Metropolis, the AI-powered parking platform, has successfully secured $1.7 billion in funding to acquire SP Plus, a leading provider of parking facility management services.

‍

This acquisition is a significant move towards offering consumers a seamless checkout-free payment experience in the parking sector.

‍

Metropolis enhances existing parking facilities with computer vision technology, enabling customers to enter and exit without the need for credit cards or cash payments. With this acquisition of SP Plus, which manages over two million parking spaces and numerous parking facilities across the U.S. and Canada, Metropolis expands its presence significantly.

‍

The company is now operating in more than 360 cities, serving millions of customers and processing over $4 billion in payments annually. The acquisition is expected to close in 2024, pending customary closing conditions and regulatory approvals.

‍