Corpay’s Cross-Border business, a division of Corpay, Inc. (NYSE: CPAY), a global corporate payments company, has partnered with Formula E, the ABB FIA Formula E World Championship, to become its exclusive and Official Foreign Exchange Provider.
This agreement will see Corpay Cross-Border deliver comprehensive foreign exchange (FX) risk management and international payment solutions to support Formula E’s global operations. Formula E, the world’s first all-electric FIA World Championship and a B Corp Certified sport, conducts races across multiple continents, operating within a dynamic, multi-currency environment. This global reach aligns with Corpay’s expertise in managing foreign exchange exposure and facilitating cross-border transactions.
Brad Loder, Chief Marketing Officer, Corpay Cross-Border Solutions, stated, “As a truly global motorsport platform, Formula E operates across numerous currencies and jurisdictions throughout its racing calendar. We are proud to partner with an innovative, forward-thinking championship and to support its international growth with tailored FX and cross-border payment solutions that help mitigate currency risk and drive operational efficiency.”
Max Adkins, Chief Financial Officer, Formula E, added, “Formula E is at the forefront of technology and sustainability, and it is vital that our partners reflect that same forward-thinking approach. Partnering with Corpay allows us to streamline our global financial operations across a highly dynamic, multi-currency environment. We look forward to working together as we continue to bring the excitement of all-electric racing to fans around the world.”
Corpay, Inc. is an S&P500 corporate payments company that offers modern payment solutions to help businesses and consumers manage various expenses, including vehicle-related and travel expenses, and payables. The Cross-Border division specializes in facilitating international payments and managing currency risk.
Formula E is an all-electric series that has completed 150 races and serves as a test bed for automotive manufacturers like Porsche, Jaguar, Nissan, Stellantis, Mahindra, and Lola Cars to innovate electric vehicle (EV) technologies. The championship holds the distinction of being the world’s first and only B Corp Certified sport, has been Net Zero Carbon since inception, and recently achieved BSI Net Zero Pathway certification.
