Corpay, Inc. (NYSE: CPAY), a global enabler of corporate payments, is announcing its entry into Luxembourg with the establishment of an office for its Cross-Border business.
As part of Corpay’s expansion in Europe, this move aligns with the company’s strategy to “enhance its presence in key financial markets worldwide and supports its growth ambitions in the institutional investor and private funds space.”
Andrew Shortreid, SVP, Global Institutional Sales, Corpay Cross-Border Solutions said:
“The new Luxembourg office underscores our commitment to supporting the sophisticated needs of this global client base and enables us to provide a localized solution set for our institutional clients that establish their international investment structures in Luxembourg. Luxembourg’s status as a major financial hub in the EMEA region, with nearly 50% of its workforce engaged in financial services or related activities, makes it an ideal location for us. This new branch will enable us to better serve our cross-border clients in the investment industry globally.”
The Luxembourg financial centre is the largest in the Eurozone and the third largest in Europe, after London and Zurich.
Recognized as a major jurisdiction in Europe for cross-border international fund setups, Luxembourg is also the “second-largest market for fund assets under management, following the US.”
As a global investment base, local funds commonly transact “across a diverse range of currencies, including yen, Hong Kong dollars, pounds and euros.”
The development of Luxembourg’s financial industry presents substantial opportunities for service providers facilitating the operations of various financial entities, such as “fund managers raising capital from European investors through Luxembourgish entities and utilizing local administrative agents and legal professionals.”
In light of this, Corpay is introducing a “range of institutional solutions targeted for this market including global multi-currency accounts, global payments, and other services focused on transaction support.”
This approach addresses the complexities of “establishing financial relationships within Luxembourg’s conservative market and provides clients with an alternative to banks.”
Mark Frey, Group President, Corpay Cross-Border Solutions said:
“Luxembourg represents a pivotal market for Corpay with its advanced financial sector, and we are thrilled to establish our presence here. This expansion is a testament to our commitment to global growth and our dedication to meeting the needs of our clients in key financial markets. We look forward to leveraging our robust architecture and regulatory compliance to help our clients navigate Luxembourg’s stringent banking industry.”
As noted in the update, Corpay, Inc. is a corporate payments company that helps businesses and consumers pay expenses in a “controlled manner. Corpay’s suite of modern payment solutions help its customers better manage vehicle-related expenses (such as fueling and parking), travel expenses (e.g. hotel bookings) and payables (e.g. paying vendors).”
This results in customers saving time and “spending less.”
Corpay Cross-Border refers to “a group of legal entities owned and operated by Corpay, Inc.”