Corpay
Cross-Border Solutions:
Frequently Asked Questions
INDIA FAQs
Who is Corpay Cross-Border?
Corpay Cross-Border is one of the largest non-bank providers of global payments technology and foreign exchange risk management solutions globally. It is part of the corporate payments portfolio of US-based Corpay (NYSE-CPAY).
The other companies in the corporate payments portfolio include spend management services for enterprise, medium and small businesses; commercial cards for business expenses; and virtual and physical credit and debit cards for expenses and fuel.
Who is Corpay?
Corpay (formerly FLEETCOR Technologies, Inc.) 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 Corpay portfolio of brands automate, secure, digitize and manage payment transactions on behalf of businesses across more than 150 countries in North America, Latin America, Europe, and Asia Pacific. For the year ending 31 December 2023, Corpay’s market capitalization stood at US$20.4Billion with revenues of US$3.8B. For more information, please visit www.corpay.com.
Is Corpay Cross-Border a new company?
We are a ‘start-up’ in Chennai, but we have a long heritage! Corpay Cross-Border was launched in 2021 after the merger of Canada-based Cambridge Global Payments (established 1992) and US-based Associated Foreign Exchange (AFEX - established in 1979). Corpay acquired UK-based Global Reach Group in 2023 and integrated it into Corpay Cross-Border.
Corpay Cross-Border today is one of the fastest-growing companies in its category in the world, combining the agility and innovator mindset of a fintech with the stability and depth of a large financial institution.
Corpay by the Numbers
One of the world's largest non-bank providers of global payments, FX and risk management solutions
Partnered with 100+ correspondent banks and counterparty trading institutions
More than 4.9 million payments annually in 2024
28 offices in fourteen countries
Serving more than 21,000 active commercial and clients
Payments to 200 jurisdictions in 145 currencies, including 130 exotic currency
US $133 billion annually traded in FX in 2024
More than 800 employees and growing
Why is Corpay coming to India, and why Chennai?
India is one of the fastest-growing economies in the world. Chennai and Tamil Nadu are home to some of the world’s largest Global Capability Centres (GCCs), servicing global companies as well as Indian multinationals.1
More and more companies are taking advantage of India’s expertise in technology innovation and business process capabilities.2 India’s start-up ecosystem is the world’s third largest,3 and home to many tech and fintech startups. While 2023 saw a downturn in investment, some believe 2024 could be a transformational year.4
India has a young, well-educated and technology-savvy workforce, and a growing sector offering sophisticated technology services and innovation:
- India is a magnet for foreign direct investment, estimated at US$71 billion in 2022-23 and expected to grow in 2023-24
- India’s population edged out China’s (November 2023); four times the size of the US population!
- India’s median age is 28.2
- Mobile penetration was estimated at 76.6% in 2022 (650 million users); projected to reach 86.6% by 2026
- Tamil Nadu is a top manufacturing centre in India: with a diversified sector and a leader in many industries, including automobiles and auto parts, textiles, and pharmaceuticals, to name a few
- Tamil Nadu is India’s second largest state economy by GDP5
- Tamil Nadu is described as India’s SaaS capital. Its history as a financial centre dates to 1682, and is rapidly evolving into a Fintech hub6
Chennai is the place to be — and Corpay is delighted to be here!
- Tamil Nadu emerges as prime destination for global capability centres in the logistics sector LogisticsInsider.in, 16 December 2023; More: Fintech companies in Tamil Nadu: Reported by F6S, London-based global start-up network
- How India is emerging as the world’s technology and services hub EY: India at 100; 27 January 2023
- India’s start-up ecosystem is the world’s third largest: India Briefing, Investment Outlook for India’s Startup Ecosystem in 2023 28 September 2023
- 2023: A challenging year for Indian start-ups: Startup Outlook India; 20 January 2024
- India.com: The top ten richest Indian states and their GDP (23 February 2024). Also reported by The Economic Times 29 January 2024, quoting CREDAI Tamil Nadu Report)
- Guidance Tamil Nadu (also reported in Hindu Businessline (17 June 2023); subscription may be required)
What functions will Corpay India perform?
Corpay India will serve as the Global Capability Centre (GCC) for Corpay Cross-Border worldwide, encompassing business strategy and business intelligence, financial planning and accounting services, data management and analytics, and a technology and innovation hub. Client services include technology and operational functions to ensure a seamless, follow-the-sun capability to support our clients’ success across the globe.
Who is leading Corpay India?
Meet our team leaders here!
Aravind Thirunavukkarasu
Serving as the Managing Director of Corpay India and holding the position of Corpay’s Chief Data & Analytics Officer, is an esteemed leader renowned for his expertise in data analytics. With a tenure spanning over a decade at Corpay Cross-Border, he has been instrumental in driving pivotal initiatives. Recognized as an accomplished leader in financial technology, his proficiency extends across domains including data analytics, financial planning & analytics, mergers and acquisitions, salesforce (CRM), and sales compensation strategies.
Moreover, he spearheads essential growth initiatives in India such as workforce expansion and increases in productivity, and more. Aravind collaborates closely with our parent organization, contributing to diverse initiatives and overseeing financial performance management, thereby cementing his status as a multifaceted leader at the forefront of innovation and strategic direction.
“I came back to India in mid-2022, and after years away was bowled over by the dynamism of the Indian economy-and the quality of the talent. It soon became clear that establishing our global centre of excellence here in Chennai is key to Corpay Cross-Border’s regional and global growth.”
Connect with Aravind on LinkedIn
Dheipak Umashankar
Presently serving as the Director of Service Hub at Corpay India, joined the team shortly after its inception. With over seventeen years of progressive experience spanning various domains such as technology, digital transformation, engineering, project & program management, as well as strategy and operations, Dheipak brings a wealth of expertise to Corpay.
In his capacity at Corpay, Dheipak assumes leadership in service delivery operations within India and oversees the service center which caters to Corpay's global network.
He boasts extensive experience in spearheading startups from inception to establishing them as self-sustaining models.
With a comprehensive understanding of technology, sales, operations, strategies and HR, Dheipak is a versatile leader committed to driving innovation and operational excellence at Corpay. Adept at internal communication and inter-departmental coordination, Dheipak’s abilities include managing cross-functional teams, as well as planning and implementing technology solutions within time and budget constraints. He deftly integrates company strategies into daily operations to meet objectives, ensuring Corpay will remain at the forefront of industry advancements and service excellence.
“I am thrilled to be a part of the Corpay team. This is a terrific time for a global company to establish itself in India and I’m looking forward to building our team here. The talent, expertise and creativity here in Chennai will drive success for our clients and fuel our growth.”
Connect with Dheipak on LinkedIn
Mark Frey
Group President, Corpay Cross-Border
“Our expansion to Chennai reaffirms our commitment to global excellence and our unwavering belief in the vast potential of the Indian and Asia-Pacific markets. Our hope is that this new office will help our team gain deeper our understanding of India while opening up new avenues for us to attract talented professionals to join our dynamic and forward-thinking organization.”
CORPAY CROSS-BORDER GLOBAL FOOTPRINT
28 offices in fourteen countries
Hubs in Toronto, New York, London, and Sydney with Operations Hub in Chennai
