Corpay 2024 Mid-Year in Review

As Corpay heads into the back half of 2024, let’s revisit some milestones and major news during the first half of the year, headlined by our corporate rebranding, strategic acquisitions, and a renewed commitment to a thriving workplace.

New Name, Big Vision

Corpay wrapped its first quarter of 2024 with its most monumental change in its 23-year history – the rebranding of the global enterprise from FLEETCOR to Corpay. The name change better reflects the company’s multifaceted portfolio of corporate payment solutions. Founded as a regional fuel card company in 2000, Corpay is now a $3.8 billion global payments giant that facilitates about 1.7 billion transaction globally each year.

Acquisitions

Corpay reported first quarter financial results that CEO Ron Clarke described as being “right in line with expectations.” He also laid out the company’s three-year growth plan, including an announced plan to return to its previous strategy of driving shareholder value through large, accretive acquisitions.

The largest of these was a deal to acquire B2B cross-border and treasury management solutions provider GPS Capital Markets, LLC. Set to close in early 2025, it would be Corpay’s third largest acquisition in its history. Corpay also signed a deal to acquire AP corporate payments company Paymerang.

Corpay continued to invest in its vehicle payments business, with a majority investment in Zapay, a Brazilian provider of a mobile app that aids in paying vehicle expenses including taxes, registration, and traffic tickets. The deal gives Corpay the right to buy the rest of the company in four years.

Thought Leadership

In May, we launched our new podcast, Smarter Payments by Corpay, featuring thought leaders in artificial intelligence, cybersecurity, and workplace culture. Future episodes will tackle electric vehicle adoption and much more.

In April, we released the findings from our annual SMB Survey, which suggested small and medium-sized businesses are concerned about declining sales and are less concerned about staffing shortages than a year earlier. A large portion also said they expect the U.S. presidential election outcome to impact their businesses.

EV Innovation

Corpay strengthened its electric vehicles capabilities during the first half of the year. Our vehicle payments brand in the UK, Allstar Business Solutions, added 1,300 Tesla ultra-rapid chargers at more than 135 sites, making it the largest combined fuel and EV charging network in the UK. Allstar also published a report that gathered data from millions of transactions to break down the real-life costs of operating electric, gas, and diesel vehicles.

U.S.-based Corpay vehicle payments brand Comdata announced a new contactless payment option, Chargepass Mastercard, that gives customers the flexibility to pay for fuel or charging with one solution. Comdata also announced a new deal with Hubject that enhances its EV fleet charging solution to provide more secure and convenient payment.

Our vehicle payments brand in Australia partnered with Chargefox to launch the Corpay Australian FleetCard™. The deal enables EV drivers to charge at Chargefox locations with the same card they use to refuel.

In total, Corpay now boasts an EV network of more than 700,000 charging stations across nearly 30 countries.

Let Us Entertain You

Our corporate payments brand Corpay Cross-Border Solutions continued adding partners in the sports and entertainment business. It struck a deal to become the official corporate foreign exchange transaction provider for LIV Golf. It also landed a five-year partnership with Exclusive Autosport. Corpay Cross-Border Solutions already had partnership deals with the WTA, Watford Football Club, AC Milan, Rugby Australia, and Cirque du Soleil.

A Culture of Inclusion

Corpay redoubled its commitment to providing an inclusive work environment with a series of employee-driven cultural events. For International Women’s Day in March, Corpay leaders shared their stories about the importance of "active listening" and other ways to empower women for success in the workplace.

For Juneteenth, employees donned special swag and attended one of several regional events, including a Juneteenth rodeo in Atlanta and a music festival in Nashville.

Corpay wrapped up its Pride Month activities with a panel discussion hosted by our Employee Resource Group "Pride @ the Cor." Panelists shared how Corpay makes all employees feel welcome and empowered to thrive and grow.

Looking Ahead at the Second Half

Entering the second half of the year, Corpay is well positioned to continue identifying potential acquisition targets while also growing its customer base organically through strong sales strategies. Wherever there is a need for a company to simplify the way it makes payments, Corpay will be ready with a solution.