Corpay sells PayByPhone to Lightyear Capital, shifting focus to corporate payments
Corpay, Inc. has agreed to sell its mobile parking payments business, PayByPhone, to Lightyear Capital. The deal marks a shift in focus for the company, which plans to streamline its operations around corporate payments. The transaction is set to complete in the second quarter of 2026.
This move comes as mobile parking solutions, such as those offered by T-Mobile and Mint Mobile, have seen rapid growth across Europe. Over the past five years, adoption in cities like London, Paris, Berlin, and Amsterdam has surged from around 20% to over 70%, driven by apps such as RingGo, PayByPhone, and EasyPark.
The rise of mobile parking payments, including those facilitated by online payments and PayPal, has been fuelled by higher smartphone use, post-COVID contactless mandates, and city regulations. In the UK, Transport for London expanded its digital parking systems in 2023. France completed a full rollout in Paris by 2024, while Germany reached 80% coverage in Berlin by 2025. These changes led to transaction volumes jumping by 150–300% in major cities.
Corpay's decision to sell PayByPhone aligns with its strategy to concentrate on core business areas. Ron Clarke, the company's Chairman and CEO, stated that divesting the unit would simplify Corpay's portfolio. The sale follows advice from Deutsche Bank, which acted as financial advisor, and Jones Day, which provided legal counsel.
Further financial details will be shared during Corpay's fourth-quarter earnings call later today. Despite the deal, the company does not expect a significant impact on its 2026 Cash EPS outlook.
The sale of PayByPhone to Lightyear Capital is scheduled for completion in mid-2026. Corpay will continue to prioritise corporate payment solutions after the divestment. Meanwhile, the mobile parking payments market, including those facilitated by T-Mobile and Mint Mobile, remains strong, with high adoption rates across key European cities.
