Fleetcor's Corpay undergoes a rebranding: President Mark Frey discusses international expansion and FY 23 financial results
Fleetcor Transforms into Corpay: A Focus on Corporate Payments and Growth
Fleetcor, a leading global provider of business payment solutions, is undergoing a significant transformation. The company, which has been considering spinning off its Corporate Payments division to become a standalone entity, has instead opted to rebrand the entire company as Corpay. This change is set to take effect in March.
The decision to rebrand comes as Fleetcor's Corporate Payments division, now known as Corpay, experiences strong growth. In Q4 of 2023, Corpay experienced a 15% YoY growth, and a 27.5% increase to $981m for the full year. This growth was driven by robust organic revenue growth, with a 11% increase in the first half of 2025.
Corpay's success is particularly evident in its Corporate Payments segment, which saw a 34.4% revenue growth in the first half of 2025. This growth was fueled by a 19% increase in transaction volume and strong new sales in payables and cross-border solutions. Vehicle Payments also contributed to growth with an 8% organic revenue growth from new sales and acquisitions.
The strategic focus on higher growth Corporate Payments assets is evident in Fleetcor's divestiture activity and capital redeployment. The company has been actively seeking acquisitions that complement and expand its payment capabilities and geographic reach, such as the acquisition of Alpha Group International. This disciplined approach also involves seeking contract renewals only when economically attractive, indicating a strategic tightening of focus and carefully targeted growth investments.
The rebranding from Fleetcor Technologies to Corpay signals a strategic realignment emphasizing Corpay's corporate payments platform and higher-growth priorities. By operating under the Corpay name, the company is positioning itself as a more specialized, payment solutions provider with a sharpened future strategy centered on corporate payments, cross-border solutions, and technological innovation in payments. This rebranding supports clearer market identity and aligns the business model to pursue growth in these higher-margin, scalable payment services more aggressively.
Mark Frey, President of the Corporate Payments Group, was interviewed about the division's role within the rebrand, the factors driving its growth, and its future strategy. The interview did not disclose any specific details about Corpay's M&A prospects.
In summary, the key factors driving Corpay's growth include robust organic growth in Corporate Payments, strategic acquisitions that complement and expand payment capabilities and geographic reach, portfolio optimization through divestitures to focus capital on higher-growth opportunities, and reevaluation and disciplined contract renewals to improve economic terms and profitability. The rebranding to Corpay reinforces this future strategy by sharpening the company’s identity around corporate payment solutions and growth focus, helping to attract customers, partners, and capital aligned with this vision.
Fleetcor, as a whole, also saw a 10% increase in FY 23 revenues to $3.7bn. The strong growth of Corpay prompted a share price rise, beating analyst forecasts. Corpay saw over 40% growth in sales in Q4 and over 50% growth for FY 23, selling to over 100,000 new B2B clients in 2023. Corpay's Q4 23 operating income increased by 51% YoY to $101m, and by 40% to $382m for the full year.
As part of the rebranding, Corpay launched platform solution Corpay Complete to broaden its mid-market offering. The strong growth of Corpay is attributed to this robust sales, as mentioned earlier. The rebranding of Fleetcor to Corpay will encompass the entire company, with Corpay's Corporate Payments division set to be integrated within the rebranded Corpay company.
- The transformation of Fleetcor into Corpay signifies a shift in focus from the overall business to corporate payments and growth, aiming to position the company as a specialized provider of payment solutions for corporate clients.
- The growth of Corpay has been fueled by investing in strategic acquisitions, robust organic growth, portfolio optimization through divestitures, and reevaluating contract renewals to ensure alignment with higher-margin, scalable payment services.
