Lightyear Capital Acquires PayByPhone to Enhance Mobile Payments

Lightyear Capital, a prominent private equity firm based in New York, has entered into an agreement to acquire PayByPhone, a global leader in mobile parking payments, from Corpay. This strategic move, announced on February 4, 2026, aims to bolster PayByPhone’s capabilities in digital parking solutions and is anticipated to close in the second quarter of 2026, subject to regulatory approvals.

With over $7 billion in assets under management, Lightyear Capital has a long history of partnering with companies at the intersection of financial services and technology. The firm has successfully executed 18 carveout transactions, with PayByPhone marking its eighth investment in vertical software and payments. Mark Vassallo, Managing Partner at Lightyear Capital, expressed enthusiasm about the acquisition, highlighting PayByPhone’s strong reputation and the potential for growth under Lightyear’s ownership.

PayByPhone, which serves over 1,300 clients globally, specializes in digital parking payments and mission-critical parking management software. The company has simplified parking experiences for more than 110 million drivers worldwide through its intuitive mobile payment technology. Jonny Combe, President and CEO of PayByPhone, noted that the acquisition aligns perfectly with the company’s long-term strategy to expand beyond parking into broader mobility payments.

The strategic rationale behind this acquisition includes leveraging Lightyear’s extensive experience in fintech and payments to enhance PayByPhone’s product offerings. Michal Petrzela, Partner at Lightyear, emphasized the significant growth opportunities available in the market, citing PayByPhone’s established user base and high customer retention rates as key factors for future success.

As the digital payments landscape continues to evolve, this acquisition positions PayByPhone to strengthen its market share and explore new geographic opportunities, particularly in North America and Europe. The integration of advanced fintech solutions and the development of new features in parking management software are expected to enhance the company’s competitive edge.

Looking ahead, both companies are focused on ensuring operational continuity during the transition period. Combe reassured clients that it will be business as usual during the sign-to-close phase. The acquisition is poised to create synergies in revenue through cross-selling opportunities and operational efficiencies, ultimately driving value for clients and stakeholders alike.

In conclusion, Lightyear Capital’s acquisition of PayByPhone represents a significant step towards enhancing digital payment solutions in the parking sector. As the deal progresses, stakeholders will be keenly observing how this partnership unfolds and the innovations it brings to the market.