Corpay, Inc. operates as a payments company that helps businesses and consumers manage vehicle-related expenses, lodging expenses, and corporate payments in the United States, Brazil, the United Kingdom, and internationally. The company offers vehicle payment solutions, which include fuel, tolls, parking, fleet maintenance, and long-haul transportation services, as well as prepaid food and transportation vouchers and cards. It also provides corporate payment solutions consisting of accounts payable automation; virtual cards, cross-border solutions; and purchasing and travel and entertainment card products, as well as lodging payments solutions for employees who travel overnight for work purposes; traveling crews and stranded passengers from airlines and cruise lines; and insurance policyholders displaced from their homes due to damage or catastrophe. In addition, the company offers gifts and payroll cards. It serves business, merchant, consumer, and payment network customers. The company was formerly known as FLEETCOR Technologies, Inc. and changed its name to Corpay, Inc. in March 2024. Corpay, Inc. was founded in 1986 and is headquartered in Atlanta, Georgia.
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Here are 1-3 brief analogies for Corpay (CPAY):
- Corpay is like a specialized SAP Concur for fleet and corporate travel expense management.
- Corpay is like Bill.com for automating and paying a range of business expenses, including fuel, tolls, and supplier invoices.
- Corpay is like American Express Corporate Cards, but specifically tailored for managing fleet and lodging payments.
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Corpay (CPAY) provides the following major services:
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Fleet & Vehicle Payments: Provides payment solutions like fuel cards and toll programs for businesses to manage their vehicle-related expenses.
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Corporate Payments & Accounts Payable Automation: Offers services that automate and streamline business-to-business payments, including supplier payments and invoice processing.
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Cross-Border Payments & FX Solutions: Facilitates international payments for businesses, offering tools to manage foreign exchange risks and reduce transaction costs.
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Branded Payments: Delivers solutions for companies to create and manage gift card and other branded payment programs for their customers.
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Corpay (symbol: CPAY) primarily sells its services to other companies (B2B). Given the nature of Corpay's business – providing payment solutions, spend management, and workforce payment products – its customer base is highly diversified across numerous industries and company sizes. While Corpay does not typically disclose specific major customer companies by name due to the broad and fragmented nature of its client base, it serves various categories of businesses.
Here are the major categories of customers that Corpay serves:
* **Commercial Fleets and Transportation Companies:** This segment represents a significant portion of Corpay's business through its fuel card and toll management solutions. Customers include trucking companies, delivery services, utility companies, construction firms, taxi and ride-share operators, and other businesses that manage commercial vehicle fleets.
* **Small and Medium-Sized Businesses (SMBs) and Large Enterprises:** Corpay provides a wide array of corporate payment solutions, including accounts payable automation, expense management, virtual cards, cross-border payments, and payroll solutions. These customers span diverse sectors such as professional services, manufacturing, retail, healthcare, and government entities, seeking to streamline their financial operations and manage spending more efficiently.
* **Retailers and Consumer Brands:** Through its gift card and prepaid card solutions, Corpay partners with retailers and other consumer-facing brands. These businesses utilize Corpay's platforms to issue, distribute, and manage their branded gift cards and other prepaid programs, which they then sell or provide to their own customers.
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- Visa Inc. (V)
- Mastercard Incorporated (MA)
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Ron Clarke, Chief Executive Officer and Chairman of the Board of Directors
Ron Clarke has served as Corpay's Chief Executive Officer since August 2000 and was appointed Chairman of the Board of Directors in March 2003. He founded the company in 2000, initially focusing on being a pure-play fleet card provider. He led the company to go public on the New York Stock Exchange in 2010. Prior to Corpay, he was President and Chief Operating Officer of AHL Services, Inc. from 1999 to 2000. From 1990 to 1998, he was Chief Marketing Officer and a Division President with Automatic Data Processing, Inc. Earlier in his career, he was a Principal with Booz Allen Hamilton and a marketing manager for General Electric Company. Before Corpay went public, it received private equity investments from Summit Partners in 2002, Bain Capital in 2005, and Advent in 2006, indicating a pattern of managing companies backed by private equity firms.
Peter Walker, Chief Financial Officer
Peter Walker joined Corpay as Chief Financial Officer in 2025. He has nearly 20 years of experience as a CFO for both public and private companies. Most recently, he served as CFO of Instructure, where he oversaw its privatization through a sale to KKR. Before Instructure, he was CFO of Sterling Check Corporation, Jackson Hewitt, and Assurant's Global Housing business. His experience with Instructure's sale to KKR demonstrates a pattern of managing companies involved with private equity firms.
Alissa Vickery, Chief Accounting Officer
Alissa Vickery was appointed Chief Accounting Officer in September 2020 and joined Corpay in 2011. She also serves as Senior Vice President of Accounting and Controls, overseeing external reporting, technical accounting, and internal audit.
Mark Frey, Group President, Corpay Cross-Border Solutions
Mark Frey has been the Group President of Corpay Cross-Border Solutions since March 2022. He has over 20 years of experience in trading and treasury operations and has been with Corpay for over a decade. He led the successful acquisitions and integrations of AFEX and Global Reach. Prior to Corpay, Mark was with Western Union.
Rick Fletcher, President of Corpay Payables
Rick Fletcher was appointed President of Corpay Payables in March 2022. He has been a senior leader with Corpay for more than 15 years, driving significant organic growth across various lines of business including Gift, Prepaid, and Corporate Payments. Before joining Corpay, Rick held strategy roles with Deloitte Consulting and GE Capital.
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Corpay (CPAY) faces several key risks to its business operations.
