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Corpay to Acquire Gringo, Expanding in Brazil’s Vehicle Payments Market

Author

Slice of Finance Team
06 Feb

Key Highlights:

  • Corpay (NYSE: CPAY) signs definitive agreement to acquire Gringo, a major vehicle payment app in Brazil.

  • Gringo’s digital platform serves 2.5M monthly active users, simplifying vehicle tax, registration, and fine payments.

  • Corpay expects the deal to accelerate Brazil’s organic revenue growth rate by three percentage points.

  • Acquisition to strengthen Corpay’s offerings, integrating tolls, fuel, parking, and insurance solutions for Brazilian drivers.

  • Transaction pending regulatory approval, expected to close by Q1 2025.

Source: Business Wire

Notable Quote:

❝

“We’re thrilled to announce the acquisition of Gringo, our second deal in the 'car debts' category. We plan to offer our full suite of vehicle payment products to Gringo’s 2.5 million monthly active users.”

Ron Clarke, Chairman & CEO at Corpay, Inc

Why This Matters:

This acquisition underscores Corpay’s strategic push into Brazil’s growing vehicle payments market. With Gringo’s rapid revenue growth and strong user base, Corpay aims to drive substantial expansion in the underpenetrated car debts segment. The integration of Gringo within Corpay’s ecosystem is expected to generate significant synergies, reinforcing the company's position as a leader in vehicle-related financial services.