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Corpay, Inc. (NYSE: CPAY) is a global leader in corporate payments, assisting businesses and consumers to manage expenses efficiently and effectively. As an S&P500 company, Corpay offers a comprehensive suite of modern payment solutions that help its clients better handle vehicle-related costs, such as fueling and parking, travel expenditures like hotel bookings, and payables management, including vendor payments. These solutions aim to save clients both time and money.
Corpay recently announced the acquisition of Paymerang, a leading payment automation provider. This strategic move aims to enhance Corpay's offerings in the B2B payments sector, particularly in the education, healthcare, hospitality, and manufacturing industries. The transaction is expected to close in the second quarter of 2024, pending regulatory approvals.
Paymerang’s integration into Corpay will bring advanced financial automation solutions to the table, incorporating AI, data capture technologies, and electronic document workflows. These enhancements are set to broaden Corpay’s product line to include cross-border payments and commercial card solutions, providing significant benefits to its customers, partners, and the Richmond, VA business community.
With a commitment to innovation and client service, Corpay continues to thrive and expand its market presence, making it a pivotal player in the corporate payments industry. The company’s strategic partnerships and acquisitions, like that of Paymerang, underscore its dedication to offering cutting-edge payment solutions to its diverse client base.
Corpay's Cross-Border business has been named the Official Foreign Exchange (FX) Supplier for World Athletics, the international governing body for athletics. This partnership will provide World Athletics and its broader family with access to currency risk management and cross-border payments solutions.
Through Corpay Cross-Border's award-winning platform, World Athletics will be able to manage global payments from a single point of access, helping to mitigate foreign exchange exposure in their day-to-day operations. World Athletics President Sebastian Coe highlighted the importance of this partnership, noting that the organization receives most of its income in USD but makes substantial payments in various currencies annually.
Corpay's Cross-Border business has been named the Official B2B Foreign Exchange (FX) Partner for AEG Presents UK in Europe. This partnership will provide AEG Presents UK with access to Corpay Cross-Border's innovative solutions to mitigate foreign exchange exposure and manage global payments from a single platform. Brad Loder, Chief Marketing Officer of Corpay Cross-Border Solutions, expressed excitement about expanding their footprint in the live music, events, and entertainment industry. Stephen Van Dyk, Vice President & Finance Director of AEG Presents UK, stated they are looking forward to utilizing Corpay's platform and services.
CLC Lodging, a Corpay brand (NYSE: CPAY), has expanded its Group Reservation services to all members, simplifying project-based and long-term lodging needs. This new feature allows members to submit lodging requests directly from their CLC account, with CLC handling all aspects of sourcing, negotiations, and reservation changes. Key benefits include:
- Time savings through expert rate negotiations
- Multiple travel options tailored to specific project criteria
- Simplified invoice reconciliation
- Easy reservation viewing through the CLC Lodging portal
The service is designed for stays over 30 days or requiring more than 10 rooms, with no minimum usage or monthly fees. CLC's industry-leading policy controls, coding, billing, and reporting are already optimized for project travel, making this an efficient solution for businesses with complex travel needs.
Corpay, a global corporate payments company, has signed a definitive agreement to acquire GPS Capital Markets, a provider of cross-border and treasury management solutions to upper middle market companies in the US. The acquisition is expected to close in early 2025, pending regulatory approval and standard conditions. Corpay anticipates that the acquisition will contribute positively to its revenue and EPS growth by 2025. This acquisition is Corpay's third largest and strategically aligns with its goal to scale its Corporate Payments business to nearly $2 billion by 2026. Post-acquisition, Corpay will handle cross-border payments for around 23,000 customers in over 145 currencies across six continents. The company also reaffirmed its second-quarter 2024 financial outlook, with results expected to align with the midpoint of previous guidance.
Celcoin, a Brazilian fintech specializing in Banking as a Service (BaaS), has secured a US$125 million investment led by Summit Partners. This funding round, also supported by Innova Capital and fintech executive John Coughlin, aims to accelerate Celcoin's expansion and product innovation. Established in 2016, Celcoin provides financial infrastructure for over 400 financial companies and 5,000 non-financial firms, focusing on payments, banking, and lending.
Celcoin is a leader in Open Banking solutions in Brazil and processes over 200 million Pix transactions monthly. The company reported a 140% increase in annual recurring revenue, reaching US$63 million in Q1 2024. The investment will enhance technology, innovation, and potential M&A opportunities. Celcoin's recent strategic acquisitions include Galax Pay, Flow Finance, Finansystech, and Reg+.
Corpay, a leading corporate payments company, has announced the expansion of its Cross-Border business with a new office in Auckland, New Zealand. This move aims to provide localized support and innovative solutions to clients in the region, reinforcing Corpay’s presence in the Asia-Pacific market. The New Zealand office will offer the full suite of Corpay's products, including global payments and currency risk management for wholesale customers. Corpay has been ranked number one for Enterprise Payment Software in four consecutive G2 Market Reports. The company is also looking to hire local talent to enhance its team in New Zealand.
Corpay has launched the Corpay World Elite Business Mastercard, designed to streamline business transactions and enhance employee travel. This card offers small and medium enterprises (SMEs) features such as 1.5% cashback on purchases, access to Priority Pass™ lounges, and benefits from Mastercard Travel & Lifestyle Services®. The card also boasts customizable purchasing controls, robust security features, and seamless integration with Corpay Complete, a spend management platform. By partnering with Mastercard, Corpay aims to provide a comprehensive solution for managing expenses and optimizing daily operations.
Corpay, a global leader in corporate payments, will be participating in several investor conferences in 2024. Key executives will attend events such as the Barclays Annual Emerging Payments and FinTech Forum, Baird Global Consumer, Technology & Services Conference, William Blair Growth Stock Conference, and RBC Financial Technology Conference. Investors can access the presentations on the Company's investor relations website.
Aldrich Capital Partners (ACP) has announced the sale of Paymerang to Corpay, enhancing B2B payment solutions across various industries. The sale, led by ACP, is praised for Paymerang's growth and success under their ownership, with plans to expand offerings under Corpay. The transaction is expected to close in Q2 2024.
Corpay, Inc. reported financial results for Q1 2024, with 6% organic revenue growth and a 17% increase in the Corporate Payments segment. The company announced the acquisition of Paymerang for revenue and profit synergies. Revenues increased to $935.3 million, with net income up 7% to $229.8 million. EBITDA rose 5% to $482.4 million, and adjusted net income increased to $301.3 million. The company updated its FY 2024 outlook with total revenues between $3,960 million and $4,040 million and adjusted net income per diluted share between $18.80 and $19.20.
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