# Corpay

Corpay is an Asset Manager based in Atlanta, United States.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** Atlanta, United States
- **Region:** North America
- **Address:** Atlanta, GA, United States
- **Founded:** 2000
- **Assets under management:** Undisclosed
- **Website:** corpay.com

## Regulatory record

- **Reports private funds:** No

## About

Ron Clarke founded what became Corpay in 2000 under the name FleetCor Technologies, initially focused on fuel-card programs for commercial vehicle fleets. The company evolved through a two-decade acquisition strategy — absorbing more than 90 businesses — into a diversified corporate payments platform rebranded as Corpay in March 2024 (per the firm's official communications). Its revenue model is built on interchange fees, spread income from float, and network fees rather than lending, keeping the balance sheet asset-light. Corpay operates through four primary divisions: Fleet, which provides fuel and maintenance payment cards; Corporate Payments, handling cross-border and domestic accounts-payable automation; Lodging, managing workforce travel-destination payments; and Gift, a physical and digital rewards-card business. The Corporate Payments segment is the growth engine, facilitating multi-currency business-to-business settlement across more than 145 currencies. Known client relationships include partnerships with major freight carriers, oil companies, and mid-market enterprises integrating Corpay's virtual-card technology into their enterprise resource planning systems. The company employs over 10,000 people and operates from a headquarters in Atlanta with principal offices in the United Kingdom, Brazil, Australia, and the Netherlands — reflecting a deliberate footprint in high-volume trade corridors. In March 2024, the firm completed its corporate rebranding from FleetCor Technologies to Corpay, aligning the parent name with its highest-growth business line (per the firm's official communications, March 2024). The change signaled a strategic emphasis on accounts-payable payments over its legacy fuel-card origins, though fleet remains a stable recurring-revenue base. Corpay's architecture differs fundamentally from consumer fintechs: it sits inside corporate treasury workflows rather than displacing banks, acting as a closed-loop network that captures a spread on every transaction without carrying credit exposure to individual consumers. The company has returned capital aggressively through share buybacks, funded by operating cash flows rather than leverage, and maintains a multi-year acquisition pipeline targeting niche payment verticals in Europe and Latin America.

## Sectors

- FinTech
- Payments

## People

- Ron Clarke — Chairman & CEO

## Questions

### How does Corpay monetize accounts-payable automation?

Corpay does not charge annual software license fees for the AP automation product formerly known as Paymerang. Revenue comes from payment interchange — specifically, the spread earned when supplier payments are routed through the company’s virtual-card network. The firm shares a portion back to clients as rebates, reporting that it pays out more than $800 million in rebates annually (per the firm, 2024).

### Is Corpay’s AP-automation product a software license or a managed service?

It is a fully managed service. Corpay takes on vendor data maintenance, payment execution, tax-form collection, and error resolution, rather than delivering a tool that a client’s accounts-payable team operates independently. Marketing materials describe it as the only fully managed AP automation solution on the market (per the firm, 2024).

### Who are the underlying banking partners for Corpay’s virtual-card program?

The Corpay Mastercard is issued by Regions Bank and Fifth Third Bank, N.A., pursuant to licenses from Mastercard International Incorporated (per the firm, 2024). These bank relationships underpin the virtual-card issuance and interchange economics.

### What size is the vendor network that Corpay’s AP product accesses?

The firm reports a vendor network of 3.8 million suppliers that clients can tap into for electronic payment enrollment. Vendors self-onboard, update their own banking details, and choose their preferred payment method through a portal, which reduces support-ticket volume for client AP teams (per the firm, 2024).

### What do Corpay’s public financials show for scale?

Corpay reported $4.0 billion in revenue and $1.4 billion in adjusted net income for full-year 2024. It counts over 800,000 business clients, and the corporate-payments segment that includes the former Paymerang AP-automation capability is one of three primary business segments (per the firm, 2024).

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Last updated: 2026-07-06T00:32:29.558Z

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