Corpay’s cross-border strategy: President Mark Frey on Q3 2023 earnings results

Fleetcor-owned Corpay is one of cross-border payments' biggest non-bank players catering to the B2B space, and has continued to see strong results in its Q3 2023 earnings. We caught up with Group President Mark Frey to find out more about the company's strategy.

Corpay, the Corporate Payments division of Fleetcor, has seen strong growth in Q3 2023 that has significantly outpaced that of its parent company. Corpay's revenue grew 31% YoY to $259m in the quarter, compared to Fleetcor's 9% increase on an organic basis to $971m.

Key to Corpay's growth was a 29% YoY increase in spend volume, which reached $39.5bn in Q3 2023. Cross-border sales also increased by 28%, driving cross-border revenues up by 19%. The company claims to now be the largest non-bank FX provider in the world, with around 80% of its business outside the US.

Corpay's business is driven by two main areas: payables and FX. The company's direct business increased by over 30% YoY, with particularly strong growth in accounts payable, which increased by 28% as the company attracts new customers mostly looking to modernise their AP operations.

While the company's last few years has seen it focus on building scale on the cross-border side and refining its software offering, it is now focusing on marketing and sales and is looking towards a goal of $1bn a year in revenue.

There is also the potential of a spin-or-merge play with Corpay, which could potentially see the acquisition of another player to merge it with Corpay and spin the new entity out to form a standalone business, something the company is in ongoing discussions about.

With these moves in mind, I caught up with Corpay Group President Mark Frey to find out what is in store for the company.

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Daniel is Founder and CEO at FXC Intelligence. Daniel is a leading influencer in the global payments space internationally. He is frequently invited to speak at industry conferences and provide insights and data on the sector. Daniel is widely quoted across the sector including in The Economist, Wall Street Journal, Reuters and Daniel is also a contributor for Forbes.com. FXC Intelligence's weekly industry newsletter is the most widely read in the international payments market.

Lucy is Head of Content & Editor-in-Chief at FXC Intelligence, overseeing all content and taking deep dives into the trends and data driving changes in payments. Before joining FXC Intelligence, Lucy worked as a technology journalist and editor, interviewing CEOs and major names across enterprise technology, including fintech. She has an MSc in Development Anthropology from Durham University.