Corpay is a B2B payments company that helps businesses replace manual, paper-based payment methods with specialized digital payment tools that give finance teams control, visibility, and data over vendor and employee spending. Corpay operates two core businesses. Corporate Payments (~40% of revenue) covers AP automation, cross-border payments, commercial cards, and multicurrency accounts. In AP automation, Corpay takes over a company's accounts payable process, paying vendors via virtual card, ACH, wire, or check, and earns interchange when vendors accept card payments. In cross-border, Corpay — the largest non-bank cross-border payments provider — earns a spread on currency conversions. Vehicle Payments (~45% of revenue) provides fuel cards, toll payments, and vehicle compliance tools to fleet operators across the U.S., Europe, and Brazil. In Brazil, Corpay's Sem Parar network is the dominant electronic toll provider and has expanded into adjacent categories like vehicle registration, insurance, and EV charging. Corpay also operates a Lodging segment (~10% of revenue), which manages hotel bookings for businesses, airlines, and insurers, though this segment has been declining due to customer losses. Corpay earns revenue through transaction fees, FX spreads, interchange, and float income on customer deposits. Corpay's growth strategy is focused on rotating toward Corporate Payments through acquisitions, including Alpha (European cross-border) and a minority stake in AvidXchange (AP automation), while divesting non-core vehicle payment assets. A Mastercard partnership gives Corpay a channel to access cross-border flows held by financial institutions.