FLEETCOR Technologies is rebranding to Corpay, saying the new name better reflects the range of corporate payment solutions the company offers.
The name change will take effect March 25, when the company’s stock will begin trading on the New York Stock Exchange under a new ticker symbol, CPAY, the global payments company said in a Thursday (March 7) press release.
“The Corpay name better represents what we do now, which is provide corporate payment solutions,” FLEETCOR Chairman and CEO Ron Clarke said in the release.
Corpay serves more than 800,000 business customers globally and is the No. 1 B2B commercial Mastercard issuer in North America, according to the release. In 2023, its revenues totaled $3.75 billion.
The company’s offerings include payments solutions designed to help customers manage their vehicle-related expenses, travel expenses and payables, the release said.
“We will use Corpay as the go-to-market brand for our Corporate Payments segment and retain our existing popular go-to-market brands in our Vehicle Payments and Lodging Payments segments,” Clarke said in the release.
The rebranding comes a year after FLEETCOR announced a board refresh and a strategic review that would encompass both the company’s portfolio and its business configuration.
The announcement also comes a day after the company closed a majority investment in Brazilian vehicle payments company Zapay, saying the move will further scale FLEETCOR’s Vehicle Payments business in the South American country.
That acquisition will give FLEETCOR access to Zapay’s 2 million monthly users, adding them to the 7 million drivers the company already serves in Brazil.
In another development, FLEETCOR company Comdata added a “pay-as-you-go” funding feature to its Connect Card for truck fleets. The feature enables users to pay with their credit or debit card or bank account, while still receiving the fuel discounts and rewards they receive when using their Connect Card.
In January, another FLEETCOR brand, Corpay, launched a spend management platform that aims to simplify corporate payments and spending into a mobile-ready solution. The new Corpay Complete offers finance teams a comprehensive solution that integrates corporate cards, expense reimbursements, accounts payable automation and supplier payments.
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