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.
History The predecessor of the company was founded in 1986.
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.
In November 2019, the company moved its headquarters to Terminus 100.
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.
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.
In March 2024, the company changed its name to Corpay.
Financing In June 2002, Summit Partners invested $45 million in the company.
In July 2005, Bain Capital invested $75 million in the company.
In November 2006, Advent invested $46 million in the company.
In December 2010, Fleetcor became a public company via an initial public offering, raising $335 million.
Contract wins # Year Company Notes Ref(s). 1 Citgo 2 BP 3 Chevron Corporation Lost the contract to WEX Inc. in 2016 4 Shell plc Europe/Asia In partnership with Logical; €300 million 5 Husky Energy 6 Speedway
Acquisitions # Year Company Price Description Ref(s). 1 Commercial Fueling Network (CFN) 2 Mannatec 3 KeyFuels Fuel-card operator in the United Kingdom 4 CCS Fuel-card operator in the Czech Republic 5 Fambo UK Limited $34.3 million Fuel card company based in the United Kingdom 6 Abbey Fuelcards $15 million One of the leading fuel card resellers in the UK 7 ICP International Card Products B.V. $5.9 million Payment transaction processing company based in the Netherlands 8 Petrol Plus Region $49 million fuel card provider based in Russia 9 CLC Group (Corporate Lodging Consultants) $169.1 million Entered the lodging payments business 10 ReD (Retail Decisions) Fuel Cards $62.9 million Fleet card company based in the United Kingdom 11 AllStar Business Solutions $304 million Fuel card operator in the United Kingdom 12 Efectivale Fuel and food payments services company in Mexico 13 CTF $180 million Fuel payment processing services provider in Brazil 14 GE Capital's Fuel Card Business in Australia 15 CardLink Fuel card operator in New Zealand 16 VB Serviços and DB Trans $300 million Providers of transportation cards and vouchers in Brazil 17 Epyx SaaS system and a network of vehicle repair garages serving fleet operators in the UK 18 NexTraq US-based provider of telematics; sold in 2017 to Michelin 19 Fuel card customer portfolio of Shell plc in Germany 20 Pacific Pride $50 million 21 Minority investment in Masternaut European-based provider of telematics solutions 22 Comdata $3.45 billion Global provider of fuel cards and workforce payment products to businesses 22 Sem Parar 4.086 billion reais ($1.1 billion) Largest electronic toll payments firm in Brazil 23 Travelcard Universal fuel card issuer in the Netherlands 24 Cambridge Global Payments $690 million B2B international payments provider 25 Creative Lodging Solutions Lodging provider to businesses 26 Minority investment in Qui! Group Italian-based provider of food vouchers 27 Minority investment in P97 Networks Provider of cloud-based mobile commerce and behavioral marketing products 28 Nvoicepay $255 million Automated invoicing services for more than 400 customers 29 SOLE Financial Payroll card provider enabling instant wage access for workers 30 Travelliance Airline lodging programs 31 Accrualify Accounts payable software 32 Paymerang $475 million Accounts payable automation 33 Alpha Group International $2.2 billion British financial services business focused on FX risk management for corporate businesses
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