Corpay One Company Profile

Background

Overview

Corpay One, formerly known as Roger.ai, is a financial technology company specializing in automating accounts payable (AP) processes for small and medium-sized businesses (SMBs). Founded in 2016 by Cathrine Andersen and Christian Rasmussen, the company aims to simplify and streamline bill payments, expense management, and bookkeeping tasks. In January 2021, Corpay One was acquired by Corpay Inc. (formerly Fleetcor Technologies), a global S&P 500 corporate payments company.

Mission and Vision

Corpay One's mission is to make accounts payable less manual and more automatic, enabling SMBs to control expenses, simplify bookkeeping, and gain better financial visibility. The company also empowers accountants and bookkeepers to deliver automation and client accounting services, helping them stay competitive in a rapidly changing landscape.

Industry Significance

Operating within the financial services and fintech industries, Corpay One addresses the critical need for efficient and automated financial processes among SMBs. By integrating advanced technologies into traditional financial workflows, the company enhances operational efficiency and accuracy for its clients.

Key Strategic Focus

Core Objectives

Automation of Financial Processes: Streamlining AP workflows to reduce manual tasks and errors.

Expense Management: Providing tools for businesses to monitor and control spending effectively.

Integration with Accounting Systems: Ensuring seamless synchronization with platforms like QuickBooks Online, Xero, and Sage Intacct.

Areas of Specialization

Accounts Payable Automation: Automating bill payments through various methods, including ACH, check, wire, and virtual cards.

Spend Management: Offering solutions like the Corpay One Mastercard® to manage and control business expenses.

Workflow Automation: Implementing no-code workflows for approvals, expense routing, and bookkeeping tasks.

Key Technologies Utilized

Artificial Intelligence (AI): Leveraging AI to scan and process invoices and receipts.

Machine Learning: Utilizing machine learning algorithms to improve data accuracy and workflow efficiency.

Cloud-Based Platforms: Providing scalable and accessible solutions through cloud technology.

Primary Markets Targeted

Corpay One primarily serves SMBs across various industries, including accounting firms, remote companies, and other businesses seeking to automate their financial processes.

Financials and Funding

Funding History

Seed Round (February 2017): Raised $2 million to support initial development and operations.

Series A (October 2019): Secured additional funding to expand product offerings and market reach.

Notable Investors

9Yards Capital

BootstrapLabs

Commerce.Innovated

Dan Wernikoff

Flight Ventures

These investors have contributed to Corpay One's growth and development in the fintech sector.

Acquisition by Corpay Inc.

In January 2021, Corpay One was acquired by Corpay Inc. (formerly Fleetcor Technologies) for $38.6 million. This acquisition aimed to enhance Corpay's B2B online bill payment offerings and expand its footprint in the U.S. market.

Technological Platform and Innovation

Proprietary Technologies

AI-Driven Invoice Processing: Utilizes artificial intelligence to automatically scan and process invoices and receipts, reducing manual data entry.

No-Code Workflow Automation: Allows users to create custom workflows for approvals, expense routing, and other financial processes without coding knowledge.

Significant Scientific Methods

Machine Learning Algorithms: Employed to enhance data accuracy, predict financial trends, and optimize workflow efficiency.

AI-Driven Capabilities

SmartMatch Receipt Matching: Automatically matches receipts to corresponding transactions, simplifying reconciliation processes.

Automated Expense Coding: Categorizes expenses based on historical data and predefined rules, streamlining bookkeeping tasks.

Leadership Team

Key Executives

Cathrine Andersen: Co-founder and Product Lead. Post-acquisition, she continues to lead product development initiatives at Corpay One.

Christian Rasmussen: Co-founder. Instrumental in the company's technological advancements and strategic direction.

Competitor Profile

Market Insights and Dynamics

The spend management and accounts payable automation market is experiencing significant growth, driven by the increasing demand for efficient financial processes among SMBs. The integration of AI and machine learning technologies is a key trend, enhancing the capabilities of financial automation solutions.

Competitor Analysis

Ramp: Offers a corporate card with spend management software designed to help companies spend less. Features include expense management, accounts payable, procurement, and accounting automation.

BILL AP/AR: Provides financial automation software for SMBs, empowering businesses to automate their finances for greater efficiency and control.

BILL Spend & Expense (Formerly Divvy): A free, fully-automated proactive spend management platform offering instant visibility and control over company spend and expenses.