Mastercard has closed a $300 million minority investment in Corpay’s cross‑border payments unit, valuing the business at approximately $10.7 billion and giving Mastercard a stake of roughly 3%. The deal, announced on December 8, 2025, follows an April 29 announcement of the transaction’s terms.
The investment is part of Mastercard’s broader strategy to expand its presence in the fast‑growing cross‑border B2B payments market. Under the agreement, Corpay will become the exclusive provider of currency‑risk management and integrated large‑ticket cross‑border payment solutions for Mastercard’s financial‑institution clients. In addition, Corpay will offer Mastercard virtual‑card programs exclusively to its customers, and Mastercard Move services will be extended to Corpay’s user base, creating a tightly integrated ecosystem that leverages both companies’ strengths.
Corpay’s cross‑border unit has been a key growth engine for the company. In Q3 2025, the unit generated $1.172 billion in revenue, up 14% from $1.029 billion in Q3 2024, reflecting strong demand from commercial clients seeking efficient international payment solutions. The $10.7 billion enterprise valuation—equivalent to a 20‑times forward EBITDA multiple—underscores the premium placed on Corpay’s technology and customer relationships.
Mastercard’s own Q3 2025 revenue reached $8.6 billion, a 17% year‑over‑year increase, driven by higher volumes in its commercial card and payment‑processing segments. The partnership is expected to accelerate Mastercard’s Move platform rollout and deepen its service offering beyond traditional card processing, positioning the company to capture a larger share of the double‑digit‑growth cross‑border payments market.
"This represents the natural extension of our commercial cross‑border solutions," said Raj Seshadri, Chief Commercial Payments Officer at Mastercard. "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."
Ron Clarke, Chairman and CEO of Corpay, added, "We’re incredibly excited about this investment and new partnership with Mastercard. We expect Mastercard’s sponsorship of our cross‑border solutions to accelerate our financial‑institution revenue build and extend our longstanding card‑issuing relationship with Mastercard."
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.