Operations
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.[11] WEX Fleet also partners with GasBuddy,[12] OnDeck Capital,[13] and Chevron,[14] among other companies, to provide services to customers. In 2017, WEX Fleet launched a new telematics platform, ClearView Advanced.[15]
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[16] in support of customers including HitchHiker,[17] HotelTonight, Expedia, and Priceline.
In 2014, WEX acquired Evolution1, a cloud-based health industry payments provider, later renaming it to WEX Health.[18] WEX Health Cloud helps to administer defined-contribution, wellness, and transit plans, among others.[19] Its partners include Fifth Third Bancorp, Paychex, HSA Bank, and Discovery Benefits.[20][21]
In January 2020, the company announced it would acquire travel payments companies eNett and Optal from Travelport for $577.5 million.[22]
Melissa D. Smith became CEO of Wex in 2014, with annual revenue nearly tripling during her tenure, as of November 2023.[23][24] She is known for implementing an aggressive acquisition strategy and investing in early-stage companies.[25] As of 2024, Smith is the highest-paid executive of any public company in Maine.[26]
WEX provides services in the United States, the United Kingdom, Canada, Brazil, New Zealand, and Australia.[27] It also operates the wholly owned banking subsidiary WEX Bank.[28]
