Summary
WEX Inc. provides financial technology services in the United States and internationally. It operates through three segments: Fleet Solutions, Travel and Corporate Solutions, and Health and Employee Benefit Solutions. The Fleet Solutions segment offers fleet vehicle payment processing services. Its services include customer, account activation, and account retention services; authorization and billing inquiries, and account maintenance services; credit and collections services; merchant services; analytics solutions with access to web-based data analytics platform that offers insights to fleet managers; and ancillary services and tools to fleets to manage expenses and capital requirements. This segment markets its products directly and indirectly to commercial and government vehicle fleet customers with small, medium, and large fleets, as well as with over-the-road and long haul fleets; and indirectly through co-branded and private label relationships. The Travel and Corporate Solutions segment provides payment solutions, including embedded payments; and accounts payable automation and spend management solutions. Its products include virtual cards that are used for transactions where no card is presented. This segment markets its products directly and indirectly to commercial and government organizations. The Health and Employee Benefit Solutions segment offers healthcare payment products and software-as-a-service consumer directed platforms for healthcare market, as well as payroll related and employee benefit products in Brazil. This segment markets its products through health plans, third-party administrators, financial institutions, payroll companies benefits consultants, software providers, and individuals. The company was formerly known as Wright Express Corporation and changed its name to WEX Inc. in October 2012. WEX Inc. was founded in 1983 and is based in Portland, Maine.
History
The company traces its origins to A.R. Wright, a coal and later heating oil business in South Portland, Maine. In the 1980s, A.R. Wright began allowing trucks to fuel up without having to pay an attendant by using a post-paid fuel card, leading to the creation of Wright Express Corporation in 1983.Wright Express grew over the next several decades. It went public in 2005. In 2012, it adopted the name WEX, signaling a shift away from focusing on fuel cards and expanding into other payment solutions.In 2019, WEX opened a new 100,000-square-foot headquarters across from the Ocean Gateway International Marine Passenger Terminal in Portland, Maine. The company continues to have a significant presence in South Portland. WEX is one of ten founding corporate partners of the Roux Institute at Northeastern University, which leases a portion of the WEX headquarters campus.
Mission
At WEX, Inc. we strive to provide our clients with complete payment solutions that add value to their businesses and best serve their needs.
Vision
Our vision is to be the leading payment solutions provider to businesses across the world.
Key Team
Mr. Jagtar Narula (Chief Financial Officer)
Ms. Hilary Ann Rapkin Esq. (Chief Legal Officer & Sec.)
Ms. Jennifer Kimball (Chief Accounting Officer)
Ms. Ann Elena Drew J.D. (Chief Risk & Compliance Officer)
Mr. Steven Alan Elder (Sr. VP of Global Investor Relations)
Ms. Melanie J. Tinto (Chief HR Officer)
Mr. Joel Alan Dearborn Jr. (Chief Strategy Officer)
Recognition and Awards
WEX Inc. has earned a long list of awards and accolades including ranking on the Fortune 500, being named as one of the World's Most Admired Companies by Fortune magazine, and being recognized with a number of awards including the Malaysian Oil & Gas Awards, 2017 Supplier of the Year from the National Association of Fleet Administrators, and the American Business Awards in 2018.
References
United States 