Corpay

What Corpay does

Corpay, Inc. (NYSE: CPAY) is an S&P 500 corporate payments company headquartered in Atlanta, Georgia, that operates a unified spend management platform under the Corpay Complete brand. The platform combines four solution lines: Commercial Cards (Corpay Mastercard, Corpay World Elite Mastercard, virtual/ghost cards, prepaid PayCard and FlexCard), AP Automation (payments, invoice, and PO automation), Cross-Border Payments (global payments, currency risk management, multi-currency accounts, and global invoice automation across 200+ countries and 140+ currencies), and Fuel & Fleet Cards (Corpay One, Comdata). The company is the #1 B2B commercial Mastercard issuer in North America and serves 800,000+ customers, processing $400B+ in payments in 2024 and $235B+ annually across the cross-border division.

Underlying the platform is a multi-rail cross-border infrastructure spanning SWIFT, iACH, real-time payment rails, BVNK stablecoin, and JPMorgan Kinexys tokenized fiat, complemented by AI-powered capabilities (AI Virtual Assistant, automated receipt matching, AI invoice coding) and more than 100 pre-built two-way ERP and DMS integrations, plus a proprietary network of 3.8 million vendors. Recent platform additions include stablecoin wallets (May 2026), AI-driven workflow automation (April 2026), and blockchain-based settlement via JPMorgan Kinexys.

Corpay's business model is predominantly transaction-fee based, monetizing commercial card interchange and customer rebates ($800M+ paid annually, $43K average per customer), FX spreads on cross-border payments ($26B processed monthly), fuel and fleet payments (being de-emphasized), and recurring AP automation subscriptions. Pricing is primarily transaction-based for cards and cross-border, with quote-based annual subscriptions on Corpay Complete and unit-based prepaid card pricing. Distribution blends direct enterprise sales, co-marketing with Mastercard and issuing banks (Regions, Fifth Third), technology partners across ERP/DMS ecosystems, and an API for embedded payments. Following the March 2024 rebrand from FLEETCOR Technologies, Corpay has executed an explicit pivot toward corporate payments, completing major acquisitions of Alpha Group International ($2.2B, Oct 2025) and a 34% stake in AvidXchange ($550M, Oct 2025), divesting PayByPhone (Apr 2026), and securing a $300M Mastercard minority investment (Dec 2025).

Name

Corpay

Legal name

Corpay, Inc.

Website

https://corpay.com

Company type

Public

Founded year

2000

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Corpay is an S&P 500 corporate payments company that provides commercial cards, AP automation, cross-border payments, and fuel/fleet solutions to 800,000+ businesses across 200+ countries, processing over $400 billion in payments annually through its unified Corpay Complete platform.

Ownership category

akta.pro rank

Product category

Corporate Payments / B2B Payments

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320), Other Activities Related to Credit Intermediation (522390), Credit Bureaus (561450)

SIC

Finance Services (6199), Short-Term Business Credit Institutions (6153), Miscellaneous Business Credit Institution (6159)

akta.pro primary industry

Invoicing, Billing & Accounts Receivable Automation (FSAGAJAC)

akta.pro secondary industries

Accounts Payable Automation & Supplier Payments (FSAGAJAD), Multi-Currency Accounts, Wallets & FX Management (Consumer/SME) (FSAGAKAF), Embedded Payments (Pay-ins, Pay-outs, Wallets) (FSAGALAB)

Keywords

• Corporate payments platform
• Commercial card programs
• Cross-border payments
• Accounts payable automation
• Fleet fuel cards

Headquarters

HQ city

Norcross

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Cross-Border Payments and FX Spread: Revenue from cross-border payment transactions and foreign exchange spread; processes $12 billion in corporate payments and $26 billion in foreign exchange monthly across 145+ currencies with 4.1+ million payments annually for 21,000+ customers.
2. Commercial Card Interchange and Rebates: Revenue from commercial card programs (Corpay Mastercard, Corpay World Elite Mastercard, virtual/ghost cards) through interchange fees and customer rebates; $800M+ annual rebates paid to customers with average $43K in annual rebate per customer.
3. Fuel and Vehicle Payments (Fleet Cards): Revenue from fuel and fleet card programs (Comdata, Corpay One) including fleet management payments, driver payments, compliance, and fraud prevention; legacy business now being divested to focus on corporate payments.
4. AP Automation and Spend Management Subscriptions: Recurring revenue from Corpay Complete platform subscriptions including AP Automation, Invoice Automation, PO Automation, and Expense Management; targets mid-market and enterprise finance teams.
5. Prepaid Cards (PayCard and FlexCard): Revenue from prepaid card solutions including payroll cards (PayCard) and flexible disbursement cards (FlexCard) for incentives, reimbursements, and operational payouts.
6. Workforce Lodging and Travel: Revenue from corporate lodging and travel management services through Corpay Lodging platform.

