Corpay
U.S. financial services company
From Wikipedia, the free encyclopedia
Corpay, Inc. (formerly Fleetcor Technologies), headquartered in Atlanta, Georgia, provides payments and spend management systems and services that control expense-related purchasing and payment processes. The company focuses on vehicle-related expenses, lodging expenses, and corporate payments.[2]
| |
 The Terminus 100 Building, headquarters of Corpay in Atlanta, Georgia | |
| Company type | Public |
|---|---|
| Industry | Financial data services |
| Founded | 1986[1] |
| Headquarters | Terminus 100 Atlanta, Georgia, U.S. |
Key people | Ronald F. Clarke (Chairman & CEO) |
| Revenue |  US$3.97 billion (2024) |
| US$1.79 billion (2024) | |
| US$1.00 billion (2024) | |
| Total assets | US$17.9 billion (2024) |
| Total equity |  US$3.15 billion (2024) |
| Owner | Ronald F. Clarke (4.58%) |
Number of employees | 11,200 (2024) |
| Subsidiaries | Pacific Pride |
| Website | corpay |
| Footnotes / references [2] | |
History
The predecessor of the company was founded in 1986.[1]
In August 2000, Ronald F. Clarke was named CEO; at that time, the company was a provider of fuel cards to businesses and its estimated annual revenues were $25 million.[3]
In November 2019, the company moved its headquarters to Terminus 100.[4]
In October 2023, due to the Russian invasion of Ukraine, the company sold its businesses in Russia for $197 million; it had been criticized for not selling the interests earlier.[5][6][7][8]
In 2019, the Federal Trade Commission sued the company for obscuring fees and misleading consumers about fuel card discounts; in 2023 it received an injunction against the company preventing it from continuing the practice.[9]
In March 2024, the company changed its name to Corpay.[8]
Financing
In June 2002, Summit Partners invested $45 million in the company.[10]
In July 2005, Bain Capital invested $75 million in the company.[11]
In November 2006, Advent invested $46 million in the company.[12]
In December 2010, Fleetcor became a public company via an initial public offering, raising $335 million.[13]
Contract wins
Acquisitions
| # | Year | Company | Price | Description | Ref(s). |
|---|---|---|---|---|---|
| 1 | September 2003 | Commercial Fueling Network (CFN) | [21] | ||
| 2 | October 2004 | Mannatec | [22] | ||
| 3 | September 2006 | KeyFuels | Fuel-card operator in the United Kingdom | [23] | |
| 4 | October 2006 | CCS | Fuel-card operator in the Czech Republic | [23][24] | |
| 5 | April 2007 | Fambo UK Limited | $34.3 million | Fuel card company based in the United Kingdom | [25] |
| 6 | March 2008 | Abbey Fuelcards | $15 million | One of the leading fuel card resellers in the UK | [26][25] |
| 7 | June 2008 | ICP International Card Products B.V. | $5.9 million | Payment transaction processing company based in the Netherlands | [25] |
| 8 | July 2008 | Petrol Plus Region | $49 million | fuel card provider based in Russia | [27] |
| 9 | April 2009 | CLC Group (Corporate Lodging Consultants) | $169.1 million | Entered the lodging payments business | [25][28] |
| 10 | August 2009 | ReD (Retail Decisions) Fuel Cards | $62.9 million | Fleet card company based in the United Kingdom | [25][29] |
| 11 | December 2011 | AllStar Business Solutions | $304 million | Fuel card operator in the United Kingdom | [30] |
| 12 | February 2012 | Efectivale | Fuel and food payments services company in Mexico | [31][32] | |
| 13 | July 2012 | CTF | $180 million | Fuel payment processing services provider in Brazil | [33] |
| 14 | March 2013 | GE Capital's Fuel Card Business in Australia | [34] | ||
| 15 | April 2013 | CardLink | Fuel card operator in New Zealand | [35][36][37] | |
| 16 | September 2013 | VB Serviços and DB Trans | $300 million | Providers of transportation cards and vouchers in Brazil | [38][39][40] |
| 17 | November 2013 | Epyx | SaaS system and a network of vehicle repair garages serving fleet operators in the UK | [41] | |
| 18 | November 2013 | NexTraq | US-based provider of telematics; sold in 2017 to Michelin | [42][43] | |
| 19 | May 2014 | Fuel card customer portfolio of Shell plc in Germany | [44] | ||
| 20 | May 2014 | Pacific Pride | $50 million | [45] | |
| 21 | June 2014 | Minority investment in Masternaut | European-based provider of telematics solutions | [46] | |
| 22 | November 2014 | Comdata | $3.45 billion | Global provider of fuel cards and workforce payment products to businesses | [47] |
| 22 | March 2016 | Sem Parar | 4.086 billion reais ($1.1 billion) | Largest electronic toll payments firm in Brazil | [48] |
| 23 | August 2016 | Travelcard | Universal fuel card issuer in the Netherlands | [49] | |
| 24 | August 2017 | Cambridge Global Payments | $690 million | B2B international payments provider | [50] |
| 25 | November 2017 | Creative Lodging Solutions | Lodging provider to businesses | [51] | |
| 26 | November 2017 | Minority investment in Qui! Group | Italian-based provider of food vouchers | [52] | |
| 27 | May 2018 | Minority investment in P97 Networks | Provider of cloud-based mobile commerce and behavioral marketing products | [53][54] | |
| 28 | May 2019 | Nvoicepay | $255 million | Automated invoicing services for more than 400 customers | [55] |
| 29 | July 2019 | SOLE Financial | Payroll card provider enabling instant wage access for workers | [56] | |
| 30 | October 2019 | Travelliance | Airline lodging programs | [57] | |
| 31 | August 2022 | Accrualify | Accounts payable software | [58] | |
| 32 | May 2024 | Paymerang | $475 million | Accounts payable automation | [59] |
| 33 | July 2025 | Alpha Group International | $2.2 billion | British financial services business focused on FX risk management for corporate businesses | [60] |