Car IQ is looking to make payments easier for fleet managers to track and drivers of fleet vehicles to make when they’re behind the wheel.

The company that developed a payment solution specifically for fleet vehicles, on Wednesday announced it has raised $15 million in Series B funding.

Car IQ said through a news release that the round was led by Forté Ventures. Other new investors Ally Ventures, BlackBerry Limited, State Farm Ventures and TELUS Ventures joined existing investors Alpana Ventures, Avanta Ventures, Citi Ventures, Quest Venture Partners and Scrum Ventures.

Car IQ explained its contactless payment network can allow connected cars and trucks to pay merchants and service providers without a credit card. With Car IQ, vehicles can pay for a wide variety of services including fueling, tolling, parking, and more without needing to add extra hardware to the vehicle.

Car IQ’s patent-pending “Know Your Machine” technology is accepted by payment networks and is the foundation for the first machine payment network that uniquely authenticates vehicles, enabling direct vehicle-initiated transactions and payments.

Car IQ is targeting the approximately $650 billion spent annually on vehicle services using credit cards, debit cards, and ACH, where people must perform and manage the transaction.

“Existing payment methods are costly, difficult to reconcile and prone to fraud. Customers cannot authenticate the actual vehicle, the service needs of the vehicle, or validate that the vehicle received a billed-for service. This creates security risks for the fleet operator, merchant, and payment network,” Car IQ said in its news release.

The company highlighted transactions on Car IQ’s payment network have security elements built into the payment stream and are supported by patent-pending technology that enables banks and merchants to authorize vehicle purchases of all types of services autonomously.

The vehicle’s ability to pay for and validate transactions is based on a unique machine identity verification process called “Know Your Machine” that can eliminate the need for human use of credit cards to process the billions spent each year on fleet vehicle services.

“Our solution introduces the next generation of contactless payments, taking the logical step of connecting machines directly to banks and service providers and eliminating legacy processes that are difficult to manage or result in fraud,” Car IQ chief executive officer Sterling Pratz said.

“We believe machine banking is the future, where not just vehicles but any IoT device will be able to connect and pay autonomously — and it’s our technology that will make it possible,” Pratz continued.

Forté Ventures partner Louis Rajczi commented about why the firm decided to support Car IQ.

“Car IQ is already working with a number of the largest merchants, payment providers, OEMs and fleet owners. Our investment will allow them to significantly broaden these relationships, expand into new markets, and add features that will significantly enhance the value of the offering,” Rajczi said.

“We believe that machine payments will become increasingly important, and will expand well beyond the initial focus on vehicles,” he went on to say.