Eye on Deals: Corpay’s Bid for GPS; JG Wentworth Snaps Up OttoPay; RevoluGroup Looks to Sell Its Spanish Unit

Corpay Inc. has reached an agreement to acquire GPS Capital Markets LLC, a provider of cross-border and treasury management technology for businesses primarily in the United States. Terms of the deal, which is expected to close in early 2025, were not disclosed.

Founded in 2002, GPS Capital Markets provides corporate foreign-exchange services to help companies manage their foreign-currency risk and execute foreign-currency transactions.

Once the acquisition closes, Corpay will process cross-border payments for 23,000 customers in more than 145 currencies across six continents. The deal puts Corpay on track to achieve its goal of scaling its corporate payments business to about $2 billion in volume by 2026, the company says.

In other M&A news, consumer financial-services provider JG Wentworth Co. has acquired Ottopay, a digital debt-management and payments platform created by parent company New Foundation Labs Inc., for an undisclosed sum.

Max Klein, founder and chief executive of New Foundation Labs, will join JG Wentworth and oversee product development for the company’s digital initiatives. JG Wentworth purchases structured settlements, annuities, and lottery payments in exchange for cash.  

The acquisition of Ottopay will provide consumers with financial advice and financial-management tools to help them save money and pay off debt. Ottopay uses analytics to break down a consumer’s credit card debt and payment and spending habits to develop customized strategies for managing debt and avoiding late fees and other unnecessary charges. 

Also on the acquisition front, RevoluGROUP Canada Inc. has entered into negotiations with an unnamed financial group in the United Kingdom to purchase its Spain-based subsidiary Revolupay EP, S.L.U.

The deal is expected to close in three to five months, subject to regulatory approval.