Corpay (CPAY)
Runs vehicle, corporate, and lodging payment workflows for businesses worldwide.
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Corpay hands businesses the cards, accounts and software for the spending that is hardest to keep a lid on — fuel, road tolls, hotel rooms for work crews, supplier bills and payments in other currencies. The fuel-card side is the old engine: best margins, barely growing, and the thing that pays for everything else. The money and the effort are moving toward paying suppliers and moving currency across borders.
Item facts: FY2025 · year ended Dec 31, 2025, from filings, earnings calls and company pages.
Judgment weights, not filed revenue
The band summarizes business focus and direction. ~ marks estimates.
8 in detail · 8 more below
Fuel and Fleet Cards
Fuel cards for company vehicles across North America and Europe — the original FLEETCOR business and still the single biggest slice of revenue. U.S. same-store spending has only just crawled back to about plus one percent, and a $100M settlement with the FTC landed on this line.
Competes with WEX fleet fuel cards (WEX) · Shell commercial fleet card programme (Shell) · UTA multi-brand fuel cards (Edenred)
In plain English
A builder with forty vans does not want forty people carrying open-ended credit cards. Corpay hands out cards that work at fuel stops and little else, with limits on what, where and how much each driver may buy.
The fleet pays for the fuel; Corpay's money comes from the other side of the counter. Fuel merchants and truck stops hand back a slice of each sale to keep the volume flowing, and fleets pay programme fees on top. Fuel and tolls together carry the company's best profit margin — and this half of them has nearly stopped growing at home.
Corpay Cross-Border
Changing one currency into another and paying the bills that follow, for mid-sized companies; roughly three-quarters of it starts outside the U.S. Management talked about a "$1.5 billion ballpark" for 2026. Watch whether the banks Mastercard introduces turn into real volume.
Competes with Cross-border B2B payments and FX (Convera) · Corporate FX and payments (Ebury) · Corporate FX desk (JPMorgan)
In plain English
Money changes price as it crosses a border: what a company owes a supplier overseas is worth something different tomorrow. Corpay fixes the exchange rate in advance and then sends the payment, over and over, for mid-sized companies too small to keep a currency trader on staff.
It earns a thin sliver of each amount converted rather than a flat fee, so revenue follows how much money moves rather than how many payments there are. The largest corporate trades price at a fraction of that sliver, which is why the growth story is told in volume. Alpha, a European currency house bought in 2025, brought the continent's companies and investment funds with it.
Global Bank Accounts
Bank accounts in many countries that a company can have open in days, holding around $3 billion of customer cash. Corpay earns on the balances — and falling deposit rates cost the corporate-payments side about 1.8 points of growth in the June 2026 quarter.
Competes with Global Accounts (Airwallex) · Wise Platform multi-currency accounts (Wise)
In plain English
Opening a bank account in another country normally means paperwork and a wait. Corpay opens one in days, and a company can hold several currencies at once, close to wherever its suppliers and staff actually are.
Two things pay here. Customers pay to use the accounts and to move money between them, and the cash parked in them earns interest that Corpay keeps. That second part cuts both ways: when deposit rates drift down, so does the revenue, which is what has been happening for the past year. It is also the product the banks Mastercard brings in ask for first.
Sem Parar
Brazil's windscreen toll tags — more than 7.5 million of them, on a network Corpay says reaches every toll road that accepts tags. Brazilian revenue grew 20% in 2025, and a third or more of the country's toll payments are still not made electronically.
Competes with ConectCar toll tags (Itaú) · Veloe toll tags (Alelo) · Move Mais toll tags (CCR)
In plain English
Stick a small tag on the windscreen, drive under the overhead reader, and the toll is billed later — no stopping, no coins. Sem Parar is that tag in Brazil, on more than seven and a half million windscreens, with fuel and parking sold alongside it.
