PSA says it is acquiring TravelCar, offering parking and car rental solutions two years after its equity investment in the start-up.

Travelcar has 5,000 partner car parks, as well as tens of thousands of cars available for rental and has already attracted more than 1m users in 60 countries. Its services are available via a single digital platform.

“With a million users, TravelCar is a major success,” said PSA SVP Connected Services and New Mobility Solutions, Brigitte Courtehoux.

“Through this acquisition, we are stepping up our support for the company and demonstrating our commitment to developing an efficient, sustainable mobility services ecosystem.”

For his part, TravelCar founder, Ahmed Mhiri, added: “We are delighted to be able to write the next chapter of the company’s history with PSA and all the TravelCar teams.”

“We’re also excited about working on solutions such an alliance will enable us to offer our users.”