AFEX

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.

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

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

• Cross-border payments
• FX risk management
• Currency hedging
• Multi-currency accounts
• Accounts payable automation

Headquarters

HQ city

Los Angeles

HQ country

United States

HQ region

North America

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Cross-Border Payment Services: Fees earned from facilitating international money transfers and currency exchange for business clients across 200+ countries
2. FX Risk Management Solutions: Currency hedging and risk management services to protect businesses against unpredictable currency fluctuations
3. AP Automation: Accounts payable automation services including invoice processing, payments automation, and ERP integrations

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core 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

Named customers6 records

Segments6 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

Feature4 records

Partnerships

Four partnerships are on record, tiered core and minor.

• MastercardcoreTechnology or IntegrationStrategic payment technology partnership enabling Corpay to offer comprehensive cross-border payment solutions through Mastercard's global payment network infrastructure.
• Treasury SuitecoreTechnology or IntegrationTechnology integration partnership providing treasury management solutions to enhance Corpay's cross-border payment offerings.
• FEI CanadaminorGTM or Marketing PartnerPartnership with Financial Executives International Canada to provide FX and payment solutions to members.
• Cirque du SoleilminorGTM or Marketing PartnerStrategic partnership to provide international payment solutions for Cirque du Soleil's global entertainment operations.

Scale indicators3 records

Recent moves6 records

Expansion highlights6 records

Market position

Strengths5 records

Competitive moat5 records

Key risks1 record

Key highlights7 records

Customer concentration

• Xx.com/_AFEX
• YouTubeyoutube.com/@GetCorpay
• Facebookfacebook.com/AFEX1979
• LinkedInlinkedin.com/company/associated-foreign-exchange

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

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

M&A2 records

Investments

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

Frequently asked questions about AFEX