- Macroeconomic Challenges: Corpay's financial performance and operational stability are significantly impacted by fluctuations in foreign exchange rates, fuel prices, and interest rates. These macroeconomic headwinds can pressure the company's revenue and profitability, particularly in its cross-border business segments, and have led to revisions in financial guidance.
- Cybersecurity Threats and Reliance on Technology: As a corporate payments company, Corpay heavily relies on its technology infrastructure. Cybersecurity threats, including data breaches, fraudulent activity, and failures of information security controls, pose a substantial risk. Recent research commissioned by Corpay indicated that nearly all UK CFOs surveyed experienced payments-related cyber incidents, identifying cybersecurity as their top operational risk.
- Regulatory Changes and Compliance Risks: The corporate payments industry is subject to stringent and evolving regulations. Changes in laws or compliance requirements related to data privacy, anti-money laundering (AML), and anti-terrorism financing can significantly impact Corpay's operations. There is also an ongoing investigation into Corpay's corporate governance regarding potential breaches of fiduciary duties.
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The rise of modern B2B fintech platforms offering integrated spend management, corporate cards, and automated accounts payable solutions poses a clear emerging threat. Companies like Brex, Ramp, Airbase, Divvy (now Bill.com), and Tipalti are gaining significant market share by providing agile, user-friendly, and often more cost-effective platforms that streamline B2B payments and expense management. These platforms frequently offer superior technological integration, real-time data insights, and mobile-first experiences, directly competing with and potentially disrupting Corpay's established payment and expense solutions, particularly among small to medium-sized businesses and tech-forward enterprises.
The accelerating global shift towards the electrification of commercial fleets represents a significant emerging threat to Corpay's core fuel card business. As businesses transition from internal combustion engine vehicles to electric vehicles (EVs), the demand for traditional fuel cards diminishes. While Corpay is developing EV charging payment solutions, the fundamental shift in energy source requires a significant adaptation of its long-standing business model and established network, potentially eroding a substantial portion of its legacy revenue streams over the long term as the market for fossil fuel-based fleet payments contracts.
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Corpay (CPAY) operates in several key markets. The primary addressable market for Corpay's main products and services is the global corporate payments market, which is valued at $12 trillion. Corpay's offerings in this sector include cross-border solutions, accounts payable (AP) automation, and commercial cards.
Corpay also provides solutions for vehicle payments and lodging payments. While these are significant areas of their business, a specific overall addressable market size (e.g., a total dollar value for the global or U.S. market) for these individual product categories was not explicitly identified in the available information.
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Expected Drivers of Future Revenue Growth for Corpay (CPAY)
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Continued Robust Growth in Corporate Payments: Corpay's Corporate Payments segment is consistently highlighted as a primary engine for future revenue expansion. The company aims to significantly increase its corporate payments revenue, with a stated goal to reach $10 billion, a fivefold increase from current levels. This growth is anticipated to be driven by enhanced offerings in spend management, accounts payable (AP) automation, cross-border payment solutions, and global bank accounts. The segment has demonstrated strong organic growth, with 17% in Q3 2025 and 19% in Q1 2025, even with some headwinds from float revenue compression.
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Accelerated Performance in Vehicle Payments: The Vehicle Payments segment is expected to sustain its double-digit organic growth, which was 10% in Q3 2025 and 9% in Q2 2025. This acceleration is attributed to improved sales production, higher approval rates, and stronger client retention, particularly within the U.S. vehicle payments business.
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Impact of Strategic Acquisitions: Recent strategic acquisitions, such as Alpha and AvidXchange, are projected to contribute meaningfully to Corpay's revenue and earnings per share (EPS) over the next 2-3 years. Alpha, a European cross-border business, and AvidXchange, an AP automation investment, are expected to provide incremental accretion to EPS in 2026. Corpay deployed over $1 billion in M&A in 2024, with acquisitions like Paymerang and GPS Capital Markets also anticipated to add significant revenue by 2025.
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Expansion through Strategic Partnerships and New Technologies: Corpay is actively pursuing growth through strategic partnerships and by embracing new technologies. Collaborations with partners like Circle to provision stablecoin solutions and a strategic partnership with Mastercard for cross-border business are expected to drive incremental revenue growth, with the Mastercard partnership alone projected to add 2% to 3% to the cross-border business starting next year. The company also anticipates margin expansion from AI productivity and vendor rationalization initiatives.
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Share Repurchases
- Corpay repurchased shares worth $1.41 billion in 2022, $1.36 billion in 2021, and $849.9 million in 2020.
- In 2024, the company repurchased 4.2 million shares for approximately $1.28 billion.
- As of April 15, 2025, $1.3 billion remained under the company's share repurchase authorization. By March 31, 2025, Corpay had repurchased 33,247,914 shares for an aggregate of $7.9 billion since the program's inception, with $1.2 billion in remaining authorization.
Share Issuance
No information is available for significant dollar amounts of shares issued by Corpay during the specified period.
Inbound Investments
No information is available for large inbound investments made in Corpay by third-parties during the specified period.
Outbound Investments
- Corpay completed the acquisition of Alpha Group International plc for approximately $2.4 billion (£1.8 billion) on October 31, 2025, expanding its B2B cross-border FX solutions.
- In October 2025, Corpay invested approximately $550 million to acquire a 34% equity stake in AvidXchange, an AP automation provider, as part of a take-private deal with TPG.
- In 2024, Corpay completed the acquisitions of GPS, Paymerang, and Zapay for a total of $1.265 billion.
Capital Expenditures
- Corpay's capital expenditures were $192.42 million in the last 12 months, $175 million in 2024, and $154 million in 2023.
- The primary focus of capital expenditures has been incremental investments in technology over the past three years.
- Capital expenditures also increased due to acquisitions completed in 2024 and 2025.
