Corpay Inc. - Market Research Report

Company Overview

• Name: Corpay Inc.

• Mission: To simplify how businesses pay expenses in a simple, controlled manner.

• Founded: No information is available.

• Founders: No information is available.

• Key People:

• Crystal Williams, Chief Human Resources Officer

• Peter Dragicevich, Currency Strategist

• Headquarters: No information is available.

• Number of Employees: No information is available.

• Revenue: $3.8B (2023)

• What the Company is Known For: Corpay is known for providing corporate payment solutions including AP automation, commercial cards, and cross-border payments.

Products

AP Automation

• Description: Streamlines accounts payable processes to save time and reduce errors.

• Key Features:

• Cost reduction

• Customizable controls

• Simplified processes

• Enhanced insights

Commercial Cards

1. Corpay Multi-Card

• Description: A multi-use card that consolidates different types of expenses.

• Key Features:

• Monthly cash rebates and nationwide discounts

• Security and fraud monitoring

• Real-time purchase notifications

• Paperless reporting, coding, approval, and reconciliation

2. Corpay Virtual Card

• Description: A digital payment solution for secure transactions.

• Key Features:

• Monthly cash rebates

• Flexible payment terms and funding options

• Customizable rules and controls

• Expansive vendor network

3. Expense Management

• Description: Tools for managing business expenses.

• Key Features:

• Automated coding and approvals

• Robust controls

• Real-time reports and transaction information

Cross-Border Payments

• Description: Payment solutions designed to handle cross-border transactions and mitigate currency risks.

• Key Features:

• Automated processes

• Proprietary payment networks

• Integrated platforms

• Custom controls

• Digital payment processes

Recent Developments

• New Partnerships:

• Manchester City Partnership: Corpay Cross-Border partnered with Manchester City to become their Official Foreign Exchange Partner.

• Finzly Collaboration: Partnered with Finzly to deliver enhanced FX offering for financial institutions.

• New Products: No information is available.

• Features Added to Existing Products: No information is available.

Industry News & Recognitions

• Awards and Recognition:

• Global Payments Innovation Awards 2023: Best Payment Provider – Global

• Pay360 Awards 2023: Best International Payments, Remittance or Use of FX

• Fintech Breakthrough Award 2023: Best B2B Payments Company

• Paytech Awards 2023: Top Innovation in Payments

• FXC Intelligence 2024: Top 100 Cross-Border Payment Companies

• The Rewards 2023: Payments Provider Award

• Global Brands Awards 2023: Best New Cross-Border Payment Solutions Provider, Global

• Global Finance’s FX Tech Awards 2023: Most Innovative Non-Bank for FX and Best FX for Payments Solution

• Adam Smith ASIA Awards 2023: Best Foreign Exchange Solution

• Global Payroll Awards: International Payments Supplier of the Year 2024

• Global Business Tech Awards: Fintech Company of the Year 2024

• Banking Tech Awards USA: Best as-a-Service Solution for Payments

Financial Performance

• Adjusted Net Income: $1.3B (2023)

• Key Metrics:

• $108.5B+ traded annually in FX

• 21,000+ commercial and private customers globally

• 4.1M+ payments made annually

• $39B+ in payments (Jan-Nov 2021)

Case Studies

• JP Cullen: Automated subcontractor payments, reducing AP time and costs.

• Headquarter Automotive: Implemented automation to reduce payment processing time by three days each month.

• Lookout: Automated dynamic approval chains and managed costs effectively.

• ThoughtSpot: Used cutting-edge automation in accounts payable with Corpay Complete.

• Internet Company: Saved $3.5M per month with Corpay Complete’s end-to-end functionality.

• TS Manufacturing: Managed FX risk with a blend of tools.

• Merchant & Gould: Optimized email workflows, saving significant time.

Customer Testimonials

• Chris Kolodziejski, CEO and Co-Founder, Chella: Praised for reducing paperwork and managing payments online.

• Ward Hepting, President, Legacy Bus Sales: Appreciated personalized service versus a large corporate entity approach.

• Andrew Wong, Controller, ScanDesigns: Commended Corpay’s responsive account team and currency management.

• Robert D'Onofrio, General Manager, Stile Brands: Highlighted the benefits of direct vendor payments and expert market analyses.

• Joseph Fanutti, CFO, Bill Gosling Outsourcing: Valued customizable solutions aligned with their budget.

• Cy Fogel, CEO, You're Furnished: Noted outstanding service and a deep understanding of their company’s success.

Media Highlights

• Canadian Dollar Climbs: Commentary on Canadian dollar's performance.

• Partnerships & Collaborations: Agreements with Manchester City and Finzly.

• Market Insights: Regular updates and analyses on currency markets.

• Press Releases: Announcements of new partnerships and achievements.

Conclusion

This report has utilized existing data to provide a comprehensive overview of Corpay Inc. focused on its operations, products, recent developments, industry news, and recognitions without additional commentary.