Corpay, a corporate payments firm headquartered in Atlanta, Georgia, its expansion into Luxembourg with the establishment of a new office for its Cross-Border business. The move, revealed on 18 March 2025, aligned with the company's broader strategy to strengthen its presence in key financial markets and cater to institutional investors and private funds.

Andrew Shortreid, senior vice president of global institutional sales at Corpay Cross-Border Solutions, stated that the Luxembourg office underscored the firm’s commitment to supporting the complex needs of its global client base. He emphasised that Luxembourg’s position as a major financial hub in the Europe, the Middle East and Africa region made it an ideal location for Corpay’s expansion. He noted that nearly 50% of Luxembourg’s workforce was engaged in financial services or related industries, reinforcing its attractiveness for cross-border financial activities.

Roman Sokolowski has been appointed as the branch manager of the new office. Shortreid said Sokolowski’s extensive experience in the local financial industry and his strong professional network would be instrumental in expanding Corpay’s presence in Luxembourg and developing client-focused solutions.

Corpay acknowledged in the press release that Luxembourg is the largest financial centre in the Eurozone and the third largest in Europe, following London and Zurich, and a key jurisdiction for cross-border fund setups and ranks as the second-largest market for fund assets under management globally, behind the United States. As an international investment hub, local funds frequently conduct transactions in multiple currencies, including the yen, Hong Kong dollar pound sterling and euro. Moreover, Luxembourg’s financial sector has created new opportunities for service providers assisting fund managers in raising capital from European investors. These activities often require local administrative agents and legal professionals to facilitate operations, making Luxembourg a key market for financial services firms.

Corpay’s new office will introduce institutional solutions tailored to this market, including global multi-currency accounts, cross-border payments and other transaction support services. The company stated that these offerings aimed to address the complexities of financial relationships in Luxembourg’s traditionally conservative banking environment by providing an alternative to conventional banking services.

Mark Frey, group president of Corpay Cross-Border Solutions, described Luxembourg as a “pivotal market” for the company. He said the expansion demonstrated Corpay’s commitment to global growth and its dedication to serving clients in key financial hubs. He also highlighted the firm’s strong regulatory framework as an advantage in navigating Luxembourg’s stringent banking sector.