Mastercard completed a $300 million minority investment in Corpay’s cross‑border payments unit, acquiring a 2.3% equity stake and valuing the segment at approximately $13 billion. The transaction closed on December 8, 2025 and establishes a new commercial partnership that will bring Corpay’s cross‑border services to Mastercard’s financial‑institution customer base.
The deal is strategically significant for both companies. For Corpay, the capital injection and access to Mastercard’s extensive network of banks and other financial institutions accelerate the expansion of its Corporate Payments division. For Mastercard, the investment deepens its presence in the high‑growth B2B cross‑border payments market and provides exclusive access to Corpay’s virtual‑card solutions, creating a two‑way channel for new revenue streams.
Corpay’s management has outlined a clear growth plan: the cross‑border unit, now valued at $13 billion on a 20‑times forward EBITDA multiple, is expected to generate more than $2 billion in revenue in 2026 and represent over 40% of the company’s total revenue. The $300 million investment will fund further acquisitions and technology enhancements that support this trajectory.
The partnership also expands Mastercard Move, the issuer’s real‑time, time‑sensitive payment platform, into additional geographies through Corpay’s network. While specific markets were not disclosed, the expansion will enable faster, more efficient cross‑border disbursements for Mastercard’s clients.
Ron Clarke, Corpay’s CEO, said the deal “strengthens our position in the cross‑border market and unlocks new growth opportunities.” He highlighted recent acquisitions of Paymerang, GPS, and Alpha, and a minority stake in AvidXchange, noting that these moves, combined with the Mastercard investment, position Corporate Payments to exceed $2 billion in revenue next year.
The global cross‑border payments market is projected to surpass $250 trillion by 2027. By combining Corpay’s expertise and customer base with Mastercard’s Move platform, the two companies are poised to capture a larger share of this expanding market, reinforcing their competitive positions and supporting long‑term growth.
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