Corpay: Carving Out a Moat in Cross-Border B2B Payments

研报英文原文证据摘录

Corpay: Carving Out a Moat in Cross-Border B2B Payments

Deutsche Bank

Research

Rating Company Date

Buy Corpay 13 May 2026

North America Reuters Bloomberg Rating Buy

United States CPAY.N CPAY US Price target (USD) 415.00 Price at 12 May 26 338.34

52-week range 356.38 – 255.00

TMT

Payments, Processors, & IT Valuation & Risks

Services

Carving Out a Moat in Cross-Border B2B

Payments NateResearchSvensson,AnalystCFA

+1-917-547-4768

Deep-dive into a durable growth engine

Hersh Shintre, CFA CPAY hosted a deep-dive call on its Cross-Border Solutions (CBS) business Research Associate

where it provided an overview of the market opportunity, relative positioning, +1-917-459-1162

thoughts on emerging technologies (i.e., stablecoins), and the overall growth

opportunity. CPAY’s CBS business is its largest and fastest growing segment Paul Tomaszewski

Research Associate (~$1bn in FY25, expected to reach ~$1.5bn in FY26) and targets an underserved

+917-419-2598

~$161bn annual revenue TAM in the mid-market capitalizing on a structural gap

left by traditional Tier 1 banks. CPAY’s competitive advantage stems from

comprehensive services spanning the entire cross-border workflow and a hard-

to-replicate moat built on global breadth, sales, and advanced technology

infrastructure. While stablecoins and other blockchain technologies have become

a big topic of debate, CPAY views these technologies as additive vs. disruptive

given they do not eliminate fundamental needs in cross-border transactions (e.g.,

FX conversion, regulatory/compliance, integrated workflows, etc.). Instead,

CPAY’s strategic advantage is enhanced by its ability to orchestrate the most

suitable payment rail for each transaction, even integrating advanced options like