Mastercard is investing $300 million for a three percent stake in Corpay, a company specializing in cross-border corporate payments.
This investment is part of an expanded partnership, making Corpay the exclusive partner for commercial cross-border payments offered to Mastercard’s financial institution clients. This collaboration aims to provide Mastercard’s clients and their customers with easier access to comprehensive cross-border payment solutions, encompassing both carded and non-carded options for all transaction sizes.
Corpay will be the sole provider of currency risk management and large-ticket cross-border payments for Mastercard’s financial institution clients. Additionally, the companies will enhance their virtual card partnership, with Corpay exclusively offering Mastercard’s virtual card programs.
Raj Seshadri, chief commercial payments officer at Mastercard, stated, “Our work with Corpay expands our reach into the large and growing cross-border B2B payments space, helping our financial institution partners address the non-carded needs of their commercial customers simply and efficiently.”