FleetCor has finalized the purchase of the cross-border payments firm Associated Foreign Exchange, completing a series of
As part of the $500 million acquisition announced last year, AFEX will join FleetCor’s Cambridge Global Payments unit in processing cross-border payments for a collective group of 30,000 corporate customers in 145 currencies, FleetCor said Wednesday.
FleetCor, based in Atlanta, next plans to unify its various corporate payments businesses under a new brand, Corpay. The brand, in development for more than a year, will streamline sales and marketing of diverse services that reach 12 countries on three continents, FleetCor said in a press release.
In addition to AFEX, FleetCor acquired the accounts payable automation specialist
FleetCor will combine these resources under the Corpay banner—along with the cloud-based AP software provider Roger ai. FleetCor bought the Copenhagen-based Roger ai this year.
“We’ve done well in building separate brands, but we can do more through economies of scale under one brand, while eliminating some of the confusion that might come from overlapping services we offer and enabling us to do more cross-selling to existing customers, Mark Frey, Cambridge’s president, said in an interview.
Along with cross-border payments and AP automation, Corpay will offer online bill payment services, virtual cards, currency hedging, expense management and mobile purchasing solutions across broad industry channels, according to Frey.
“The combination of services we’ve put together lets us partner with banks that are looking to get into cross-border payments or put together customized solutions for corporations, like a fintech. And we can do this better by going to market as a single force under a consolidated brand,” Frey said.
FleetCor’s Corpay brand serves more than 750,000 merchants, according to its website.
