Corpay Completes Mastercard’s Minority Investment in Cross-Border Business

Key Terms

enterprise valuation financial

Enterprise valuation is an estimate of what an entire business is worth to a buyer, combining the value of its equity with obligations like debt while subtracting cash that would come with the company. Think of it as the full purchase price someone would pay for a house after accounting for the mortgage and any cash in the bank; investors use it to compare companies fairly, assess takeover prices, and judge whether a stock is cheap or expensive on an apples‑to‑apples basis.

equity stake financial

An equity stake is the portion of ownership in a company represented by holding its shares, like owning a slice of a pie where the size of your slice determines your claim on profits and decision-making power. For investors it matters because the size and type of that stake affect potential returns, influence over company strategy, exposure to risk, and vulnerability to dilution if more shares are issued.

commercial partnership financial

A commercial partnership is a formal agreement between two or more businesses to work together on selling, distributing, marketing, or developing products or services so they can reach customers or generate revenue more effectively. For investors it matters because such deals can open new markets, share costs and risks, speed up growth, or create steady revenue streams—like two shops teaming up so each can offer more products and attract more customers than they could alone.

real-time transactions technical

Real-time transactions are trades or payments that are executed and recorded instantly as they happen, so buyers and sellers see the change immediately. For investors, this provides up-to-the-second information on prices, volumes and cash flows—like watching a live scoreboard rather than a delayed summary—helping with faster decision-making, detecting market shifts, and managing risk more effectively.

foreign currency exposure financial

Foreign currency exposure is the risk that a company’s or investor’s cash flows, assets, liabilities or earnings will change in value because exchange rates move between different currencies. Like owning property that pays rent in another country’s money, currency swings can make reported profits, cash flow and investment values look better or worse when converted to your home currency, so investors track exposure to assess potential volatility and the need for hedging.

Transaction values Corpay Cross-Border Business at approximately $13 billion

ATLANTA--(BUSINESS WIRE)-- Corpay, Inc. (NYSE: CPAY), the corporate payments company, today announced that it has completed Mastercard’s (NYSE: MA) $300 million minority investment into Corpay’s cross-border business.

In April, Mastercard announced the $300 million investment at an approximately $13.0 billion enterprise valuation (inclusive of the recently closed Alpha Group PLC transaction) for a ~2.3% equity stake.

In combination with the investment, Mastercard and Corpay signed a new commercial partnership aimed at bringing Corpay cross-border services to Mastercard’s financial institution customer base.

Corpay also continues to increase its use of Mastercard Move in additional geographies for time-sensitive, real-time transactions.

“We’re thrilled to close this minority investment, establish a new cross-border partnership targeting FIs, and extend our longstanding card issuing relationship with Mastercard,” said Ron Clarke, Chairman and CEO of Corpay. “Along with our acquisitions of Paymerang, GPS and Alpha over the past 18 months, plus our minority investment in AvidXchange, our Corporate Payments 2026 revenue is expected to surpass $2 billion, and represent over 40% of the company’s total revenues next year.”

Corpay Cross-Border offers innovative solutions to banks, institutional investors and businesses to make and receive international payments in more than 160 currencies around the world and help manage foreign currency exposure.

Goldman Sachs & Co. LLC acted as exclusive financial advisor to Corpay, and Jones Day acted as legal counsel to Corpay.

About Corpay

Corpay (NYSE: CPAY), the Corporate Payments Company, is a global S&P 500 provider of commercial cards (e.g, business cards, fleet cards, virtual cards) and AP automation solutions (e.g., invoice and payments automation, cross border payments) to businesses worldwide. Our solutions “keep business moving” and result in our customers better controlling non-payroll expenses, mitigating fraud, and ultimately spending less. To learn more visit www.corpay.com.

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Corpay Investor Relations

Jim Eglseder

Jim.Eglseder@corpay.com

770-417-4697

Source: Corpay, Inc.