Corpay, the corporate payments company listed on the NYSE as CPAY, said it has completed Mastercard’s $300 million minority investment in Corpay’s cross-border business, concluding a transaction that Mastercard first announced in April and that places an enterprise valuation of approximately $13.0 billion on the unit.
Corpay said the April announcement pegged the $300 million investment at about a 2.3% equity stake, with the valuation described as inclusive of the recently closed Alpha Group PLC transaction. With the investment now closed, Corpay and Mastercard are expanding their strategic ties through a new commercial partnership intended to bring Corpay’s cross-border services to Mastercard’s financial institution customer base.
The companies also said Corpay will continue increasing its use of Mastercard Move in additional geographies to support time-sensitive, real-time transactions, extending an existing relationship between the two firms beyond equity ownership into product and distribution alignment.
Corpay Cross-Border provides international payments and currency risk management solutions to banks, institutional investors, and businesses, enabling customers to make and receive cross-border payments in more than 160 currencies and manage foreign exchange exposure. Corpay positioned Mastercard’s investment and the accompanying partnership as supportive of its broader corporate payments strategy, which has included acquisitions of Paymerang, GPS, and Alpha over the past 18 months, along with a minority investment in AvidXchange.
Corpay said that, based on its recent M&A activity and investment strategy, it expects Corporate Payments 2026 revenue to surpass $2 billion and to account for more than 40% of total company revenues next year.
Support: Goldman Sachs served as Corpay’s exclusive financial advisor, and Jones Day served as legal counsel to Corpay.
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“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.”
Ron Clarke, Chairman and CEO, Corpay
