Volvo Financial Services is the financial services arm of the Volvo Group, a global manufacturer of trucks, buses, construction equipment, and marine and industrial engines. VFS has the ambition to accelerate innovation by turning the rapid changes in the transportation and financial services industries into new opportunities to support customers and their business success.
The VFS innovation lab was created in 2018 as an incubator to develop and commercialize forward-thinking customer solutions. The VFS lab has explored emerging innovations in fintech and evaluated transportation mega-trends, including electrification, autonomy and connectivity, with its Volvo Group brand partners. Focus areas for new developments were created, including digital payments, insurtech and e-mobility services.
VFS also created iLABX, a startup accelerator program, to forge partnerships within fintech. The 14-week program featured seven startup companies and gave them an opportunity to test their solutions against challenges that had been identified in the program’s innovation agenda.
In 2020, Volvo Financial Services introduced Volvo Pay in Europe. Volvo Pay is a new digital payments and billing platform developed with Volvo Trucks. Volvo Pay will be introduced in the U.S. in 2021.
The vision for Volvo Pay was developed after a thorough analysis of the customer payments value chain and providers in the payments sector. VFS collaborated with partners to create cloud-based payment and billing/subscription management platforms.