AFEX
AFEX is a cross-border payments and FX risk management provider, now operating as a brand within Corpay, serving 21,000+ business customers across 200+ countries with global payment execution, multi-currency accounts, and AP automation.
- Company typePrivate
- Founded1979
- HeadquartersLos Angeles, United States
- Headcount251–500
- GTM typeB2B
- OfferingServices
What AFEX does
AFEX is a cross-border payments and foreign exchange provider founded in 1979, now operating as a brand within Corpay (formerly FLEETCOR Technologies, which acquired AFEX and rebranded in 2021). The company enables businesses to move money across 200+ countries through an integrated platform that combines global payment execution, multi-currency accounts, FX risk management, and global invoice automation, processing 4.1+ million payments annually for 21,000+ customers. Its technology stack is anchored in a self-serve online trading platform paired with enterprise field-sales consultation, and it offers ERP integrations (e.g., NetSuite) and a strategic Mastercard payment-network partnership. Under Corpay, the AFEX offering has been extended into the broader Corpay Complete platform, which unifies cross-border payments, AP automation, and commercial cards into a single spend-management suite.
AFEX generates revenue through three primary streams: (1) transaction and FX spread fees on cross-border payment services, (2) recurring subscription revenue from FX risk management and hedging solutions, and (3) recurring subscription revenue from AP automation services including invoice, payment, and PO automation modules. Pricing is custom and quote-based, structured around multi-year enterprise contracts, with tiered solutions tailored to verticals such as recruitment and staffing, automotive, hospitality, government, and manufacturing, in addition to broad enterprise and SMB segments.
Distribution is hybrid: direct enterprise sales with dedicated account management and consultation, supplemented by a self-serve online platform for mid-market clients, and an Integrated Partnership Program that resells capabilities through banks, credit unions, and financial institutions. The business is supported by 251-500 employees, primarily US-based, and has accumulated 11+ industry awards in 2023-2024 spanning FX, payments, and fintech categories.
AFEX firmographics
Firmographics- Name
- AFEX
- Legal name
- Corpay, Inc.
- Website
- https://afex.com
- Company type
- Private
- Founded year
- 1979
- Operating status
- Acquired
- Headcount range
- 251–500 employees
- Short description
- AFEX is a cross-border payments and FX risk management provider, now operating as a brand within Corpay, serving 21,000+ business customers across 200+ countries with global payment execution, multi-currency accounts, and AP automation.
- Ownership category
- akta.pro rank
AFEX industry classification
Industry- Product category
- Cross-Border Payments
- NAICS
- Credit Intermediation and Related Activities (522), Securities and Commodity Contracts Intermediation and Brokerage (5231)
- SIC
- Finance Services (6199)
- akta.pro primary industry
- Cross-Border & FX Payments Platforms (BPAMAFAK)
- akta.pro secondary industries
- Cross-border Payments, FX & Multi-currency Checkout (CRAFAJAF), Accounts Payable (Invoice Processing, 2/3-Way Match, Vendor Payments) (BPAAAGAA)
Keywords
Where AFEX is headquartered
LocationHeadquarters
- HQ city
- Los Angeles
- HQ country
- United States
- HQ region
- North America
Markets served
AFEX business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure
Revenue model
- Cross-Border Payment Services: Fees earned from facilitating international money transfers and currency exchange for business clients across 200+ countries
- FX Risk Management Solutions: Currency hedging and risk management services to protect businesses against unpredictable currency fluctuations
- AP Automation: Accounts payable automation services including invoice processing, payments automation, and ERP integrations
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Multi-year contract | Custom enterprise pricing based on business requirements |
Go-to-market motion1 record
Distribution channels3 records
Marketing channels6 records
AFEX product offering
Product offeringCore offering
AFEX provides independent foreign payment and FX risk management solutions to a global business customer base, enabling companies to move money internationally, hedge currency exposure, hold multi-currency accounts, and process global invoices through an integrated online trading platform. The offering combines cross-border payment execution, currency risk management, and accounts payable automation tools serving enterprise clients and mid-market businesses across more than 200 countries.
