A private equity firm based out of New York is acquiring mobile parking payments firm PayByPhone.
Lightyear Capital signed an agreement to acquire the Vancouver-based financial technology company from corporate payments giant Corpay.
Lightyear partners with growing companies “at the nexus of financial services and technology, healthcare, and business services.”
Founded in 2001, PayByPhone is a provider of digital parking payments and parking management software to more than 1,300 clients globally.
Lightyear’s investment into B.C.’s PayByPhone will drive continued product innovation to better serve the needs of its growing customer base, according to a statement from the firms, which notes that PayByPhone will operate as an independent business.
Mark Vassallo, Managing Partner, Lightyear Capital, says he is “genuinely excited about our acquisition of PayByPhone.”
“PayByPhone marks Lightyear’s 18th carveout transaction and eighth investment in vertical software and payments,” he notes.
Vassallo describes the Canadian fintech’s 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.”
“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,” he explains. “We are well-positioned to be a value-add partner to PayByPhone.”
Jonny Combe, Chief Executive Officer of PayByPhone, says “this is an exceptionally exciting opportunity for PayByPhone.”
Lightyear has “extensive experience in fintech and payments,” he notes, “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,” stated Combe.
PayByPhone has “built a strong business in a market that has significant Greenfield opportunities,” says Lightyear partner Michal Petrzela.
Petrzela believes the firm is “poised for continued growth given its strong established user base, high customer retention rates, and product-led technology.”
The investor expects “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.”
The sale is expected to close in the second quarter of 2026, subject to regulatory approvals.
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