← Embedded Finance Index 2026

Corpay

“Can Corpay own the entire B2B payments stack — from cross-border FX and AP automation to corporate cards — for mid-market and enterprise customers globally?”

HQAtlanta, GA, USA
IndustryFintech / Cross-border payments
The story

Originally operating as FLEETCOR Technologies' payments division, Corpay consolidated multiple acquired brands (Cambridge, Nvoicepay, Comdata, AFEX) under a single brand focused on corporate payments, FX, and AP automation. The company expanded from fleet/fuel cards into cross-border payments and business AP automation, positioning itself as the financial OS for mid-market and enterprise AP workflows. The launch of Corpay Complete represented a deliberate shift from point-solution FX to a full spend management platform competing with Tipalti and Coupa. The Cross-Border division operates as an embedded payments infrastructure layer, offering white-label FX and global payments APIs to financial institutions and fintechs.

Last 12 months
2026-05
2025-01
Product timeline
2020
FLEETCOR Technologies rebranded its unified payments portfolio under the Corpay brand.· pivot
2021
Corpay Cross-Border launched integrated partnership program offering RESTful API-driven global payments gateway to fintech and financial institution partners.· banking
2023
Corpay Complete launched as all-in-one AP automation, corporate card, and spend management platform for mid-market businesses with ERP integrations including NetSuite, QuickBooks, and Xero.· pivot
2026
Corpay completed refinancing, increasing its revolving credit facility to $3.7 billion and Term Loan A to $3.3 billion, extending maturities to 2031.· acquisition
Regulated entities
3
regulatory licences held by Corpay
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
6 layers disclosed in Corpay’s embedded-finance stack
Payments / PSP
Corpay Cross-Border (self-operated)Corpay Complete (self-operated)Corpay One (self-operated)
Money movement
in the full report
Lending
in the full report
FX & payouts
in the full report
Investing
in the full report
Accounting
in the full report
Accounting gap: none
10 more providers across 5 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.