VWFS has agreed to take over 100% of the shares in LogPay from Deutsche Verkehrsbank (DVB Bank SE), a Frankfurt-based global institution offering financing and advice for international transport by sea, air and/or land.
DVB is an affiliate of Deutsche Zentralgenossenschaftsbank (DZ Bank) in Frankfurt, Germany’s second-largest banking group.
In 2017, VW’s captive financier already acquired a majority stake in LogPay Transport Services, a wholly-owned LogPay subsidiary which is active throughout Europe in the refuelling and toll payment business.
LogPay Transport Services has since significantly expanded its fuel card network, with truck, car and fleet customers currently enjoying access to more than 12,000 stations in Europe (half of which in Germany).
VWFS says the takeover of LogPay enables it to centralise its fuel card business and become one of the leading fuel and toll service providers across Europe. From the perspective of LogPay, the takeover by VWFS means the way is clear for sustainable profitable strategic growth.
LogPay also owns LogPay Mobility Services, which is the leading payment processor of local public transport in Germany.