By Katherine Hamilton
Corpay agreed to acquire Gringo, a mobile payments company in Brazil.
Gringo is an app used by 2.5 million monthly active users to pay vehicle taxes, registration and fines instantly. Its revenue is growing 30% a year, Corpay said.
Corpay specializes in digitizing and automating payments. It bought Zapay Brazil, a vehicle car debt payment company, in the spring of 2024.
Corpay said it is "doubling down" in the car debt payment space because the segment is three times larger than tolls and is less penetrated. The company expects its acquisitions of Gringo and Zapay to increase its overall organic revenue growth rate in Brazil by three percentage points this year.
The transaction is set to close near the end of the first quarter of 2025, Corpay said.
Write to Katherine Hamilton at katherine.hamilton@wsj.com
(END) Dow Jones Newswires
February 03, 2025 16:42 ET (21:42 GMT)
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