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Corpay
U.S. financial services company From Wikipedia, the free encyclopedia
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Corpay (formerly Fleetcor Technologies) is an American company that provides payments and spend management systems and services that control expense-related purchasing and payment processes. It is a component of the S&P 500.[3]
 | This article may contain an excessive amount of intricate detail that may only interest a particular audience. (June 2025) |
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History
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2000–2005
In 2000, Ron Clarke joined the company as CEO when the company's estimated annual revenues were $25 million.[4]
In 2002, Boston-based venture capitalist Summit Partners invested $45 million in FleetCor to expand and “[recruit] major regional and national convenience stores into the fleet program.”[5] In 2003, it merged with Commercial Fueling Network (CFN).[6] The following year, FleetCor acquired Mannatec Inc.[7] In March. In 2004, the company partnered with Citgo “to process Citgo Petroleum Corp.’s commercial fleet card, the CITGOFleet card.”[8] In 2005, Fleetcor began a relationship with BP, a contract that has since been extended several times.[9]
2006–2009
Bain Capital invested $75 million in Fleetcor in 2006, thus giving the company the capital to expand its presence across Europe.[10] Fleetcor acquired United Kingdom company KeyFuels in 2006, processing over 500,000 business fleets.[11] Other European acquisitions from 2006 to 2009 included Abbey Fuelcards,[12] CCS,[13] ICP Smart Concepts,[14] Petrol Plus Region (the largest independent fuel card company in Russia), and The Fuelcard Company (a United Kingdom commercial fuel card reseller).[15]
In 2007, Fleetcor won a long-term card processing contract by Chevron USA[16] but lost the contract to WEX in 2016.[17] With the addition of an investment of $46 million in equity from Advent in 2006 for European expansion,[18] Fleetcor launched British Petroleum (BP) Mastercard, a North American major oil co-branded fleet card, and introduced FleetCardsUsa.com, a fleet card web portal.[19]
In 2009, Fleetcor acquired Corporate Lodging Consultants, a provider of workforce travel savings and solutions for companies.[20] Fleetcor launched Global FleetNet, a global card processing platform,[21] and purchased Retail Decisions’ United Kingdom fleet card operations.[22]
2010–2013
In 2010, Fleetcor went public, debuting a $335 million initial public offering.[23] That year, it renewed the British Petroleum (BP) United States fleet card contract and acquired Carnet, a Czech Republic provider of telematics solutions.[24]
Fleetcor won the $300 million Shell Europe/Asia fleet card processing contract (with Logical) in 2011[25] and acquired Mexico’s Efectivale (a fuel and food payments services company)[26] and acquired AllStar Business Solutions (fuel card provider in the UK market) for $304 million.[27]
Fleetcor continued its global expansion in 2012 by acquiring a leading fuel card systems company in Russia[28] and CTF, a fuel payment processing services provider in Brazil, for $180 million.[29]
2013–2017
In 2013, Fleetcor acquired the following: Australia’s FleetCard,[30] New Zealand’s Cardlink,[31] VB Serviços (a provider of transportation cards and vouchers in Brazil),[32] DB Trans (also in Brazil),[33] Epyx (a SaaS system and a network of vehicle repair garages serving fleet operators in the UK),[34] and NexTraq, a US-based provider of telematics solutions.[35] Fleetcor also signed three deals in 2013, with GE Custom Fleet in Australia,[36] Good Card, a leading Brazilian fuel card network operator, and Husky Oil Limited.[37]
In 2014, the company established minority investment in Masternaut, a European-based provider of telematics solutions,[38] signed definitive documents to acquire Shell's SME portfolio in select European markets,[39] and acquired Pacific Pride (a cardlock fueling network operating in the US and Canada)[40] and Comdata (a business-to-business provider of innovative electronic payment solutions) for $3.45 billion.[41] BP awarded Fleetcor a long-term contract in 2015.[42]
Fleetcor acquired Travelcard (universal fuel card issuer in the Netherlands)[43] and Sem Parar (electronic toll payments company in Brazil) in 2016,[44] and Fleetcor signed an agreement to manage the commercial fuel card program for Speedway LLC (Speedway) the same year.[45]
Fleetcor joined the Fortune 1000 in 2017,[46] and expanded to Italy with minority investment in Qui! Group, an Italian-based provider of food voucher and card solutions.[47] Cambridge Global Payments, a B2B international payments provider,[48] and Creative Lodging Solutions, a leading lodging provider to businesses, were added to Fleetcor's acquisitions as well.[49]
2018–present
Fleetcor joined the S&P 500 in 2018.[50] Fleetcor made a minority investment in P97 Networks, Inc., a cloud-based mobile commerce solutions company, the same year.[51]
In 2019, Fleetcor led three major acquisitions: Nvoicepay (an Account Payables automation for businesses company), Sole Financial (a payroll card provider), and Travelliance (airline lodging programs).[52] In November 2019, Fleetcor officially opened a new corporate office in the Terminus 100 office.[53] In August 2022, Fleetcor acquired Accrualify, an accounts payable software firm.[54] In August 2023, Fleetcor sold its business in Russia and exited the market.[55] In March 2024, the company changed its name to Corpay.
In May 2024, Corpay acquired Paymerang, a Richmond, Virginia headquartered accounts payable automation company for $475 million.[56]
In July 2025, Corpay announced a deal to acquire Alpha Group, a British financial services business focused on FX risk management for corporate businesses, in a $2.2 billion cash deal.[57]
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Criticism
In response to the 2022 Russian invasion of Ukraine, FLEETCOR took steps to exit the Russian market. The company announced its complete withdrawal from Russia on October 2, 2023, finalizing the sale of its Russian business to a local investment group.[58] Prior to this decision, FLEETCOR had faced criticism for continuing its operations in Russia while other companies scaled back or ceased their presence.[59]
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References
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