Drivers and fleets pay a small monthly charge plus the tolls themselves, which Corpay collects and passes on to the road operators. Growth is partly mechanical: when a highway switches to overhead gantries with no booths, anyone without a tag has to get one. By one recent count, roughly seven in ten of the money Brazilians spend through toll tags runs over this network, and banks giving tags away free have pressed on pricing for years.
Corpay Payables
Takes a company's whole stack of supplier bills and pays them — by card where it can, by bank transfer or cheque where it cannot. Around a $400 million business, and what it earns depends on how many suppliers will accept a card.
Competes with BILL AP/AR (BILL Holdings) · AvidXchange bill payment (AvidXchange) · Coupa Pay (Coupa)
In plain English
Every month a mid-sized company has a pile of bills from its suppliers, and each one has to be paid the way that supplier wants it. Corpay takes the pile as a single file and settles the lot — a card number to suppliers who take cards, a transfer or a posted cheque to everyone else.
The card share is where the money is, so growth means talking more of a client's suppliers into accepting one. Accounting-software makers introduce the customers under exclusive deals. One very large account signed in spring 2025 pays about a quarter of the usual rate — enormous volume, thin economics.
Corpay One Spend Management
Company cards paired with software that sets the rules on who may spend what. Outlooked at about $250 million against well-funded challengers and American Express; the asset it brings to that fight is 800,000-plus existing customers to sell into.
Competes with Ramp corporate cards (Ramp) · BILL Spend & Expense (BILL Holdings) · Corporate and business cards (American Express)
In plain English
The company credit card, but with the rules baked in: this card works at hardware shops and not restaurants, that one needs a manager's nod above a set amount. Staff pay with it, and the finance team sees every purchase in one place instead of chasing paper receipts.
Corpay takes a slice of each payment. Its pitch is that it captures more of a customer's spending than a plain card issuer can, because fuel and supplier payments can be routed through networks it already owns. The hard part is not the product but reaching buyers — Ramp, Brex, BILL and American Express knock on the same doors. Selling into the fleet-card base is the shortcut.
Lodging Payments
Hotel rooms bought at negotiated rates and resold to companies housing work crews, airlines housing flight crew, and insurers housing families after a disaster. Revenue fell 3.9% in 2025, then turned; management guides mid-single-digit growth for the back half of 2026.
Competes with Workforce lodging marketplace (Engine) · Group and crew booking (HotelPlanner) · Airline crew lodging programmes (Amex GBT)
In plain English
When a utility sends a hundred line workers to a storm-hit county for three weeks, somebody has to find and pay for a hundred hotel rooms. That errand is the business: Corpay agrees rates with hotels ahead of time, books the rooms and handles the billing.
Hotels discount for guaranteed volume, Corpay charges the employer less than the walk-up price and keeps the gap, plus fees for running the programme. Airlines use it for crews and stranded passengers, insurers for families out of their homes. The lumpy part is disasters — a call-up from FEMA, the U.S. disaster agency, during the January 2025 California wildfires can swing a quarter — which is why management stopped counting on it.
Gift and Payroll Card
Runs gift-card programmes for retailers and pay cards for workers without bank accounts. It grew 18% in the final quarter of 2025, helped earlier that year by anti-fraud packaging rules that forced retailers to replace their stock — but it is small and seasonal in a company shedding subscale lines.
Competes with Gift-card programme management (Blackhawk Network) · Gift-card programmes (InComm) · Wisely payroll cards (ADP)
In plain English
The rack of gift cards by the supermarket till comes from somewhere: somebody prints the cards, loads the money on, tracks the balances and settles up with the shop. Corpay is that somebody for retailers — and it also issues pay cards for workers who have no bank account for wages to land in.
Fees come per card and per transaction, so a busy holiday season shows up immediately, and a card shipment that slips a few weeks shows up too — timing alone has explained a couple of soft quarters. The recent lift came from stores swapping their racks over to tamper-resistant packaging. Half a billion transactions ran through it in one recent quarter.
