FLEETCOR acquires PayByPhone

US payment provider pays $300m for cashless parking specialist

Ron Clarke

Ron Clarke

Volkswagen has sold the cashless parking provider PayByPhone to US business payments company FLEETCOR Technologies.

Volkswagen Financial Services acquired PayByPhone from PayPoint in 2016 and has now decided to sell. The value of the acquistion was $300m (£245.6m) and and expects to realise about $50m in revenue next year. This was revealed during FLEETCOR Technologies Q3 earnings call on 9 November.

PayByPhone claims to have now over 6 million active monthly users who use its services...

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