WEX Inc.

Overview

WEX Inc. is a global fintech and commerce-payments company that combines payment processing with software across fleet mobility, employee benefits, and business-to-business payments. Its Mobility business supports fleet payments and software; Benefits provides employee-benefit administration and related payment services; and Corporate Payments offers B2B payment solutions, including virtual payments and accounts-payable automation.[1]

WEX’s stated purpose is “Simplifying the business of running a business.” [2] In 2025, the company reported $2.66 billion in revenue and had approximately 6,600 full-time employees, around 5,100 of whom were in the United States; its remaining employees were based across 14 other countries.[3][4] Its segments serve customers globally, with international reach particularly evident in fleet mobility and B2B payments.[1] [1]+4

Products & services

WEX’s Mobility products include fleet payment and transaction-processing solutions, alongside software for field-service management, telematics, reporting and analytics, cash-flow management, and mixed-energy fleets. The WEX Fleet Card supports fuel-expense tracking, spending controls, purchase alerts and reporting; WEX also offers EV-fleet tools for charging payments, fleet monitoring and infrastructure planning.[5][6]

Its Benefits offering combines software and payments for employee-benefit administration, including HSAs, FSAs, HRAs, COBRA, direct billing and compliance administration. WEX is an IRS-designated non-bank HSA custodian, and WEX Bank provides HSA depository services. Its benefits accounts platform includes a portal, benefits card and mobile app.[7]

Corporate Payments products include Direct Accounts Payable, which integrates with ERP and accounting workflows; Embedded Payments, which integrates virtual payments into existing workflows, including travel; and white-label programs for financial institutions. Virtual cards use a unique Visa- or Mastercard-network card number for each transaction, with configurable spending limits, expiration dates and other purchase controls. WEX also reports support for more than 20 active currencies.[8]+2

For the six months ended June 30, 2026, external-customer revenue was $767.0 million for Mobility (53.7% of total), $422.1 million for Benefits (29.6%), and $238.2 million for Corporate Payments (16.7%); percentages are calculated from the reported segment revenue and $1,427.4 million total.[11] [5]+9

Geographic presence

For the year ended December 31, 2025, WEX reported revenue of $2,335.7 million in the United States and $325.0 million in other international markets, approximately 87.8% and 12.2% of total revenue, respectively. The filing reports these two geographic categories rather than country-level revenue.[12][13] WEX describes its fleet-card operations in North America and Europe, including Esso-branded cards in Europe, and Motorpass-branded cards in Australia.[14][1]

WEX identifies its global headquarters and principal executive offices in Portland, Maine, and WEX Bank operations in Utah; it also leases offices and operations centers elsewhere in the United States and internationally.[15] Its listed office locations span the United States, Brazil, Belgium, France, Germany, Ireland, Italy, the Netherlands, Norway, the United Kingdom, Singapore, India, and Australia.[16] WEX reported approximately 6,600 full-time employees globally for 2025; no regional employee breakdown was identified.[17] [12]+6

Business segments

WEX reports three operating segments: **Mobility**, **Benefits**, and **Corporate Payments**. Mobility provides fleet payment processing and information-management solutions, along with fleet software for fuel, EV charging, and operational workflows. Benefits combines software and payment solutions for employee-benefit administration, including consumer-directed health accounts, administration services, and compliance solutions. Corporate Payments provides global B2B payment solutions, including accounts-payable automation, embedded payments, and white-label programs for financial institutions.[1]

For FY2025, revenue was $1,386.0 million for Mobility (about 52.1% of total segment revenue), $797.4 million for Benefits (30.0%), and $477.4 million for Corporate Payments (17.9%); total revenue was $2,660.8 million.[3]

In the six months ended June 30, 2026, revenue was $767.0 million for Mobility (about 53.7%), $422.1 million for Benefits (29.6%), and $238.2 million for Corporate Payments (16.7%), out of $1,427.4 million total. WEX identifies these as its reportable segments and evaluates their performance using segment adjusted operating income.[11][18] [1]+9

Company history

WEX Inc. traces its origins to Wright Express, founded in Portland, Maine, in 1983 as a fleet-fueling card provider.[19] The company completed its initial public offering in 2005.[20] In 2012, it acquired Fleet One, broadening its reach in fleet payments, and announced its name change from Wright Express Corporation to WEX Inc.; its stock ticker changed to WEX in 2013.[21]+2

WEX expanded beyond fleet payments in 2014, when Melissa Smith became CEO and the company acquired healthcare payments and technology provider Evolution1, as well as ExxonMobil’s European commercial fuel-card program.[24]+2 Its 2016 acquisition of Electronic Funds Source further expanded its fleet-payments business.[27]

From 2019 through 2021, acquisitions broadened WEX’s benefits and commercial-payments capabilities: it bought Discovery Benefits and Noventis in 2019, eNett and Optal in 2020, and benefitexpress in 2021.[28]+3 It added Payzer’s field-service-management software in 2023 and acquired Sawatch Labs, whose analytics support commercial-fleet electrification, in 2024.[32][33] In May 2026, David Foss became board chair following a cooperation agreement with Impactive Capital; Smith remained CEO and president.[34][35]

Sources

• WEX Inc. — Full financial report (2025 Y)
  8 citations

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• www.wexinc.com[2]
• WEX Inc. — Full financial report (2026 Q 2)
  6 citations

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• www.sec.gov[13]
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• www.sec.gov[20]
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