Corpay, Inc. (NYSE: CPAY), formerly known as FLEETCOR Technologies, Inc., is a leading global provider of corporate payment and spend management solutions. The company's business model centers on helping businesses control, simplify, and secure payments for specialized expense categories. Corpay operates through four primary reportable segments: Vehicle Payments, Corporate Payments, Lodging Payments, and Other. The Vehicle Payments segment provides solutions for fuel, tolls, parking, and fleet maintenance, utilizing proprietary networks like Fuelman to serve commercial fleets. The Corporate Payments segment offers accounts payable automation, virtual cards, and cross-border payment solutions to streamline domestic and international invoices. The Lodging Payments segment assists businesses in managing overnight travel and housing costs for employees and crews. The Other segment includes gift and payroll card solutions. Geographically, Corpay generates the vast majority of its revenue from the United States, Brazil, and the United Kingdom. The company generates revenue primarily through transaction fees, network fees, and payment processing margins. Corpay's competitive position is strengthened by its proprietary closed-loop networks, extensive merchant acceptance, and strategic acquisitions that have expanded its capabilities in B2B payments and cross-border transactions.