Fuel and Fleet CardsFuel cards for company vehicles across North America and Europe — the original FLEETCOR business and still the single biggest slice of revenue. U.S. same-store spending has only just crawled back to about plus one percent, and a $100M settlement with the FTC landed on this line.Fuel cards for company vehicles across North America and Europe — the original FLEETCOR business and still the single biggest slice of revenue. U.S. same-store spending has only just crawled back to about plus one percent, and a $100M settlement with the FTC landed on this line.
In plain English
A builder with forty vans does not want forty people carrying open-ended credit cards. Corpay hands out cards that work at fuel stops and little else, with limits on what, where and how much each driver may buy.
The fleet pays for the fuel; Corpay's money comes from the other side of the counter. Fuel merchants and truck stops hand back a slice of each sale to keep the volume flowing, and fleets pay programme fees on top. Fuel and tolls together carry the company's best profit margin — and this half of them has nearly stopped growing at home.
Competes with WEX fleet fuel cards (WEX) · Shell commercial fleet card programme (Shell) · UTA multi-brand fuel cards (Edenred)
Corpay Cross-BorderChanging one currency into another and paying the bills that follow, for mid-sized companies; roughly three-quarters of it starts outside the U.S. Management talked about a "$1.5 billion ballpark" for 2026. Watch whether the banks Mastercard introduces turn into real volume.Changing one currency into another and paying the bills that follow, for mid-sized companies; roughly three-quarters of it starts outside the U.S. Management talked about a "$1.5 billion ballpark" for 2026. Watch whether the banks Mastercard introduces turn into real volume.
In plain English
Money changes price as it crosses a border: what a company owes a supplier overseas is worth something different tomorrow. Corpay fixes the exchange rate in advance and then sends the payment, over and over, for mid-sized companies too small to keep a currency trader on staff.
It earns a thin sliver of each amount converted rather than a flat fee, so revenue follows how much money moves rather than how many payments there are. The largest corporate trades price at a fraction of that sliver, which is why the growth story is told in volume. Alpha, a European currency house bought in 2025, brought the continent's companies and investment funds with it.
Competes with Cross-border B2B payments and FX (Convera) · Corporate FX and payments (Ebury) · Corporate FX desk (JPMorgan)
Global Bank AccountsBank accounts in many countries that a company can have open in days, holding around $3 billion of customer cash. Corpay earns on the balances — and falling deposit rates cost the corporate-payments side about 1.8 points of growth in the June 2026 quarter.Bank accounts in many countries that a company can have open in days, holding around $3 billion of customer cash. Corpay earns on the balances — and falling deposit rates cost the corporate-payments side about 1.8 points of growth in the June 2026 quarter.
In plain English
Opening a bank account in another country normally means paperwork and a wait. Corpay opens one in days, and a company can hold several currencies at once, close to wherever its suppliers and staff actually are.
Two things pay here. Customers pay to use the accounts and to move money between them, and the cash parked in them earns interest that Corpay keeps. That second part cuts both ways: when deposit rates drift down, so does the revenue, which is what has been happening for the past year. It is also the product the banks Mastercard brings in ask for first.
Competes with Global Accounts (Airwallex) · Wise Platform multi-currency accounts (Wise)
Sem PararBrazil's windscreen toll tags — more than 7.5 million of them, on a network Corpay says reaches every toll road that accepts tags. Brazilian revenue grew 20% in 2025, and a third or more of the country's toll payments are still not made electronically.Brazil's windscreen toll tags — more than 7.5 million of them, on a network Corpay says reaches every toll road that accepts tags. Brazilian revenue grew 20% in 2025, and a third or more of the country's toll payments are still not made electronically.
In plain English
Stick a small tag on the windscreen, drive under the overhead reader, and the toll is billed later — no stopping, no coins. Sem Parar is that tag in Brazil, on more than seven and a half million windscreens, with fuel and parking sold alongside it.