Pricing tiers

Go-to-market motion5 records

Marketing channels8 records

Core offering

Corpay provides B2B corporate payment products and services through its unified Corpay Complete platform, combining commercial card programs (Corpay Mastercard, World Elite Mastercard, Virtual/Ghost Cards, Prepaid PayCard and FlexCard), fully-managed AP automation (payments, invoice, and PO automation), cross-border payments and FX risk management across 200+ countries and 140+ currencies, and fuel/fleet card programs (Corpay One and Comdata). The platform integrates with 100+ ERP and accounting systems and uses AI-powered capabilities and multi-rail payment infrastructure (SWIFT, iACH, real-time, blockchain, and stablecoin).

Product overview

Corpay operates a platform-plus-modules architecture under the unified Corpay Complete platform, which brings together four primary solution lines: Commercial Cards (including the Corpay Mastercard, Corpay World Elite Mastercard, Virtual/Ghost Cards, and Prepaid PayCard/FlexCard), AP Automation (Payments, Invoice, and PO Automation), Cross-Border Payments (Global Payments, Currency Risk Management, Multi-Currency Accounts, and Global Invoice Automation), and Fuel & Fleet Cards (Corpay One and Comdata), along with Workforce Lodging via Corpay Lodging. The Corpay Complete platform unifies AP automation, card programs, expense management, and U.S. & international payments into one scalable, AI-driven system with vendor onboarding, custom workflows, and 100+ ERP integrations. Acquired brands (AvidXchange, Alpha Group International, GPS Capital Markets) extend the platform's AP automation and cross-border FX capabilities, while specialty offerings like USCIS Navigator target niche verticals. As an S&P 500 corporate payments company, Corpay processes over $235B+ annually across 140+ currencies to 200+ countries, serving 800,000+ customers as the #1 B2B commercial Mastercard issuer in North America.

Differentiator

Problem solved

Functional benefit

Brands

• Corpay One: Fuel and Fleet Cards product line for fleet managers (visit cp.corpayone.com/fuel)
• Comdata
• Corpay Lodging
• Corpay Complete
• Corpay Cross-Border
• TA Connections
• Corpay Mastercard
• Corpay World Elite Mastercard

Products and services

• Corpay Complete Unified spend management platform consolidating AP Automation, card program, expense management, and U.S. & international payments into one scalable, mobile-ready system with AI-powered capabilities, vendor onboarding, custom workflows, and integration with 100+ ERPs.
• Corpay Mastercard Unified purchasing card for everyday business expenses, fleet fuel, and vendor payments offering custom cash back rebates, 180+ customizable controls, and integrated expense management. Issued by Regions Bank or Fifth Third Bank, N.A.
• Corpay World Elite Mastercard Premium corporate card designed for executive travel with enhanced rebate opportunities, travel protections, dedicated account support, and 4% savings at 16,000+ hotels and restaurants nationwide.
• Virtual and Ghost Cards Secure, single-use digital card numbers for online accounts payable and ad-hoc purchasing that reduce fraud risk by masking real account numbers, with instant issuance and pre-set controls.
• Corpay Prepaid (PayCard and FlexCard) PayCard is a secure payroll disbursement solution; FlexCard is a flexible, all-in-one disbursement solution for incentives, reimbursements, and operational payouts. Supports both virtual and physical card delivery with API-based management.
• Corpay Expense Management Real-time visibility and control across every card and transaction with receipt capture, policy enforcement, automated travel and expense reporting, and approval workflows; integrated with the Corpay Mastercard.
• AP Automation (Payments, Invoice, PO) Fully-managed AP automation software that handles vendor enrollment, payment execution via virtual card/ACH/check, invoice capture with AI-powered categorization, and PO automation with approval workflows. Provides access to a network of 3.8 million vendors and pays out $800M+ in annual rebates.
• Cross-Border Payments Global payments platform processing 4.1+ million payments annually across 200+ countries for 21,000+ customers. Includes global payments, currency risk management, multi-currency accounts, and global invoice automation.
• Currency Risk Management FX risk management solutions enabling businesses to stay ahead of changes in the FX markets and safeguard against adverse currency fluctuations, with hedging strategies and intercompany netting.
• Multi-Currency Accounts Allows businesses to efficiently receive and pay out foreign currencies through a unique and secure IBAN or account number in the business's name, with multi-currency securely stored value via FXBalance in nearly 40 currencies.
• Global Invoice Automation Process international payments directly from invoices, spreadsheets, or documents, with extensive validation of banking and regulatory data prior to sending to reduce errors and exceptions.
• Corpay One Fuel & Fleet Cards Fuel and fleet card products for fleet managers to control expenses, earn fuel rebates, and manage maintenance through a single platform. Includes Corpay One Select Mixed Fleet Card and Corpay One Select Diesel Card as part of the Fuelman Discount Network at 40,000+ locations.
• Comdata Trucking fleet payment and technology platform providing fuel cards, real-time reporting, driver payments, compliance, and fraud prevention with the Comdata system. Integrated with NCR Voyix for acceptance at 18,000+ U.S. fuel stations.
• Corpay Lodging (Workforce Travel) Corporate lodging and travel solution to book, manage, and control workforce travel with built-in savings and visibility, including disrupted passenger support services through TA Connections at airports globally.
• USCIS Navigator Automated payment solution for U.S. immigration law firms to comply with the USCIS mandate prohibiting check payments. Integrates with billing systems to automate invoice and payment data using virtual credit cards for secure transactions and real-time tracking.

