Specifically, Gringo operates a mobile application that enables drivers in Brazil to manage and pay for vehicle-related expenses, including taxes, registration, and fines. The company has been expanding its revenue at an annual rate exceeding 30% according to the official press release.
Corpay officials stated that the acquisition marks the company's second investment in the vehicle-related payments sector. They noted that the market for vehicle compliance payments is significantly larger than that of toll payments and remains relatively untapped, presenting substantial growth potential.
Company officials also indicated that the addition of Gringo, along with the previously acquired Zapay, is expected to improve Corpay’s overall organic revenue growth in Brazil by three percentage points this year.
They further stated that Corpay aims to integrate its range of vehicle payment solutions, including tolls, fuel, parking, and insurance, into Gringo’s platform, which has 2.5 million monthly active users. The company anticipates operational efficiencies from incorporating Gringo into its existing Brazilian operations. The acquisition is pending regulatory approval and is projected to be finalised by the end of the first quarter of 2025.
Corpay provides commercial payment solutions, including business, fleet, and virtual cards, as well as accounts payable automation services. The company specialises in invoice digitization, payment automation, and cross-border transactions for businesses worldwide.
In December 2024, Corpay announced that it finalised the acquisition of GPS Capital Markets. The announcement came just a few months after Corpay entered into a definitive agreement to buy GPS Capital Markets.
At the time, Corpay projected a substantial profit contribution from both acquisitions. Overall, the two corporate payment deals closed in 2024 by Corpay were set to contribute to over USD 200 million in revenue and nearly USD 0.50 of cash EPS accretion in 2025.
Furthermore, Corpay completed the divestiture of Comdata Merchant POS Solutions, a point-of-sale hardware and software for truck stop merchants, to a private equity-backed company PDI Technologies. The transaction comes as a result of a 2023 strategic review that aimed to optimise the company’s operations and focus on its core business.
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