Drivers and fleets pay a small monthly charge plus the tolls themselves, which Corpay collects and passes on to the road operators. Growth is partly mechanical: when a highway switches to overhead gantries with no booths, anyone without a tag has to get one. By one recent count, roughly seven in ten of the money Brazilians spend through toll tags runs over this network, and banks giving tags away free have pressed on pricing for years.
Competes with ConectCar toll tags (Itaú) · Veloe toll tags (Alelo) · Move Mais toll tags (CCR)
Corpay PayablesTakes a company's whole stack of supplier bills and pays them — by card where it can, by bank transfer or cheque where it cannot. Around a $400 million business, and what it earns depends on how many suppliers will accept a card.Takes a company's whole stack of supplier bills and pays them — by card where it can, by bank transfer or cheque where it cannot. Around a $400 million business, and what it earns depends on how many suppliers will accept a card.
In plain English
Every month a mid-sized company has a pile of bills from its suppliers, and each one has to be paid the way that supplier wants it. Corpay takes the pile as a single file and settles the lot — a card number to suppliers who take cards, a transfer or a posted cheque to everyone else.
The card share is where the money is, so growth means talking more of a client's suppliers into accepting one. Accounting-software makers introduce the customers under exclusive deals. One very large account signed in spring 2025 pays about a quarter of the usual rate — enormous volume, thin economics.
Competes with BILL AP/AR (BILL Holdings) · AvidXchange bill payment (AvidXchange) · Coupa Pay (Coupa)
Corpay One Spend ManagementCompany cards paired with software that sets the rules on who may spend what. Outlooked at about $250 million against well-funded challengers and American Express; the asset it brings to that fight is 800,000-plus existing customers to sell into.Company cards paired with software that sets the rules on who may spend what. Outlooked at about $250 million against well-funded challengers and American Express; the asset it brings to that fight is 800,000-plus existing customers to sell into.
In plain English
The company credit card, but with the rules baked in: this card works at hardware shops and not restaurants, that one needs a manager's nod above a set amount. Staff pay with it, and the finance team sees every purchase in one place instead of chasing paper receipts.
Corpay takes a slice of each payment. Its pitch is that it captures more of a customer's spending than a plain card issuer can, because fuel and supplier payments can be routed through networks it already owns. The hard part is not the product but reaching buyers — Ramp, Brex, BILL and American Express knock on the same doors. Selling into the fleet-card base is the shortcut.
Competes with Ramp corporate cards (Ramp) · BILL Spend & Expense (BILL Holdings) · Corporate and business cards (American Express)
Lodging PaymentsHotel rooms bought at negotiated rates and resold to companies housing work crews, airlines housing flight crew, and insurers housing families after a disaster. Revenue fell 3.9% in 2025, then turned; management guides mid-single-digit growth for the back half of 2026.Hotel rooms bought at negotiated rates and resold to companies housing work crews, airlines housing flight crew, and insurers housing families after a disaster. Revenue fell 3.9% in 2025, then turned; management guides mid-single-digit growth for the back half of 2026.
In plain English
When a utility sends a hundred line workers to a storm-hit county for three weeks, somebody has to find and pay for a hundred hotel rooms. That errand is the business: Corpay agrees rates with hotels ahead of time, books the rooms and handles the billing.
Hotels discount for guaranteed volume, Corpay charges the employer less than the walk-up price and keeps the gap, plus fees for running the programme. Airlines use it for crews and stranded passengers, insurers for families out of their homes. The lumpy part is disasters — a call-up from FEMA, the U.S. disaster agency, during the January 2025 California wildfires can swing a quarter — which is why management stopped counting on it.
Competes with Workforce lodging marketplace (Engine) · Group and crew booking (HotelPlanner) · Airline crew lodging programmes (Amex GBT)
Gift and Payroll CardRuns gift-card programmes for retailers and pay cards for workers without bank accounts. It grew 18% in the final quarter of 2025, helped earlier that year by anti-fraud packaging rules that forced retailers to replace their stock — but it is small and seasonal in a company shedding subscale lines.Runs gift-card programmes for retailers and pay cards for workers without bank accounts. It grew 18% in the final quarter of 2025, helped earlier that year by anti-fraud packaging rules that forced retailers to replace their stock — but it is small and seasonal in a company shedding subscale lines.
