FLEETCOR Invests in Brazilian Vehicle Payments Company
March 06 2024 - 4:05PM
Business Wire
Now Serving 9 Million Drivers in
Brazil
FLEETCOR Technologies, Inc. (NYSE: FLT), a leading global
business payments company, today announced the closing of a
majority investment in Zapay. The investment further scales
FLEETCOR’s Vehicle Payments business in Brazil and provides access
to two million drivers who use Zapay’s mobile app and website each
month.
Zapay is Brazil’s first digital mobility solution for paying
vehicle taxes, registration, and tickets, and is the only company
integrated to the National Traffic Departments in all 27 states
making it the leading provider for paying vehicle expenses to
government bodies in Brazil. The company is experiencing rapid
growth, with revenues growing over 60% annually.
As part of the agreement, FLEETCOR has the right to acquire the
remainder of the company in four years.
“The addition of Zapay further advances our vehicle payments
strategy in Brazil. We invested in the company to capitalize on the
attractive two-way cross-sell opportunity. We have already begun
cross-selling Zapay’s solution to our existing 7 million drivers
and, conversely, cross-selling our existing suite of vehicle
payment products to Zapay’s client base,” said Ron Clarke, chairman
and chief executive officer, FLEETCOR Technologies, Inc.
“We’ve had fantastic success expanding our Brazil business from
mostly toll tags to other vehicle related categories like fuel,
parking and insurance. So, we’re quite excited to integrate Zapay’s
solution into our existing offering," said Armando Netto, Group
President of Vehicle Payments in Brazil and North America.
About FLEETCOR®
FLEETCOR Technologies (NYSE: FLT) is a leading global business
payments company that helps businesses spend less by providing
innovative solutions that enable and control expense-related
purchasing and payment processes. The FLEETCOR portfolio of brands
automate, secure, digitize and manage payment transactions on
behalf of businesses across more than 100 countries in North
America, Latin America, Europe, and Asia Pacific. For more
information, please visit www.fleetcor.com.
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Investor Relations Jim Eglseder, 770-417-4697
Jim.Eglseder@fleetcor.com
Media Relations Chad Corley, 770-729-5021
Chad.corley@fleetcor.com
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