Corpay, a company formerly known as Fleetcor and specialising in corporate payments, has agreed to sell its cashless parking platform, PayByPhone, to private equity firm Lightyear Capital, with the transaction expected to close in Q2 2026 following regulatory approvals and without disclosing financial terms. The divestiture follows Corpay’s $2.4bn acquisition of Alpha Group International and signals a portfolio-rationalisation move as it refocuses on core corporate payments rather than consumer-facing mobility software. For Lightyear, the deal fits its carve-out strategy in vertical software and payments, with plans to keep PayByPhone independent while accelerating growth in a fragmented, underpenetrated global parking payments market.
Corpay Sells PayByPhone to Lightyear Capital
