FLEETCOR® Acquires PayByPhone, a Global Digital Parking Company
November 06 2023 - 7:00PM
Business Wire
Expands Vehicle Payments for Businesses and
Consumers
FLEETCOR Technologies, Inc. (NYSE: FLT), a leading global
business payments company, today announced the acquisition of
PayByPhone, a global provider of digital parking payment solutions.
The acquisition expands FLEETCOR’s vehicle payment solution set for
both its fleet customers and consumers.
“We are delighted to announce the PayByPhone acquisition. Our
acquisition was driven by two key strategic objectives. First, by
providing our customers access to one of the world’s leading
parking apps, it helps expand the vehicle payment solutions we
provide our B2B fleet customers in North America and Europe.
Second, it will serve as an anchor app for the consumer vehicle
payments business we are launching in the UK, where PayByPhone has
over 2 million active monthly consumers. Our strategy is to deliver
our existing payment products and networks through a single mobile
app to PayByPhone’s UK customers. This strategy has already been
quite successful in Brazil, and we are excited about the
opportunities in the UK, and ultimately, intend to expand the
strategy into Europe and North America,” said Ron Clarke, chairman
and chief executive officer, FLEETCOR Technologies, Inc.
PayByPhone is a leading digital parking payment provider with
over 6 million monthly active users who find and pay for parking in
a network of more than 1,350 parking operators in North America and
Europe. FLEETCOR acquired PayByPhone from Volkswagen Financial
Services on September 15, 2023.
About FLEETCOR®
FLEETCOR Technologies (NYSE: FLT) is a leading global business
payments company that helps businesses spend less by providing
innovative solutions that enable and control expense-related
purchasing and payment processes. The FLEETCOR portfolio of brands
automate, secure, digitize and manage payment transactions on
behalf of businesses across more than 100 countries in North
America, Latin America, Europe, and Asia Pacific. For more
information, please visit www.fleetcor.com.
About PayByPhone
PayByPhone is one of the fastest growing mobile payments
companies in the world, processing over 200 million payment
transactions in 2023. Available in eight countries, PayByPhone
helps millions of consumers easily pay for parking without the
hassles of coins, lines, or fees. Their smart, intuitive technology
is at the center of their user-first approach, delivered to make
everything as simple as possible. For more information, please
visit www.paybyphone.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231106041786/en/
Investor Relations Jim Eglseder, 770-417-4697
Jim.Eglseder@fleetcor.com
Media Relations Chad Corley, 770-729-5021
Chad.corley@fleetcor.com
FleetCor Technologies (NYSE:FLT)
Historical Stock Chart
From Apr 2024 to May 2024
FleetCor Technologies (NYSE:FLT)
Historical Stock Chart
From May 2023 to May 2024