All Access

Fintech Deals

Standard

Fintech Deals Alerts

Alert

Fintech Deals Thought Bubble

Thought Bubble

mustard

BFD Expert Voices - Private Credit

BFD Expert Voices

Corpay is doubling down on corporate payments, aiming to invest $1 billion a year in acquisitions and partnerships, EVP of corporate development and strategy Steve Greene tells Axios Pro.

Context: Over the past 12 months, Corpay has acquired GPS Capital Markets, agreed to buy U.K.-based Alpha Group, and partnered with TPG to take AvidXchange private.

It also brought in Mastercard as a $300 million investor in its cross-border division alongside an exclusive distribution partnership for financial institutions.

(This interview has been edited for clarity and brevity.)

Axios: How are you using M&A to drive Corpay's growth strategy?

Greene: "We generate a lot of cash, and our No. 1 use of that capital is acquisitions. 

We aim to invest about $1 billion a year, with priority one, two and three being corporate payments businesses. 

With the deals we've announced recently, more than 40% of our revenue will come from corporate payments next year."

"We think about corporate payments in two buckets: domestic payables — helping businesses pay other businesses via card, ACH or check — and cross-border. 

Both are huge markets, but cross-border is especially attractive because middle-market companies are underserved by big banks. 

We've now done five acquisitions in the space since 2017, including GPS in the U.S. and Alpha Group in the U.K."

"It's a good business growing around 40% annually, but the real prize was two things: alternative bank accounts, which make it easier for corporates to set up accounts abroad, and deep relationships with institutional funds like private equity and real estate investors. 

Those clients also need FX and hedging, so it's a perfect fit."

How did Mastercard's investment come about?

"That's a different kind of deal: They invested $300 million in our cross-border unit. 

For us, it's about credibility and access: Mastercard can open doors with banks everywhere."

Why structure the AvidXchange deal with TPG as a minority investment?

"Avid is one of the largest AP automation businesses, right in our wheelhouse. But we think it needs transformation, and that journey is better done outside the glare of the public markets. 

Our hope is to help improve the business and eventually buy more of it down the road."

What's your overall read on the M&A market right now?

"It's a barbell. High-quality payments companies growing 15% to 20% a year still fetch high multiples, sometimes above where public comps trade. 

But there's a steep drop-off for slower-growth assets, and some can't get deals done at all. 

Interest rate cuts could spur more demand for slower-growth assets, but for now, only the highest-quality payments companies are commanding premium valuations."

Expert Voices: Corpay EVP Steve Greene on the company's M&A strategy

Inside the company's pivot from fuel cards to payments.

Photo illustration of Steve Greene beside the Corpay logo.

Photo illustration: Axios Visuals. Photo: Corpay

Corpay is doubling down on corporate payments, aiming to invest $1 billion a year in acquisitions and partnerships, EVP of corporate development and strategy Steve Greene tells Axios Pro.Context: Over the past 12 months, Corpay has acquired GPS Capital Markets, agreed to buy U.K.-based Alpha Group, and partnered with TPG to <a class="gtmContentClick" data-vars-link-text="take AvidXchange private" data-vars-click-url="https://investor.corpay.com/news-releases/news-release-details/corpay-invests-alongside-tpg-acquire-avidxchange" data-vars-content-id="dc3bcb8c-3163-4703-8255-1432e88e155b" data-vars-headline="Expert Voices: Corpay EVP Steve Greene on the company&#x27;s M&amp;A strategy" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://investor.corpay.com/news-releases/news-release-details/corpay-invests-alongside-tpg-acquire-avidxchange" target="_blank">take AvidXchange private</a>.

topics

politics-policy

epstein-files

donald-trump

2026-midterm-elections

immigration

behind-the-curtain

race-and-equity

technology

privacy-tech-regulation

automation-and-ai

tiktok-news

big-tech

social-media

cybersecurity

economy

social-security

inflation

tariffs

federal-reserve

jobs

transportation

business

stock-market-news

retail-news

crypto

Expert Voices: Corpay EVP Steve Greene on the company's M&A strategy

What to read next