Company type | Public |
---|---|
NYSE: WEX S&P 400 Component | |
ISIN | US96208T1043 |
Industry | Business Services |
Founded | 1983 as Wright Express Corp |
Headquarters | , |
Key people | Melissa D. Smith (President, Director, & CEO) [1] Michael E. Dubyak (Chairman of the Board)> [1] Roberto Simon (CFO) [1] |
Products | Fleet cards, corporate payments, virtual card. |
Revenue | US$ 1.54 billion (2020 FY) [1] |
US$ 239.27 million (2017) [1] | |
US$ 160.27 million (2017) [1] | |
Total assets | US$ 6.739 billion (2017) [1] |
Total equity | US$ 1.72 billion (2017) [1] |
Number of employees | 3,500 (2017) [1] |
Website | www |
WEX Inc. is a provider of payment processing and information management services to the United States commercial and government vehicle fleet industry. The company is headquartered in Portland, Maine [2] [3] and provides services in the United States, Canada, South America, Europe, Asia, and Australia.
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. [4]
SafeCard purchased Wright Express in 1994. [5] On February 20, 1996, CUC International acquired SafeCard (now renamed to Ideon) for $375 million. [6] Following CUC's merger with HFS, Wright Express became part of Cendant.
Wright Express went public in 2005. [7] In 2012, it adopted the name WEX, signaling a shift away from focusing on fuel cards and expanding into other payment solutions. [8]
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. [9] WEX is one of ten founding corporate partners of the Roux Institute at Northeastern University, which leases a portion of the WEX headquarters campus. [10]
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, [18] 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. [19] Some partners include Fifth Third Bancorp, [20] Paychex, [21] HSA Bank, and Discovery Benefits.
In January 2020, the company announced it would acquire travel payments companies eNett and Optal from Travelport for $577.5 million. [22]
A smart card (SC), chip card, or integrated circuit card, is a card used to control access to a resource. It is typically a plastic credit card-sized card with an embedded integrated circuit (IC) chip. Many smart cards include a pattern of metal contacts to electrically connect to the internal chip. Others are contactless, and some are both. Smart cards can provide personal identification, authentication, data storage, and application processing. Applications include identification, financial, public transit, computer security, schools, and healthcare. Smart cards may provide strong security authentication for single sign-on (SSO) within organizations. Numerous nations have deployed smart cards throughout their populations.
Visa Inc. is an American multinational payment card services corporation headquartered in San Francisco, California. It facilitates electronic funds transfers throughout the world, most commonly through Visa-branded credit cards, debit cards and prepaid cards. Visa is one of the world's most valuable companies.
American Express Company (Amex) is an American bank holding company and multinational financial services corporation that specializes in payment cards. It is headquartered at 200 Vesey Street, also known as American Express Tower, in the Battery Park City neighborhood of Lower Manhattan. Amex is the fourth-largest card network globally based on purchase volume, behind China UnionPay, Visa, and Mastercard. 133.3 million Amex cards were in force worldwide as of December 31, 2022, with an average annual spend per card member of US$23,496. That year, Amex handled over 1.6 trillion in purchase volume on its network. Amex is one of the largest US banks, and is ranked 77th on the Fortune 500 and 28th on the list of the most valuable brands by Forbes. In 2023, it was ranked 63rd in the Forbes Global 2000. Amex also owns a direct bank.
Telematics is an interdisciplinary field encompassing telecommunications, vehicular technologies, electrical engineering, and computer science. Telematics can involve any of the following:
Cendant Corporation was an American provider of business and consumer services, primarily within the real estate and travel industries. In 2005 and 2006, it broke up and spun off or sold its constituent businesses. Although it was based in New York City, the majority of its headquarters employees were in Parsippany-Troy Hills, New Jersey.
CUC (Comp-U-Card) International Inc. was a membership-based consumer services conglomerate with travel, shopping, auto, dining, home improvement and financial services offered to more than 60 million customers worldwide based in Stamford, Connecticut, US, and founded in 1973 by Kirk Shelton and Walter Forbes. In 1998, it became involved in a Securities and Exchange Commission investigation into what, at the time, was the biggest accounting scandal in corporate history.
