Lightyear Capital has signed an agreement to acquire PayByPhone, a Vancouver-based provider of mobile parking payments and parking management software, from Corpay.
PayByPhone provides digital parking payments and what it describes as mission-critical parking management software to more than 1,300 clients globally. The company operates across the UK, North America, France, Germany, and Switzerland, and says more than 110 million drivers worldwide have downloaded its app.
Lightyear, a New York-based private equity firm, said the transaction is its 18th carveout and described PayByPhone as its eighth investment in vertical software and payments. Lightyear said it plans to support continued product innovation as PayByPhone expands its customer base and that PayByPhone will operate as a stand-alone independent business under its ownership.
PayByPhone’s chief executive said Lightyear’s fintech and payments experience is expected to provide continuity as the business transitions from Corpay, and he positioned the deal as supportive of PayByPhone’s strategy to evolve beyond parking into broader mobility payments. Lightyear executives pointed to what they described as greenfield opportunities in the market, as well as PayByPhone’s established user base, high customer retention rates, and product-led technology.
The parties expect the sale to close in the second quarter of 2026, subject to regulatory approvals. PayByPhone said operations will continue as normal during the period between signing and closing.
KEY QUOTES
“PayByPhone marks Lightyear’s 18th carveout transaction and eighth investment in vertical software and payments. Our strategy is to partner with strong management teams of growing, attractive companies to enable them to broaden their markets, strengthen their operations, enhance their teams, and create enduring enterprise value. We are genuinely excited about our acquisition of PayByPhone given its reputation as one of the leading global providers of digital parking payments and mission-critical parking management software for municipalities, parking operators and businesses in each core geography it serves. Lightyear believes we are well-positioned to be a value-add partner to PayByPhone.”
Mark Vassallo, Managing Partner, Lightyear Capital
“This is an exceptionally exciting opportunity for PayByPhone. Lightyear has extensive experience in fintech and payments, which will provide continuity post the transition from Corpay, aligning perfectly with our long-term strategy to evolve beyond parking into wider mobility payments. We look forward to the next chapter under new ownership and continuing to make investments that are right for our clients not only today but also for the future.”
“During this sign-to-close period, all our clients can rest assured it will be business as usual.”
Jonny Combe, President And Chief Executive Officer, PayByPhone
“Jonny and the PayByPhone management team have built a strong business in a market that has significant greenfield opportunities. We believe the Company is poised for continued growth given its strong established user base, high customer retention rates and product-led technology. We are excited to leverage our extensive expertise in software and payments to accelerate PayByPhone’s growth, both organically and inorganically, while continuing to deliver value to its clients.”
Michal Petrzela, Partner, Lightyear Capital
