Mastercard and Corpay have announced a strategic expansion of their long-standing partnership, aimed at streamlining cross-border payment experiences for financial institutions and their customers. This collaboration will deliver a comprehensive suite of corporate payment solutions that span both carded and non-carded transactions, supporting a broad range of payment sizes.
As part of the agreement, Mastercard will make a $300 million minority investment in Corpay’s cross-border business, acquiring an estimated 3% equity stake. The investment reflects a $10.7 billion enterprise valuation, representing a 20x forward EBITDA multiple. This move further solidifies Mastercard’s commitment to delivering more flexible, scalable solutions in the global B2B payments landscape.
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The partnership is set to unlock several enhanced capabilities for Mastercard’s financial institution partners:
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Exclusive Currency Risk Management Solutions: Corpay will serve as the exclusive provider of advanced currency risk management and large-ticket cross-border payment services for Mastercard’s financial institution clients.
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Extended Virtual Card Collaboration: Building on their decades-long relationship, Corpay will now exclusively offer Mastercard-branded virtual card programs to its customer base, enhancing digital payment flexibility and security.
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Broader Access to Mastercard Move: Mastercard Move, which specializes in disbursements and remittances for smaller-ticket transactions, will now be accessible to more small and medium-sized enterprises (SMEs), including Corpay’s existing clients, across new markets.
“This represents the natural extension of our commercial cross-border solutions,” said Raj Seshadri, Chief Commercial Payments Officer, Mastercard. “Our work with Corpay expands our reach into the large and growing cross-border B2B payments space helping our financial institution partners deliver on the non-carded needs of their commercial customers, simply and efficiently.”
“We’re incredibly excited about this investment and new partnership with Mastercard,” said Ron Clarke, Chairman and CEO of Corpay. “We expect Mastercard’s sponsorship of our cross-border solutions will accelerate our financial institution revenue build.”