Corpay to Acquire Brazil-Based Gringo to Expand Vehicle Payments Business

Corporate payments company Corpay announced Monday (Feb. 3) that it plans to acquire Brazil-based vehicle registration and compliance payment company Gringo.

Gringo offers a “super app for car drivers” and a national network that help drivers in Brazil pay for vehicle taxes, registration and fines instantly, Corpay said in a press release.

The app has 2.5 million monthly active users, according to the release.

Subject to regulatory approval, the transaction is expected to close by the end of the first quarter, per the release.

This is Corpay’s second acquisition in the “car debts” category, following its purchase of Zapay, Corpay Chairman and CEO Ron Clarke said in the release.

Clark said Corpay is “doubling down” in this space because the car debts addressable segment is three times larger than tolls, which is another segment targeted by Corpay; the car debts segment is expected to be “a meaningful contributor to future growth,” and Corpay plans to offer its full suite of vehicle payment products — tolls, fuel, parking and insurance — to Gringo’s users.

“We expect significant synergies from integrating it within our Brazil business,” Clarke said.

Corpay, formerly known as FLEETCOR Technologies, closed a majority investment in Zapay, a Brazilian vehicle payments company, in March.

The company said at the time in a press release that the investment further scaled its vehicle payments business in Brazil, providing access to Zapay’s 2 million monthly users and increasing Corpay’s reach to a total of 9 million drivers in the country.

Corpay reported in November that its vehicle payments segment took in $506.8 million during the previous quarter, up 1% from a year earlier.

“We’re confident that our revenue growth will accelerate in the fourth quarter, which positions us well heading into 2025,” Corpay said in a Nov. 7 earnings release.

Corpay completed the acquisition of B2B cross-border solutions provider GPS Capital Markets in December. The company announced the acquisition in June, with Clarke saying that the deal would help Corpay scale its corporate payments business.

Corpay signed a definitive agreement to acquire accounts payable (AP) automation solutions provider Paymerang in May, saying the deal would expand Corpay’s presence in the education, healthcare, hospitality and manufacturing verticals.

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