Look no further than our new blog to understand why FLEETCOR is a global leader in corporate payments, a consistently high-growth and high-performing company, and a desirable place to work. This blog will share insights into the B2B payments industry and our strategies for maintaining and strengthening FLEETCOR’s dominant position in that space. We will also share content provided by our many lines of business as they continue to innovate new solutions that deliver value to customers and the corporate brand.
Covid Recovery Provides Opportunities
FLEETCOR is emerging from the pandemic stronger and more agile than it was before as current and potential clients accelerate their efforts to transition to contactless, digital payment systems. Our acquisitions of Roger (now Corpay One), AFEX, and ALE during 2021 are already showing returns as we expand our customer base to include SMB bill pay clients, and our existing clients gain access to our automated accounts payable and cross-border payment solutions. And to make it easier to take full advantage of our suite of corporate payments solutions, we’ve rebranded Corpay.
Despite a global pandemic, FLEETCOR thrives. The company reported an outstanding first quarter, with revenues up 30% over Q1 2021, and net income increased 18% over Q1 2021. New sales were up 39%, with customer retention at 93%. Management expects the strong performance to continue.
Leading with Global Technology
The global transition to fleets that include electric vehicles (EV) is creating demand for innovative solutions that account for government incentives and client tastes that vary by region. FLEETCOR’s established presence in these regions gives us a competitive advantage as we navigate the ever-changing landscape. We signed several new large accounts to our EV solution in 2021, including Hertz, Volkswagen USA, LeasePlan Europe, and Siemens.
Our number of active toll tags in Brazil topped six million this year as we expand the functionality of those tags to include contactless purchases of fuel and drive-thru food. We also signed a 20-year joint venture with Brazil’s largest bank to provide its customers with our portfolio of electronic payment solutions.
Making FLEETCOR a Great Place to Work
The importance of good governance and corporate social responsibility has never been higher, and FLEETCOR is committed to providing clear, transparent communications about how we are driving positive, global change. Through our Corporate Responsibility & Sustainability Report, we will keep you updated on these efforts and the returns they deliver.
As the global pandemic subsides, FLEETCOR recognizes the permanent impact that remote work has had on the employer-employee relationship. We have embraced a flexible, hybrid model that provides a healthy work-life balance while maintaining a high level of collaboration and personal interaction. We are committed to fostering a positive workplace culture and promoting new levels of understanding through our Diversity, Equity, and Inclusion programs.
In the coming months, we will drill down into these and other topics in greater detail, giving you insight into how we will continue to enable and control the way business spend less on expenses and payments using our solutions. We look forward to staying connected through this blog and on LinkedIn moving forward.