# WEX Inc.

Summary updated: 2026-10-02T16:18:02.842733Z
Canonical: https://finbar.com/research/companies/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](https://app.finbar.com/go?id=P98122727)

WEX’s stated purpose is “Simplifying the business of running a business.” [2](https://www.wexinc.com/about/leadership/melissa-smith/) 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](https://app.finbar.com/go?id=T13622789)[4](https://app.finbar.com/go?id=P511843) Its segments serve customers globally, with international reach particularly evident in fleet mobility and B2B payments. [1](https://app.finbar.com/go?id=P98122727)
[1](https://app.finbar.com/go?id=P98122727)[2](https://www.wexinc.com/about/leadership/melissa-smith/)[3](https://app.finbar.com/go?id=T13622789)[4](https://app.finbar.com/go?id=P511843)[2](https://www.wexinc.com/about/leadership/melissa-smith/)

## 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](https://app.finbar.com/go?id=P142607741)[6](https://app.finbar.com/go?id=P71904837)

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](https://app.finbar.com/go?id=P142607742)

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](https://app.finbar.com/go?id=P142607743)[9](https://app.finbar.com/go?id=P142607791)[10](https://app.finbar.com/go?id=P101058074)

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](https://app.finbar.com/go?id=T16305647)
[5](https://app.finbar.com/go?id=P142607741)[6](https://app.finbar.com/go?id=P71904837)[7](https://app.finbar.com/go?id=P142607742)[8](https://app.finbar.com/go?id=P142607743)[9](https://app.finbar.com/go?id=P142607791)[10](https://app.finbar.com/go?id=P101058074)[11](https://app.finbar.com/go?id=T16305647)[11](https://app.finbar.com/go?id=T16305647)[11](https://app.finbar.com/go?id=T16305647)[11](https://app.finbar.com/go?id=T16305647)

## 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](https://app.finbar.com/go?id=T10013757)[13](https://www.sec.gov/Archives/edgar/data/1309108/000130910826000010/wex-20251231.htm) WEX describes its fleet-card operations in North America and Europe, including Esso-branded cards in Europe, and Motorpass-branded cards in Australia. [14](https://app.finbar.com/go?id=P84886247)[1](https://app.finbar.com/go?id=P98122727)

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](https://app.finbar.com/go?id=P62469718) 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](https://www.wexinc.com/locations/) WEX reported approximately 6,600 full-time employees globally for 2025; no regional employee breakdown was identified. [17](https://ir.wexinc.com/overview/default.aspx)
[12](https://app.finbar.com/go?id=T10013757)[14](https://app.finbar.com/go?id=P84886247)[1](https://app.finbar.com/go?id=P98122727)[15](https://app.finbar.com/go?id=P62469718)[13](https://www.sec.gov/Archives/edgar/data/1309108/000130910826000010/wex-20251231.htm)[16](https://www.wexinc.com/locations/)[17](https://ir.wexinc.com/overview/default.aspx)

## 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](https://app.finbar.com/go?id=P98122727)

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](https://app.finbar.com/go?id=T13622789)

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](https://app.finbar.com/go?id=T16305647)[18](https://app.finbar.com/go?id=P142607744)
[1](https://app.finbar.com/go?id=P98122727)[3](https://app.finbar.com/go?id=T13622789)[3](https://app.finbar.com/go?id=T13622789)[3](https://app.finbar.com/go?id=T13622789)[3](https://app.finbar.com/go?id=T13622789)[11](https://app.finbar.com/go?id=T16305647)[11](https://app.finbar.com/go?id=T16305647)[11](https://app.finbar.com/go?id=T16305647)[11](https://app.finbar.com/go?id=T16305647)[18](https://app.finbar.com/go?id=P142607744)

## Company history

WEX Inc. traces its origins to Wright Express, founded in Portland, Maine, in 1983 as a fleet-fueling card provider. [19](https://ir.wexinc.com/news/news-details/2003/Wright-Express-to-Celebrate-Twentieth-Anniversary/default.aspx) The company completed its initial public offering in 2005. [20](https://www.sec.gov/Archives/edgar/data/1309108/000119312513018208/d470565dex991.htm) 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](https://ir.wexinc.com/news/news-details/2012/Wright-Express-Completes-Acquisition-of-Fleet-One/default.aspx) [22](https://ir.wexinc.com/news/news-details/2012/Wright-Express-Corporation-Changes-Name-to-WEX-Inc/) [23](https://ir.wexinc.com/news/news-details/2013/WEX-Inc-to-Change-Ticker-Symbol-to-WEX/default.aspx)

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](https://ir.wexinc.com/news/news-details/2014/Melissa-D-Smith-Assumes-Role-of-CEO-of-WEX-Inc/default.aspx) [25](https://ir.wexinc.com/news/news-details/2014/WEX-Completes-Acquisition-of-Evolution1/default.aspx) [26](https://ir.wexinc.com/news/news-details/2014/WEX-Completes-Acquisition-of-ExxonMobils-European-Commercial-Fuel-Card-Program/default.aspx) Its 2016 acquisition of Electronic Funds Source further expanded its fleet-payments business. [27](https://ir.wexinc.com/news/news-details/2016/WEX-Completes-Acquisition-of-Electronic-Funds-Source-LLC/default.aspx)