Product overview
Corpay (formerly AFEX) offers an integrated payments and spend management platform combining commercial cards, accounts payable automation, and cross-border payments into a unified suite. The core platform, Corpay Complete, serves as the central hub connecting these product lines. Commercial Cards include Corpay Mastercard products (standard, World Elite, Virtual, Ghost, and Prepaid cards) with expense management capabilities. AP Automation encompasses Payments, Invoice, and PO Automation modules plus ERP integrations. Cross-Border Payments provides Global Payments, Currency Risk Management, Multi-Currency Accounts, and Global Invoice Automation. Additional offerings include Corpay One fuel cards, Comdata fleet solutions, and Workforce Lodging services. The platform processes over 4.1 million payments annually across 200+ countries serving 21,000+ customers.
Differentiator
Problem solved
Functional benefit
Products and services
- Corpay Complete Unified platform that manages cards, payments, and spend end to end, combining AP automation, cross-border payments, and commercial cards capabilities for businesses.
- Commercial Cards Corporate card solutions providing total control over employee spend, vendor payments, and purchasing, including physical and virtual card options for businesses.
- AP Automation End-to-end accounts payable automation with faster workflows and full payment control for businesses, spanning invoice, payment, and PO automation.
- Cross-Border Payments Global payment solutions enabling businesses to move money virtually anywhere in the world, paired with currency risk management capabilities, served through the AFEX/Corpay cross-border platform.
- Corpay One Fuel & Fleet Cards Fuel card and fleet management solution that controls fuel spend, prevents misuse, and tracks every gallon in real time for fleet operators.
- Comdata Trucking fleet fuel card and fleet technology solution managing fuel spend, driver payments, compliance, and fraud prevention for fleet operators.
- Workforce Lodging Corporate lodging and travel management solution to book, manage, and control workforce travel with built-in savings and visibility for hospitality and travel managers.
- Multi-Currency Accounts Standalone multi-currency account offering in the business name for receiving and paying out foreign currencies across international operations.
- Currency Risk Management FX hedging and risk management solutions to stay ahead of changes in the foreign exchange market and protect businesses against adverse currency fluctuations.
Quantifiable outcome
- 4.1+ million payments processed annually
- +1 more outcomes
Companies that use AFEX
Customer profileNamed customers6 records
Segments6 records
Ideal customer profiles3 records
AFEX technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration2 records
Feature4 records
AFEX partnerships and signals
Strategic signalPartnerships
Four partnerships are on record, tiered core and minor.
- MastercardcoreStrategic payment technology partnership enabling Corpay to offer comprehensive cross-border payment solutions through Mastercard's global payment network infrastructure.
- Treasury SuitecoreTechnology integration partnership providing treasury management solutions to enhance Corpay's cross-border payment offerings.
- FEI CanadaminorPartnership with Financial Executives International Canada to provide FX and payment solutions to members.
- Cirque du SoleilminorStrategic partnership to provide international payment solutions for Cirque du Soleil's global entertainment operations.
Scale indicators3 records
Recent moves6 records
Expansion highlights6 records
AFEX competitors and assessment
Company assessmentMarket position
Strengths5 records
Competitive moat5 records
Key risks1 record
Key highlights7 records
Customer concentration
AFEX social profiles
Digital presenceAFEX financial estimates
Financial estimateRevenue estimate
Valuation estimate
AFEX leadership team
Management profileNumber of profiles
Profiles1 record
AFEX funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
AFEX M&A and investment
M&A and investmentM&A2 records
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about AFEX
What does AFEX do?
AFEX provides independent foreign payment and FX risk management solutions to a global business customer base, enabling companies to move money internationally, hedge currency exposure, hold multi-currency accounts, and process global invoices through an integrated online trading platform. The offering combines cross-border payment execution, currency risk management, and accounts payable automation tools serving enterprise clients and mid-market businesses across more than 200 countries.
Is AFEX a public or private company?
AFEX is a private company. It is classified as corporate owned and is currently acquired.
When was AFEX founded?
AFEX was founded in 1979. It employs 251 to 500 people.
Where is AFEX based?
AFEX is headquartered in Los Angeles, United States, in the North America region.
How does AFEX make money?
Three revenue lines are on record. Cross-Border Payment Services are the primary driver. The others are FX Risk Management Solutions and AP Automation.
Does AFEX have an API?
No public API is recorded for AFEX.
What industry is AFEX in?
AFEX's product category is Cross-Border Payments. Its primary akta.pro industry code is BPAMAFAK, Cross-Border & FX Payments Platforms, with a secondary code of CRAFAJAF, Cross-border Payments, FX & Multi-currency Checkout. Its NAICS code is 522 and its SIC code is 6199.