In plain English
The rack of gift cards by the supermarket till comes from somewhere: somebody prints the cards, loads the money on, tracks the balances and settles up with the shop. Corpay is that somebody for retailers — and it also issues pay cards for workers who have no bank account for wages to land in.
Fees come per card and per transaction, so a busy holiday season shows up immediately, and a card shipment that slips a few weeks shows up too — timing alone has explained a couple of soft quarters. The recent lift came from stores swapping their racks over to tamper-resistant packaging. Half a billion transactions ran through it in one recent quarter.
Competes with Gift-card programme management (Blackhawk Network) · Gift-card programmes (InComm) · Wisely payroll cards (ADP)
Named in filings, launches and programs
- AlphaBrandEuropean currency house bought in 2025 in a deal valuing it at $2.2 billion; it brought corporate hedging, investment-fund clients and the multi-currency accounts.
- Mastercard cross-border agreementCustomer program · RampingMastercard paid $300 million for about 3% of the cross-border business and introduces its bank clients: 10 signed by August 2026, roughly 100 more in the pipeline.
- AvidXchange minority stakeBrandA $500 million stake in a rival bill-paying company taken private in 2025, with an option to buy the rest; its sales grew over 30% last quarter.
- JPMorgan and BVNK settlement railsEcosystem · RampingSome cross-border payments now travel over JPMorgan's private network and a route from BVNK; about 40,000 payments had gone through JPMorgan's by August 2026.
- Stablecoin on- and off-ramp programmeProduct · Pre-revenueContracts with Circle, which issues digital dollars pegged to a fixed value, plus Ripple and Bank Frick, to let customers move in and out of them. No revenue yet.
- Agent CardProduct · AnnouncedLaunched July 2026: card numbers issued to AI software buying on a business's behalf. No revenue disclosed, and no mention on any earnings call on file.
- Gringo and ZapPayProductTwo Brazilian apps bought in 2025 for settling debts owed on a vehicle, sold alongside the toll tags; a paid-search problem there cost about a point of growth.
- Corpay Payables in EuropeProduct line · RampingThe bill-paying platform was all-American for years; by May 2026 its European business had reached roughly a $15 million annual run rate.
AlphaBrand
European currency house bought in 2025 in a deal valuing it at $2.2 billion; it brought corporate hedging, investment-fund clients and the multi-currency accounts.
Mastercard cross-border agreementCustomer program · Ramping
Mastercard paid $300 million for about 3% of the cross-border business and introduces its bank clients: 10 signed by August 2026, roughly 100 more in the pipeline.
AvidXchange minority stakeBrand
A $500 million stake in a rival bill-paying company taken private in 2025, with an option to buy the rest; its sales grew over 30% last quarter.
JPMorgan and BVNK settlement railsEcosystem · Ramping
Some cross-border payments now travel over JPMorgan's private network and a route from BVNK; about 40,000 payments had gone through JPMorgan's by August 2026.
Stablecoin on- and off-ramp programmeProduct · Pre-revenue
Contracts with Circle, which issues digital dollars pegged to a fixed value, plus Ripple and Bank Frick, to let customers move in and out of them. No revenue yet.
Agent CardProduct · Announced
Launched July 2026: card numbers issued to AI software buying on a business's behalf. No revenue disclosed, and no mention on any earnings call on file.
Gringo and ZapPayProduct
Two Brazilian apps bought in 2025 for settling debts owed on a vehicle, sold alongside the toll tags; a paid-search problem there cost about a point of growth.
Corpay Payables in EuropeProduct line · Ramping
The bill-paying platform was all-American for years; by May 2026 its European business had reached roughly a $15 million annual run rate.