VW buys Vancouver startup PaybyPhone

Volkswagen Financial Services AG and PayByPhone today announced that the financial services division of Volkswagen Group has acquired PayByPhone, the world's leading parking payment provider. The deal positions Volkswagen Financial Services AG as the clear leader in mobile payments and parking sectors, while providing the foundation for future PayByPhone growth globally and continued innovation.

In 2016, PayByPhone has already processed more than $250 million in payments and is adding approximately 7,000 users per day to their already substantial base of more than 12.5 million registered users.

"With the acquisition of PayByPhone, we are now the leading provider for the processing and mobile payment of parking. In the future, we will be bundling this know-how in a separate business field around the theme of parking," said Dr. Christian Dahlheim, the management board member responsible for sales and marketing at Volkswagen Financial Services AG.