World Kinect Corporation, formerly known as World Fuel Services Corporation, is an energy, commodities, and services company based in Doral, Florida. The company ranked No. 70 in the 2022 Fortune 500 list of the largest United States corporations. WKC focuses on the marketing, trading, and financing of aviation, marine, building, and ground transportation energy commodities and related services. As of 2013, WKC also operates in natural gas and power.
Gemalto was an international digital security company providing software applications, secure personal devices such as smart cards and tokens, e-wallets and managed services. It was formed in June 2006 by the merger of two companies, Axalto and Gemplus International. Gemalto N.V.'s revenue in 2018 was €2.969 billion.
Contactless payment systems are credit cards and debit cards, key fobs, smart cards, or other devices, including smartphones and other mobile devices, that use radio-frequency identification (RFID) or near-field communication (NFC) for making secure payments. The embedded integrated circuit chip and antenna enable consumers to wave their card, fob, or handheld device over a reader at the Point-of-sale terminal. Contactless payments are made in close physical proximity, unlike other types of mobile payments which use broad-area cellular or Wi-Fi networks and do not involve close physical proximity.
A fuel card or fleet card is used as a payment card most commonly for gasoline, diesel, and other fuels at gas stations. Fleet cards can also be used to pay for vehicle maintenance and expenses at the discretion of the fleet owner or manager. Most fuel cards are charge cards.
TravelCenters of America LLC is the largest publicly traded full-service truck stop and travel center company in the United States. The company operates full service centers, convenience stores, and restaurants under the TravelCenters of America, TA, Petro Stopping Centers, TA Express, GOASIS brands ' TravelCenters of America is headquartered in Westlake, Ohio, operates in 44 U.S. states, and employs nearly 20,000 people, as of 2021.
SmartDrive Systems, Inc. is a driver safety and transportation intelligence company located in San Diego, California. The company uses video and driver data to monitor driver behavior in commercial vehicles including trucks, buses and trains.
A credit card is a payment card, usually issued by a bank, allowing its users to purchase goods or services or withdraw cash on credit. Using the card thus accrues debt that has to be repaid later. Credit cards are one of the most widely used forms of payment across the world.
Apple Wallet is a digital wallet developed by Apple Inc. and included with iOS and watchOS that allows users to store Wallet passes such as coupons, boarding passes, student ID cards, government ID cards, business credentials, resort passes, car keys, home keys, event tickets, public transportation passes, store cards, and – starting with iOS 8.1 – credit cards, and debit cards for use via Apple Pay.
Corpay, Inc. is a global business payments and spend management company that provides solutions that control expense-related purchasing and payment processes. Corpay is an S&P 500 company with a portfolio of brands that automate, secure, digitize and manage billions of payment transactions annually on behalf of businesses across more than 100 countries in North America, Latin America, Europe, and Asia-Pacific.
Geotab Inc. is a Canadian technology company headquartered in Oakville, Ontario. The company develops and markets telematics hardware and software for use with motor vehicles. The company's products are primarily used for fleet management, including on-board diagnostics, electronic logging, route optimization, accident data recording and CO2 emissions reporting.
Beep is a reloadable contactless smart card created in 2015 to be a replacement for the magnetic card-based system in paying rail-based rapid transit transportation fares in and around Metro Manila. Beep is also used in lieu of cash in some convenience stores and other businesses. The Beep system is implemented and operated by AF Payments Incorporated, which is primarily owned by Ayala Corporation and Metro Pacific Investments Corporation.
Radius Payment Solutions is a software and technology company headquartered in Crewe, Cheshire. established in March 2016, Radius has a presence in 29 countries. and operates services across Telematics, Fuel Cards, Insurance, Vehicle Solutions, Telecoms and EV.
Curve is a payment card that aggregates multiple payment cards through its accompanying mobile app, allowing a user to make payments and withdrawals from a single card. It lets you "switch the bank card you paid with after each transaction is complete." Curve named this feature "Back in time".
Affirm Holdings, Inc. is an American public company founded by PayPal co-founder Max Levchin in 2012. It is a fintech company with a buy now, pay later service for online and in-store shopping. Affirm leads the U.S. buy now, pay later sector, reporting over 17 million users and US$20.2 billion annual GMV as of 2023.
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