29 September 2021

Verag 360 join 360 Pay

The fuel card, tolling and VAT refund division of Verag GmbH, trading under the name Verag360 (or ‘Verag’), has become part of 360 Payment Solutions.

This is the first merger-like transaction for 360 Pay, as the founders and owners of Verag, the Luxbauer family, will in exchange acquire shares in 360 Payment Solutions Spa. The enlarged group shareholding will further support and strengthen its path to leadership and independence, inspired by the values of commitment, trust and creation of long term relationships with both customers and suppliers. 

Part of Verag Spedition GmbH, a group of companies whose main activity is providing custom clearance support to trades between Central Europe and Turkey, the division moved from the successful partnership with IDS started in the early 2000s’. It has recently been carved out with the creation of Verag 360 GmbH, now acquired by 360 Pay. 

Verag combines seamlessly toll payments, fuel card management and refund of VAT and excise duties, with customers mostly located in Romania, Bulgaria and the Balkan. The head office is based in Suben, Austria, with a subsidiary in Romania.

By strengthening market position and improving profile and value proposition of the two organisations, this combination is a fundamental step in building a leading provider of payment and supply solutions supporting the movement of freight vehicles across Europe: a powerful and reliable entity with a wide service offer covering fuel cards, toll payments, VAT and excise duties refund and financing, shipments on most short sea and rail routes in Europe, cash management, meal vouchers.