Mastercard has obtained a 3% share in payments platform Corpay, which processes large-scale transactions across more than 160 currencies globally.

The partnership designates Corpay as the singular supplier of currency risk management and integrated cross-border payment services for Mastercard’s financial institution clients. Their joint effort aims to simplify customer access to a wider array of payment methods, including carded and non-carded options.

Additionally, the agreement will extend their current virtual card partnership, with Corpay exclusively offering Mastercard’s client base its virtual card programs.

A Pathway to New Services

It is uncommon for a network to publicly disclose an investment in an issuer. While such moves might present challenges, they also provide Mastercard the chance to experiment with novel services.

“Clearly, there are advantages to this type of direct investment and partnership as Mastercard expands its cross-border product range and payment solutions,” explained Hugh Thomas, a Lead Analyst in Commercial and Enterprise Payments at Javelin Strategy & Research. “This investment suggests a level of transparent collaboration where Mastercard could gain firsthand insight into customer operations, identifying what works and what doesn’t.

“Nonetheless, while networks frequently support issuer partner initiatives, I have not observed a network directly investing in an issuer before. Without detailed knowledge of the agreement’s specifics, it would be premature to speculate extensively, but there’s potential risk for other issuers who might perceive Mastercard as favoring one of its competitors.”

Under this partnership, Mastercard will also broaden the availability of its cross-border services through Mastercard Move—its cross-border service suite—to small and medium-sized enterprises, including Corpay’s customer base. The readiness of a major card network to promote such an alliance indicates it is seen as a significant asset.

Corpay’s Strategic Acquisitions

Corpay has been actively purchasing other companies to bolster its corporate payments capabilities. It acquired GPS Capital Markets in December and Paymerang the year prior.

In February, Corpay announced plans to buy Gringo, a Brazil-based provider of vehicle registration and compliance payment services. This followed its acquisition of Zapay in 2024, which offered digital mobility solutions for paying vehicle taxes, registrations, and tickets.