Pending Regulatory approval and closing in Q4'2025, Corpay expanded its cross-border capabilities with the acquisition of Alpha Group, enhancing its presence in Europe and reinforcing its position as a leader in B2B payments.
1. Transaction Overview
- Corpay's acquisition of Alpha, a x-border and FX specialist, fortifies Corpay’s x-border position and solidifies Corpay as a leader in B2B payments.
- The combined entity unlocks new geographic corridors and strengthens Corpay’s positioning in Europe.
- Alpha's global multi-currency accounts, FX features, and focus on institutional funds are complementary to Corpay’s B2B X-Border business.
- The acquisition is pending regulatory approvals and is anticipated to close in Q4 2025.
2. Stock Price Relative Performance
(YTD through Jun 25, 2025; indexed to 100)
3. Corpay Revenue by Segment
(in USD million)
Corpay generates revenue across four segments, with corporate payments contributing the largest share.
- Vehicle Payments: solutions across use cases such as fuel, tolls, and parking
- Corporate Payments: includes AP automation, virtual cards, and x-border
- Lodging Payments: traveling accommodations for employees, airline crews, etc.
- Other: includes gift and payroll card operating segments
Corpay's corporate payments segment has been a growth engine since ‘21. The entity offers B2B X-Border, Domestic payments & AP automation for enterprises globally.
- Corpay has a long M&A track record, including other B2B X-border payments deals: Cambridge Global Payments (2017) and AFEX (2021).
- Corpay completed 19 acquisitions between 2015 and 2025, during which their market cap grew from $13.5 billion to $22.3 billion.
4. Corpay M&A Timeline
(select key examples)
5. Alpha Group Segment Overview
6. Alpha Group Revenue by Segment
(in GBP billion)
- Alpha, a specialist B2B X-Border payments and FX fintech, serves institutional investors and corporates with global multi-currency accounts, FX, and treasury features.
- Alpha holds c.$2 billion in deposits across c.7000 client accounts globally, with strong revenue concentration in Europe and the UK.
- In late 2023, Alpha acquired the multi-bank treasury platform Cobase, which provides centralized treasury, cash management, and bank connectivity to corporate clients.
7. Timeline of M&A in X-Border Payments
(select key events)
- M&A activity in B2B and x-border payments has been brisk.
- Large fintechs (e.g., Corpay, Payoneer, Visa Direct) are acquiring regional or specialized x-border fintechs to rapidly expand their scale and extend product capabilities.
- Buyers are using M&A to fill-in their geographic footprint and to expand vertical specializations across a range of use cases.
Please do not hesitate to contact Anupam Majumdar at Anupam@FlagshipAP.com or Rom Mascetti at Rom@FlagshipAP.com with comments and questions.