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](https://ir.wexinc.com/news/news-details/2019/WEX-Completes-Acquisition-of-Discovery-Benefits-Inc/default.aspx) [29](https://ir.wexinc.com/news/news-details/2019/WEX-Completes-Acquisition-of-Noventis/default.aspx) [30](https://ir.wexinc.com/news/news-details/2020/WEX-Completes-Acquisition-of-eNett-and-Optal/default.aspx) [31](https://ir.wexinc.com/news/news-details/2021/WEX-Completes-Acquisition-of-benefitexpress/default.aspx) It added Payzer’s field-service-management software in 2023 and acquired Sawatch Labs, whose analytics support commercial-fleet electrification, in 2024. [32](https://ir.wexinc.com/news/news-details/2023/WEX-Completes-Acquisition-of-Payzer/) [33](https://www.wexinc.com/resources/blog/wex-bolsters-ev-commercial-adoption-solutions-with-sawatch-labs-acquisition/) In May 2026, David Foss became board chair following a cooperation agreement with Impactive Capital; Smith remained CEO and president. [34](https://ir.wexinc.com/news/news-details/2026/WEX-and-Impactive-Capital-Announce-Cooperation-Agreement/default.aspx) [35](https://ir.wexinc.com/news/news-details/2026/WEX-Announces-David-Foss-as-Chair-of-the-Board/default.aspx)

## Sources

1. [WEX Inc. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P98122727)
2. [www.wexinc.com](https://www.wexinc.com/about/leadership/melissa-smith/)
3. [WEX Inc. — Full financial report (2025 Y)](https://app.finbar.com/go?id=T13622789)
4. [WEX Inc. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P511843)
5. [WEX Inc. — Full financial report (2026 Q 2)](https://app.finbar.com/go?id=P142607741)
6. [WEX Inc. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P71904837)
7. [WEX Inc. — Full financial report (2026 Q 2)](https://app.finbar.com/go?id=P142607742)
8. [WEX Inc. — Full financial report (2026 Q 2)](https://app.finbar.com/go?id=P142607743)
9. [WEX Inc. — Full financial report (2026 Q 2)](https://app.finbar.com/go?id=P142607791)
10. [WEX Inc. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P101058074)
11. [WEX Inc. — Full financial report (2026 Q 2)](https://app.finbar.com/go?id=T16305647)
12. [WEX Inc. — Full financial report (2025 Y)](https://app.finbar.com/go?id=T10013757)
13. [www.sec.gov](https://www.sec.gov/Archives/edgar/data/1309108/000130910826000010/wex-20251231.htm)
14. [WEX Inc. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P84886247)
15. [WEX Inc. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P62469718)
16. [www.wexinc.com](https://www.wexinc.com/locations/)
17. [ir.wexinc.com](https://ir.wexinc.com/overview/default.aspx)
18. [WEX Inc. — Full financial report (2026 Q 2)](https://app.finbar.com/go?id=P142607744)
19. [ir.wexinc.com](https://ir.wexinc.com/news/news-details/2003/Wright-Express-to-Celebrate-Twentieth-Anniversary/default.aspx)
20. [www.sec.gov](https://www.sec.gov/Archives/edgar/data/1309108/000119312513018208/d470565dex991.htm)
21. [ir.wexinc.com](https://ir.wexinc.com/news/news-details/2012/Wright-Express-Completes-Acquisition-of-Fleet-One/default.aspx)
22. [ir.wexinc.com](https://ir.wexinc.com/news/news-details/2012/Wright-Express-Corporation-Changes-Name-to-WEX-Inc/)
23. [ir.wexinc.com](https://ir.wexinc.com/news/news-details/2013/WEX-Inc-to-Change-Ticker-Symbol-to-WEX/default.aspx)
24. [ir.wexinc.com](https://ir.wexinc.com/news/news-details/2014/Melissa-D-Smith-Assumes-Role-of-CEO-of-WEX-Inc/default.aspx)
25. [ir.wexinc.com](https://ir.wexinc.com/news/news-details/2014/WEX-Completes-Acquisition-of-Evolution1/default.aspx)
26. [ir.wexinc.com](https://ir.wexinc.com/news/news-details/2014/WEX-Completes-Acquisition-of-ExxonMobils-European-Commercial-Fuel-Card-Program/default.aspx)
27. [ir.wexinc.com](https://ir.wexinc.com/news/news-details/2016/WEX-Completes-Acquisition-of-Electronic-Funds-Source-LLC/default.aspx)
28. [ir.wexinc.com](https://ir.wexinc.com/news/news-details/2019/WEX-Completes-Acquisition-of-Discovery-Benefits-Inc/default.aspx)
29. [ir.wexinc.com](https://ir.wexinc.com/news/news-details/2019/WEX-Completes-Acquisition-of-Noventis/default.aspx)
30. [ir.wexinc.com](https://ir.wexinc.com/news/news-details/2020/WEX-Completes-Acquisition-of-eNett-and-Optal/default.aspx)
31. [ir.wexinc.com](https://ir.wexinc.com/news/news-details/2021/WEX-Completes-Acquisition-of-benefitexpress/default.aspx)
32. [ir.wexinc.com](https://ir.wexinc.com/news/news-details/2023/WEX-Completes-Acquisition-of-Payzer/)
33. [www.wexinc.com](https://www.wexinc.com/resources/blog/wex-bolsters-ev-commercial-adoption-solutions-with-sawatch-labs-acquisition/)
34. [ir.wexinc.com](https://ir.wexinc.com/news/news-details/2026/WEX-and-Impactive-Capital-Announce-Cooperation-Agreement/default.aspx)
35. [ir.wexinc.com](https://ir.wexinc.com/news/news-details/2026/WEX-Announces-David-Foss-as-Chair-of-the-Board/default.aspx)

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