Welcome to our dedicated page for CORPAY news (Ticker: CPAY), a resource for investors and traders seeking the latest updates and insights on CORPAY stock.
Corpay, Inc. (NYSE: CPAY) is a global S&P 500 corporate payments company that regularly issues news on its business performance, acquisitions, partnerships and product launches. As a provider of commercial cards, accounts payable automation and cross-border payment solutions, Corpay’s updates often highlight developments across its Vehicle Payments, Corporate Payments, Lodging Payments and Cross-Border activities.
On this news page, readers can follow Corpay announcements about financial results, including quarterly earnings updates and guidance discussions that the company furnishes through press releases and related 8-K filings. These communications provide context on organic revenue trends across segments such as Corporate Payments and U.S. Vehicle Payments, as well as commentary from senior leadership on business conditions and strategic priorities.
Corpay also publishes news on mergers, acquisitions and investments, such as the completion of its acquisition of Alpha Group International plc and its minority investment in AvidXchange, as well as credit facility amendments that support these transactions. In addition, the company announces strategic partnerships, including cross-border collaborations with organizations like Mastercard, the National Hockey League and BLAST, which showcase how Corpay’s foreign exchange and global payment capabilities are applied in financial services, sports and entertainment.
Product and solution updates form another important category of Corpay news. Examples include the launch of USCIS Navigator, an automated payment solution built to help U.S. immigration law firms comply with new USCIS payment requirements by using virtual cards and automated form generation. Research and thought leadership from Corpay-affiliated businesses, such as Alpha Group’s work on FX volatility and liquidity risk, also appear in the news flow.
Investors, customers and analysts can use this page to monitor Corpay’s latest announcements across earnings, corporate development, partnerships, product innovation and risk management research, and to track how the company’s corporate payments and cross-border solutions evolve over time.
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.
Corpay, Inc. (NYSE: CPAY) has announced the acquisition of Paymerang, a leader in accounts payables automation solutions, to strengthen its presence in key vertical markets such as education, healthcare, hospitality, and manufacturing. The deal, expected to close in Q2 2024, will expand Corpay's merchant network to over 1.25 million vendors, processing $120 billion in annual spend.
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