Mastercard is paying $300 million for a three per cent stake in the cross-border business of corporate payments outfit Corpay.
The investment is part of an expanded partnership between the two firms that sees Corpay become exclusive partner for commercial cross-border payments distributed to Mastercard’s financial institution customers.
This, says Mastercard, will see its clients and their customers get simplified access to robust, end-to-end cross-border payments choices, including carded and non-carded solutions supporting all ticket sizes.
Corpay will be the exclusive provider of currency risk management and integrated large-ticket cross-border payments to Mastercard’s financial institution customers. The companies will also extend their virtual card collaboration, with Corpay exclusively offering Mastercard virtual card programmes to its customers.
Raj Seshadri, chief commercial payments officer, Mastercard, says: “Our work with Corpay expands our reach into the large and growing cross-border B2B payments space helping our financial institution partners deliver on the non-carded needs of their commercial customers, simply and efficiently.”