Corpay Inc: Cross-Border Teach-in: addressing the stablecoin fears

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Corpay Inc: Cross-Border Teach-in: addressing the stablecoin fears

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Corpay Inc

Cross-Border Teach-in: addressing the

stablecoin fears

Maintain Rating: BUY | PO: 380.00 USD | Price: 331.25 USD

Focus on sales not stablecoins 14 May 2026

Corpay (CPAY) management hosted a virtual teach-in dedicated to the Cross Border Equity

Solutions (CBS) business. The business now represents about 30% of overall revenue

and is CPAY’s fastest growing business. Overall, there were relatively few new financial MihirResearchBhatiaAnalyst

disclosures, but we came away with a better understanding of the CBS business and BofAS

CPAY’s advantages in the segment. Importantly, CPAY addressed the stablecoin +1mihir.bhatia@bofa.com415 436 3553

disruption narrative and we thought CPAY’s incremental disclosures around spreads and Matthew C. O'Neill

its framing around demand for FX services was helpful. We would expect modest Research Analyst

BofAS

positive sentiment post-call but no change to estimates. Maintain Buy. +1 646 855 1681

matthew.c.oneill@bofa.com

$930B TAM, 25k clients, 97% retention, 20% new sales Caroline Latta

Research Analyst

CPAY expects CBS to grow at a mid-to-high teens organic growth rate for next years BofAS

driven by strong new sales (20%+) and 97% retention. M&A also remains an explicit +1 646 855 0564

caroline.latta@bofa.com

growth lever with CPAY highlighting an attractive pipeline on the call. CPAY sized the

Natalie Howe

global cross-border revenue pool at $930B, of which the middle market, which CPAY Research Analyst

views as its own sweet spot, represents $160B. CPAY believes the typical middle market BofAS +1 415 436 1103

customer ($20M-$1B revenue) is underserved by Tier 1 banks and Tier 2 banks lack the natalie.howe@bofa.com