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Corpay, Inc., a FLEETCOR Technologies company (NYSE: FLT), is a leading global provider of business payment solutions dedicated to helping companies of all sizes better manage, track, and pay their expenses. Corpay offers a comprehensive suite of online payment solutions, including Bill Payment, AP Automation, Cross-Border Payments, Currency Risk Management, and Commercial Card Programs. As the #1 B2B commercial Mastercard® issuer in North America, Corpay processes over a billion transactions each year, ensuring businesses gain complete control and visibility of all transactions while simultaneously reducing costs and maximizing efficiency.
With its recent partnership with Reveel, Corpay has expanded its capabilities by integrating advanced parcel spend management tools into its payment automation platform. This collaboration empowers businesses to streamline their financial operations, optimize costs, and make informed decisions with real-time data. The joint solution also offers cash rebates on most AP transactions, providing additional revenue opportunities for businesses.
Headquartered in Irvine, California, Corpay serves over 500,000 commercial accounts with millions of cardholders across the United States, Canada, Mexico, Europe, Africa, and Asia. The company has experienced significant growth, driven by its core principles of determination, outstanding value, industry-leading products, and a commitment to quality. Over the last decade, Corpay has grown more than 40%, maintaining its position as the world’s largest provider of commercial fleet card programs.
Corpay’s financial technology solutions are designed to consolidate card programs, manage expenses on-the-go, and automate payment workflows. This ensures businesses can mitigate the risk of payment fraud, manage their payment remittance information securely, and achieve compliance with a robust security infrastructure. Corpay’s innovative products and strategic partnerships continue to revolutionize the financial management landscape, providing businesses with the tools they need to succeed in a competitive market.
Cambridge Global Payments, a FLEETCOR company (NYSE: FLT), has extended its sponsorship of Exclusive Autosport, a Canadian professional racing team, for the 2021 season. The partnership includes being the title sponsor for two cars driven by Billy Frazer and Braden Eves in the Cooper Tires USF2000 Championship and Indy Pro 2000 Championship. Cambridge will continue to provide cross-border payment solutions to EA, enhancing their operational efficiency and foreign exchange risk management. The sponsorship aims to support EA's competitive efforts in multiple racing series across North America.
FLEETCOR Technologies (NYSE: FLT) announces a minority investment in Mina, a digital platform streamlining EV charging and payment for commercial fleets. Mina’s technology simplifies the reimbursement process by accurately capturing energy costs and crediting payments directly to energy providers. This aligns with FLEETCOR's strategy to support clients transitioning to electric vehicles, as 75% of EVs are projected to be business-owned by 2025. The investment aims to enhance service offerings for fleet operators managing home charging needs.
FLEETCOR Technologies (NYSE: FLT) announced participation in three virtual investor conferences. The first fireside chat is scheduled for February 25, 2021, at the KBW Fintech Payments Conference at 10:30 AM ET. The second will take place on March 2, 2021, during the Raymond James 2021 Institutional Investors Conference starting at 9:10 AM ET. Lastly, the Evercore ISI Payments & Fintech Innovators Forum will host FLEETCOR on March 4, 2021, at 9:30 AM ET. Investors can access presentations via the company's investor relations website.
Cambridge Global Payments, a FLEETCOR company (NYSE: FLT), has partnered with ZipLingo to enhance international payment solutions for the direct selling industry. This collaboration will integrate a powerful payment solution into ZipLingo's digital wallet, allowing payouts in over 145 currencies and facilitating local deposits in select regions. The new capabilities aim to improve user experience and streamline commission payments globally. Both companies expressed excitement about the increased global reach and tailored solutions for their clients.
FLEETCOR Technologies (NYSE: FLT) will host a fireside chat at the Goldman Sachs 2021 Technology and Internet Virtual Conference on February 10, 2021, starting at 9:40 AM ET. Investors can access the presentation via the company's investor relations website. FLEETCOR is a global leader in business payments, helping companies manage and secure their payment processes across various regions, including North America and Europe. For more details, visit investor.fleetcor.com.
FLEETCOR Technologies reported its Q4 and full-year 2020 financial results, showing a 12% decrease in revenues to $617.3 million in Q4 and a 10% decline for the fiscal year to $2,388.9 million. Net income dropped 11% in Q4 to $209.9 million and 21% for the year to $704.2 million. Looking ahead, the company forecasts a 9% to 13% organic revenue growth for 2021, with adjusted net income projected to increase accordingly. The outlook remains cautious due to the uncertainty surrounding the economic recovery.
In 2020, online gift card sales nearly doubled as shoppers opted for e-commerce over crowded stores, leading to significant growth in digital gift card purchases. Digital cards accounted for over half of all online sales, with home retailers, restaurants, and grocery stores at the forefront. Mark Schatz, President of SVS, emphasized the importance of offering flexibility for brands. SVS currently manages online gift card sales for over 150 major retailers and processes more than 1.5 billion transactions annually, highlighting its role as a significant player in the prepaid solutions market.
FLEETCOR Technologies, Inc. (NYSE: FLT) has acquired Roger, a global accounts payable cloud software platform aimed at small businesses. This acquisition enhances FLEETCOR's portfolio by automating manual payment processes and streamlining B2B online bill payments for SMBs and accounting firms in North America and Europe. FLEETCOR's CEO, Ron Clarke, stated that this move will create cross-selling opportunities within their SMB fuel card base, further expanding their corporate payments business.
Cambridge Global Payments, a FLEETCOR company (NYSE: FLT), has been named an affinity partner by BC Food & Beverage (BCFB), a non-profit association for food and beverage manufacturers in British Columbia. This partnership allows BCFB's qualified members access to Cambridge's cross-border payment and currency risk management solutions. Mark Frey, President of Cambridge, highlighted the benefits of their trading platform for managing global payments. BCFB's CEO, James Donaldson, emphasized the importance of this collaboration for Canadian processors in export markets.
FLEETCOR Technologies (NYSE: FLT) will host a conference call on February 4, 2021, at 5:30 pm ET to discuss fourth quarter financial results. The call will feature CEO Ron Clarke, CFO Charles Freund, and Jim Eglseder from investor relations. A press release with financial results will be released after market close on the same day. Stakeholders can participate via live webcast or telephone. A replay will be available shortly after the call. FLEETCOR is a global leader in business payments, providing solutions for expense management.
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