INSPIRED BY KIWI INNOVATION
Invenco- revolutionizing self-service payment globally, one of the top ten NZ technology companies to watch
Inspirational self-service payments company, Invenco, is taking on the world and winning.
Invenco is experiencing 300% growth from its Auckland North base, creating dozens of skilled jobs to develop its hardware, firmware, software and cloud based products.
Founded in 2009 by Sir Peter Maire and a team of entrepreneurs, Invenco has rapidly secured its place as a leading provider of self-service outdoor payment terminals (OPTs). Having dominated 98% of the New Zealand fuel retail market it has expanded across South East Asia, the UK, Middle East and most recently the USA.
Invenco enjoys partnerships with some of the biggest players in the global fuel retail market including NCR Corporation, Diebold Nixdorf, Tatsuno and Petrotec and as it sells under its partners’ brands outside of New Zealand, millions of people use Invenco technology every day without ever knowing it.
What makes Invenco successful?
Invenco produces incredibly, technically complex products that are extremely difficult to execute, to the point where nearly half the world’s major OPT manufacturers have opted to move to Invenco product rather than continue to build their own.
The layers of certification and complex security around managing self-service payments, particularly in unattended environments, is extensive; with tens of thousands of tests to attain just one level of certification. This complexity is significantly multiplied when you add handling loyalty and fleet cards plus the safety requirements for operating electronics on a petrol forecourt.
Invenco has been able to be disruptive in owning and developing the technology from the ground up. Because it produces every nut, bolt and chip it can manage all of those costs and ensure seamless integration. And in building the product on an open platform it can support the widest possible range of content and applications.
It has also fueled some world leading innovation including the first twelve-inch touch screen – not only the world’s largest but it has the highest certification of any OPT on the market. This strongly positions Invenco and its partners to capitalize on a significant regulatory change in the USA forcing all one million pumps with OPTs to change to chip-card enabled terminals by November 2020.
Invenco is looking to seize a significant share of this opportunity while revolutionizing the pay-at-the-pump experience for the US market. It’s a great export success story from a North Shore company that has largely flown under the radar – something that’s becoming increasingly difficult as it continues to expand exponentially to meet growing global demand.
For more stories about Kiwi innovators click here. For more information about Invenco click here.
Grow North articles are written by those who work closely with businesses, incubators, accelerators, academics, investors and business interest groups within the Auckland North Innovation Corridor.
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