Volkswagen Financial Services has acquired PayByPhone, a Canadian parking payment provider, for an undisclosed amount.
The deal helps Volkswagen Financial further its reach in the mobile payments market and the parking business. It acquired a 92% share in Sunhill Technologies, a German mobile-parking solutions across provider, in September 2015.
“In the future, we will be bundling this know-how in a separate business field around the theme of parking,” Christian Dahlheim, the management board member responsible for sales and marketing at Volkswagen Financial, said in a Dec. 28 news release.
The deal allows PayByPhone to continue its growth and innovation strategies, leveraging the foundation and resources of Volkswagen Financial. The payments company, founded in 2001, expects to provide improved support, more services and greater app functionality as the integration with Volkswagen progresses.
PayByPhone says it processed more than $250 million in payments in 2016 and touts a user base of 12.5 million in major cities with complex parking operations, like San Francisco (30,000 parking spaces), Boston (25,000), Seattle (12,000), Paris (155,000) and London (40,000).
