Corpay (CPAY) FinTech Conference summary

Business transformation and brand evolution

• Name changed from FLEETCOR to Corpay to reflect a diversified business mix, with fleet/fuel now only a third of revenue and corporate payments nearly a third after the Paymerang acquisition.

• Consolidated multiple acquired brands under Corpay for improved recognition and marketing efficiency.

• Vehicle payments now include expanded services in Brazil and the UK, leveraging consumer and B2B ecosystems.

• Strategic review reinforced focus on core businesses: lodging, vehicle, and corporate payments.

• Overlap among business segments is low for clients but high for prospects, offering cross-sell opportunities.

Vehicle and EV payments strategy

• Brazil’s vehicle payments ecosystem monetizes 6,000+ locations, with 3M+ monthly app users and 7M tags, mostly consumers.

• UK strategy aims to replicate Brazil’s model, using PayByPhone to expand reach and monetize EV and maintenance assets.

• U.S. EV transition lags; focus remains on proving the UK model before U.S. expansion.

• Chargepass in the UK offers a three-in-one solution for EV, home, and traditional fueling, winning new fleet customers.

• Mixed fleet and EV solutions provide higher value and economics than pure combustion fleets.

U.S. fleet business and SMB pivot

• Large enterprise fleet business remains stable but is not a major growth driver due to lower economics.

• Shifted away from micro clients (fleets under 5 vehicles) due to high bad debt; now targets slightly larger fleets.

• Digital sales tools repurposed for larger SMBs; rebuilding sales force and processes to support this shift.

• Expecting sales and revenue growth to re-accelerate in the second half of the year as drags subside.

• Main competition for micro clients is general-purpose credit cards, not specialized fleet cards.