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Starting as a [[fleet card]] provider in 1983 as Wright Express Corporation, WEX Inc. expanded to facilitate corporate payments across the fleet, travel and healthcare industries.<ref>{{cite web|url=https://www.wexinc.com/our-story/|title=Fleet Cards and Global Payment Solutions - WEX Inc.|website=Wexinc.com|accessdate=25 November 2018}}</ref> Its name was changed to WEX Inc. in October 2012.
Starting as a [[fleet card]] provider in 1983 as Wright Express Corporation, WEX Inc. expanded to facilitate corporate payments across the fleet, travel and healthcare industries.<ref>{{cite web|url=https://www.wexinc.com/our-story/|title=Fleet Cards and Global Payment Solutions - WEX Inc.|website=Wexinc.com|accessdate=25 November 2018}}</ref> Its name was changed to WEX Inc. in October 2012.


WEX Fleet provides vehicle fleet customers with [[fuel card]]s and data and telematics offerings for drivers. In 2012, WEX Fleet acquired Fleet One to provide fleet cards to drivers.<ref>{{cite web|url=http://www.fleetone.com/content/our-story|title=Our Story - Fleet One|website=Fleetone.com|accessdate=25 November 2018}}</ref> WEX Fleet also partners with GasBuddy,<ref>{{cite web|url=http://www.automotive-fleet.com/channel/fuel-management/news/story/2017/06/wex-to-offer-fuel-locations-in-gas-buddy-pact.aspx|title=WEX Partnering with Gas Buddy on Fuel Data Pact|website=Automotive-fleet.com|accessdate=25 November 2018}}</ref> OnDeck,<ref>{{cite news|url=https://www.reuters.com/article/idUSASC09QZ2|title=BRIEF-Wex and OnDeck announce strategic partnership|website=Reuters.com|date=17 January 2017|accessdate=25 November 2018}}</ref> and Chevron,<ref>{{cite web|url=http://www.barrons.com/articles/how-wex-won-chevron-from-fleetcor-1482267314|title=How WEX Won Chevron From FleetCor|website=Barrons.com|accessdate=25 November 2018}}</ref> among other companies, to provide services to customers. In 2017, WEX Fleet launched a new telematics platform, ClearView Advanced.<ref>{{cite web|url=http://www.ccjdigital.com/wex-intros-clearview-advanced-platform-to-save-on-wasteful-fuel-spend/|title=WEX launches ClearView Advanced platform for fuel savings|website=Ccjdigital.com|date=26 April 2017|accessdate=25 November 2018}}</ref>
WEX Fleet provides vehicle fleet customers with [[fuel card]]s and data and telematics offerings for drivers. In 2012, WEX Fleet acquired Fleet One to provide fleet cards to drivers.<ref>{{cite web|url=http://www.fleetone.com/content/our-story|title=Our Story - Fleet One|website=Fleetone.com|accessdate=25 November 2018}}</ref> WEX Fleet also partners with [[GasBuddy]],<ref>{{cite web|url=http://www.automotive-fleet.com/channel/fuel-management/news/story/2017/06/wex-to-offer-fuel-locations-in-gas-buddy-pact.aspx|title=WEX Partnering with Gas Buddy on Fuel Data Pact|website=Automotive-fleet.com|accessdate=25 November 2018}}</ref> [[OnDeck Capital]],<ref>{{cite news|url=https://www.reuters.com/article/idUSASC09QZ2|title=BRIEF-Wex and OnDeck announce strategic partnership|website=Reuters.com|date=17 January 2017|accessdate=25 November 2018}}</ref> and [[Chevron Corporation|Chevron]],<ref>{{cite web|url=http://www.barrons.com/articles/how-wex-won-chevron-from-fleetcor-1482267314|title=How WEX Won Chevron From FleetCor|website=Barrons.com|accessdate=25 November 2018}}</ref> among other companies, to provide services to customers. In 2017, WEX Fleet launched a new telematics platform, ClearView Advanced.<ref>{{cite web|url=http://www.ccjdigital.com/wex-intros-clearview-advanced-platform-to-save-on-wasteful-fuel-spend/|title=WEX launches ClearView Advanced platform for fuel savings|website=Ccjdigital.com|date=26 April 2017|accessdate=25 November 2018}}</ref>


The travel segment, WEX Virtual, helps online travel agencies facilitate cross-border payments through virtual cards, allowing online travel agencies to automate back-end accounting practices. WEX Virtual launched in 2000 <ref>{{cite web|url=http://www.pymnts.com/matchmakers/2017/wex-b2b-travel-payments-jim-pratt/|title=Jim Pratt: How WEX Ignited B2B Travel Payments |website=Pymnts.com|date=4 January 2017 |accessdate=25 November 2018}}</ref> in support of customers including HitchHiker,<ref>{{Cite web |url=https://www.tnooz.com/article/travel-systems-roundup-february-2017/ |title=SnapShot marketplace, TravelClick gets chatty, and more |access-date=2017-08-14 |archive-url=https://web.archive.org/web/20170815020512/https://www.tnooz.com/article/travel-systems-roundup-february-2017/ |archive-date=2017-08-15 |url-status=dead }}</ref> HotelTonight, Expedia, and Priceline.
The travel segment, WEX Virtual, helps online travel agencies facilitate cross-border payments through virtual cards, allowing online travel agencies to automate back-end accounting practices. WEX Virtual launched in 2000 <ref>{{cite web|url=http://www.pymnts.com/matchmakers/2017/wex-b2b-travel-payments-jim-pratt/|title=Jim Pratt: How WEX Ignited B2B Travel Payments |website=Pymnts.com|date=4 January 2017 |accessdate=25 November 2018}}</ref> in support of customers including HitchHiker,<ref>{{Cite web |url=https://www.tnooz.com/article/travel-systems-roundup-february-2017/ |title=SnapShot marketplace, TravelClick gets chatty, and more |access-date=2017-08-14 |archive-url=https://web.archive.org/web/20170815020512/https://www.tnooz.com/article/travel-systems-roundup-february-2017/ |archive-date=2017-08-15 |url-status=dead }}</ref> HotelTonight, Expedia, and Priceline.