Quantifiable outcome

• 40% reduction in time spent on invoice processing
• +9 more outcomes

Named customers9 records

Segments12 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration29 records

AI capability7 records

Feature8 records

Scale indicators10 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Wex Inc. Wex is a direct peer through its fleet/fuel card and corporate payments business (Wex Fleet, Wex Corporate Payments), competing head-to-head with Corpay's Comdata, Corpay One, and Corpay Complete. Both serve commercial fleets and mid-market/enterprise accounts with overlapping card, AP automation, and spend management offerings.
• Bill.com: Bill.com is a direct AP automation and bill pay competitor to Corpay's AP Automation and Corpay Complete platform, serving SMB and mid-market finance teams with similar invoice capture, approval workflows, and payment execution capabilities. Now owned by Intuit, it brings deeper SMB distribution.
• Ramp: Ramp directly competes with Corpay Mastercard and Corpay Complete in corporate cards and spend management for SMB and mid-market customers. Both offer corporate cards, expense management, AP automation, and bill pay with cash-back rebates on a unified platform.
• Brex: Brex is a direct competitor in B2B corporate cards, expense management, and bill pay for SMB and mid-market customers, with AI-driven automation overlapping Corpay Complete. Both compete on rebate economics, controls, and ERP integration breadth.
• Wise plc: Wise is a direct peer in cross-border B2B payments and FX, processing multi-currency transfers for SMB and mid-market customers at near-mid-market rates. It competes with Corpay Cross-Border on cost, speed, and currency coverage, particularly for SME customers.
• Airwallex: Airwallex is a direct competitor in B2B cross-border payments, multi-currency accounts, and corporate cards for SMB and mid-market, with growing enterprise traction. Both compete on FX economics, global account infrastructure, and embedded finance APIs.
• Payoneer: Payoneer is a direct peer in cross-border B2B payments, multi-currency receiving/paying, and FX services for SMB and marketplace businesses, overlapping with Corpay Cross-Border's SME segment. Both monetize FX spread and payment volume.

Broad incumbents

• American Express (Business): American Express Business is a broad incumbent in commercial cards and corporate spending, overlapping with Corpay Mastercard on purchasing cards, T&E, and rebates. As a network and issuer with global brand, Amex competes across Corpay's mid-market and enterprise segments with a wider product portfolio.
• SAP Concur: SAP Concur is a broad incumbent in corporate expense management and travel booking, overlapping with Corpay's Expense Management and Corpay Lodging offerings. As part of SAP, it brings enterprise distribution and broader T&E workflow footprint than Corpay's focused commercial card bundle.

Emerging players

• Pleo: Pleo is an emerging player in European SMB corporate cards and spend management, competing with Corpay's mid-market European expansion (including Corpay Complete UK). It offers modern UX and tight accounting integrations, overlapping Corpay's positioning at the smaller end of the mid-market.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/fleetcor
• YouTubeyoutube.com/@GetCorpay
• Facebookfacebook.com/FLEETCOR
• LinkedInlinkedin.com/company/fleetcor

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Subsidiaries7 records

Funding overview

Funding rounds9 records

Investors8 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A28 records

Investments5 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Corpay