Revision as of 14:20, 1 September 2022

WEX Inc.
Company typePublic
NYSE: WEX
S&P 400 Component
ISINUS96208T1043 Edit this on Wikidata
IndustryBusiness Services
Founded1983 as Wright Express Corp
Headquarters
South Portland, Maine
,
United States
Key people
Melissa D. Smith
(President, Director, & CEO)[1]
Michael E. Dubyak
(Chairman of the Board)[1]
Roberto Simon (CFO)[1]
ProductsFleet cards, corporate payments, virtual card.
RevenueIncrease US$ 1.54 billion (2020 FY)[1]
Increase US$ 239.27 million (2017)[1]
Increase US$ 160.27 million (2017)[1]
Total assetsIncrease US$ 6.739 billion (2017)[1]
Total equityIncrease US$ 1.72 billion (2017)[1]
Number of employees
3,500 (2017)[1]
Websitewww.wexinc.com

WEX Inc. is a provider of payment processing and information management services to the United States commercial and government vehicle fleet industry. The company provides services in the United States, Canada, South America, Europe, Asia, and Australia.

Operations

Starting as a fleet card provider in 1983 as Wright Express Corporation, WEX Inc. expanded to facilitate corporate payments across the fleet, travel and healthcare industries.[2] Its name was changed to WEX Inc. in October 2012.

WEX Fleet provides vehicle fleet customers with fuel cards and data and telematics offerings for drivers. In 2012, WEX Fleet acquired Fleet One to provide fleet cards to drivers.[3] WEX Fleet also partners with GasBuddy,[4] OnDeck Capital,[5] and Chevron,[6] among other companies, to provide services to customers. In 2017, WEX Fleet launched a new telematics platform, ClearView Advanced.[7]

The travel segment, WEX Virtual, helps online travel agencies facilitate cross-border payments through virtual cards, allowing online travel agencies to automate back-end accounting practices. WEX Virtual launched in 2000 [8] in support of customers including HitchHiker,[9] HotelTonight, Expedia, and Priceline.

In 2014, WEX acquired Evolution1,[10] a cloud-based health industry payments provider, later renaming it to WEX Health. WEX Health Cloud helps to administer HSAs, HRAs, FSAs, VEBAs, COBRA, defined-contribution, wellness plans, and transit plans.[11] Some partners include Fifth Third Bancorp,[12] Paychex,[13] HSA Bank, and Discovery Benefits.

In January 2020, the company announced it would acquire eNett and Optal for $1.7 billion in total.[14]

References

  1. ^ a b c d e f g h i "US SEC: Form 10-K WEX Inc". U.S. Securities and Exchange Commission. Retrieved October 30, 2018.
  2. ^ "Fleet Cards and Global Payment Solutions - WEX Inc". Wexinc.com. Retrieved 25 November 2018.
  3. ^ "Our Story - Fleet One". Fleetone.com. Retrieved 25 November 2018.
  4. ^ "WEX Partnering with Gas Buddy on Fuel Data Pact". Automotive-fleet.com. Retrieved 25 November 2018.
  5. ^ "BRIEF-Wex and OnDeck announce strategic partnership". Reuters.com. 17 January 2017. Retrieved 25 November 2018.
  6. ^ "How WEX Won Chevron From FleetCor". Barrons.com. Retrieved 25 November 2018.
  7. ^ "WEX launches ClearView Advanced platform for fuel savings". Ccjdigital.com. 26 April 2017. Retrieved 25 November 2018.
  8. ^ "Jim Pratt: How WEX Ignited B2B Travel Payments". Pymnts.com. 4 January 2017. Retrieved 25 November 2018.
  9. ^ "SnapShot marketplace, TravelClick gets chatty, and more". Archived from the original on 2017-08-15. Retrieved 2017-08-14.
  10. ^ "WEX makes 'big play' for Evolution1". Pressherald.com. 17 June 2014. Retrieved 25 November 2018.
  11. ^ "Eureka Innovation Award Winner Wex Health". Bizjournals.com. Retrieved 25 November 2018.
  12. ^ "Fifth Third Launches Health Care Help". Bizjournals.com. Retrieved 25 November 2018.
  13. ^ "#WorkTrends Recap: Building Successful Business Partnerships". 25 May 2017. Archived from the original on 2020-09-28.
  14. ^ Reuters

Official website

  • Business data for WEX Inc.:
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