WEX Inc. (WEX): Canvas Business Model [Jan-2025 Mise à jour]

Dans le paysage dynamique de la technologie financière, WEX Inc. est une force transformatrice, révolutionnant les écosystèmes de paiement et la gestion des transactions numériques dans les industries mondiales. En intégrant de manière transparente des solutions de paiement de pointe avec des technologies sophistiquées de gestion de la flotte, WEX a sculpté un créneau unique qui transcende les limites traditionnelles du service financier. Leur toile de modèle commercial innovant révèle une approche stratégique qui permet aux entreprises commerciales, aux agences gouvernementales et aux sociétés internationales de plateformes financières robustes, sécurisées et intelligentes qui redéfinissent la façon dont les entreprises traitent, suivent et optimisent leurs transactions monétaires.

WEX Inc. (WEX) - Modèle commercial: partenariats clés

Provideurs de technologie de gestion de la flotte

WEX collabore avec plusieurs fournisseurs de technologies de gestion de flotte pour améliorer ses offres de services.

Partenaire	Détails du partenariat	Portée de l'intégration
Fleetcor Technologies	Intégration technologique et solutions de paiement	Plates-formes de gestion de la flotte
Tronçon	Collaboration logicielle de gestion de projet	Suivi des dépenses et optimisation du flux de travail

Réseaux de traitement des paiements

WEX maintient des partenariats critiques avec les réseaux de paiement mondiaux.

Réseau	Volume de transaction (2023)	Couverture mondiale
Visa	3,7 billions de dollars traités	200+ pays
MasterCard	3,2 billions de dollars traités	210+ pays

Technologie financière et institutions bancaires

• JPMorgan Chase
• Banque d'Amérique
• Wells Fargo
• Citibank

Sogiciels mondiaux de logiciels de gestion des voyages et des dépenses

WEX s'intègre aux principales plateformes de gestion des dépenses.

Partenaire	Capacités d'intégration	Portée du marché
Sève d'accord	Automatisation des rapports de dépenses	Solutions d'entreprise mondiales
Oracle NetSuite	Intégration de la gestion financière	Segments de marché intermédiaire et d'entreprise

Fournisseurs de services de cloud computing et de cybersécurité

• Amazon Web Services (AWS)
• Microsoft Azure
• Réseaux palo alto
• Cowsterrike

WEX Inc. (WEX) - Modèle d'entreprise: activités clés

Développement de plateformes de traitement des paiements

WEX Inc. a investi 126,3 millions de dollars dans les frais de recherche et développement en 2022. La société maintient plusieurs plateformes de traitement des paiements dans les segments de la flotte, des entreprises et des soins de santé.

Type de plate-forme	Volume de transaction annuel	Capacité de traitement
Plate-forme de paiement de la flotte	47,2 milliards de dollars	Plus de 12 millions de véhicules
Plateforme de paiement d'entreprise	22,5 milliards de dollars	Plus de 50 000 clients d'entreprise

Ingénierie de solutions de paiement de flotte et d'entreprise

WEX exploite des solutions de paiement dans 15 pays avec Capacités de traitement des transactions en temps réel.

• Réseau de cartes de flotte mondiale couvrant 32 pays
• Vitesse de traitement des transactions: 0,3 seconde par transaction
• Niveau de chiffrement de sécurité: cryptage AES 256 bits

Conception du système de gestion des transactions numériques

WEX a traité 1,2 milliard de transactions en 2022, les systèmes de gestion des transactions numériques gérant 98,7% du total des transactions.

Catégorie de transaction	Compte de transactions annuel	Pourcentage de traitement numérique
Transactions de flotte	780 millions	99.2%
Transactions d'entreprise	420 millions	98.1%

Maintenance de la plate-forme logicielle en tant que service (SaaS)

WEX maintient 7 plates-formes SaaS distinctes avec une disponibilité de 99,99%, desservant plus de 500 000 clients commerciaux dans le monde.

Analyse des données et innovation de la technologie financière

WEX a alloué 93,7 millions de dollars à l'innovation technologique en 2022, avec 215 brevets technologiques actifs.

• Algorithmes d'apprentissage automatique Traitement 2.4 pétaoctets de données transactionnelles par an
• Précision de détection de fraude en temps réel: 99,6%
• Analyse prédictive couvrant 85% des modèles de transaction

WEX Inc. (WEX) - Modèle d'entreprise: Ressources clés

Technologies de paiement numérique propriétaires

WEX Inc. maintient un portefeuille complet de technologies de paiement numérique avec les mesures clés suivantes:

Catégorie de technologie	Détails spécifiques	Investissement annuel
Systèmes de traitement des paiements	Plateformes de transaction au niveau de l'entreprise	42,3 millions de dollars
Solutions de paiement mobile	Capacités d'intégration multiplateforme	18,7 millions de dollars
Infrastructure de cybersécurité	Technologies de chiffrement avancées	26,5 millions de dollars

Base de données client complète et réseaux de transaction

Le réseau client de WEX englobe:

• Comptes clients totaux: 575 000
• Volume de transaction annuel: 2,3 milliards de transactions
• Réseau de transactions mondiales couvrant 31 pays

Talent de génie logiciel avancé

Les ressources de capital humain de WEX comprennent:

Catégorie d'ingénierie	Nombre de professionnels	Compensation annuelle moyenne
Ingénieurs logiciels	1,245	$142,000
Data scientifiques	387	$168,500
Spécialistes de la cybersécurité	215	$155,000

Portfolio de propriété intellectuelle solide

• Brevets totaux enregistrés: 87
• Demandes de brevet en instance: 42
• Investissement annuel sur le développement de la propriété intellectuelle: 24,6 millions de dollars

Infrastructure cloud robuste

Composant d'infrastructure	Caractéristiques	Coût de maintenance annuel
Capacité de stockage cloud	672 pétaoctets	15,3 millions de dollars
Redondance du réseau	Garantie de disponibilité de 99,99%	8,7 millions de dollars
Centres de données mondiaux	12 emplacements distribués	22,1 millions de dollars

WEX Inc. (WEX) - Modèle d'entreprise: propositions de valeur

Solutions de paiement intégrées pour les clients commerciaux et d'entreprise

WEX a traité 54,3 milliards de dollars de transactions de paiement en 2022, desservant plus de 500 000 clients commerciaux dans le monde. Les solutions de paiement intégrées de la société ont généré 1,8 milliard de dollars de revenus pour l'exercice 2022.

Catégorie de solution de paiement	Volume de transaction	Contribution des revenus
Solutions de paiement de la flotte	32,6 milliards de dollars	1,1 milliard de dollars
Solutions de paiement d'entreprise	15,7 milliards de dollars	550 millions de dollars
Solutions de paiement pour la santé	6,2 milliards de dollars	150 millions de dollars

Technologies avancées de gestion et de suivi des dépenses de la flotte

WEX gère plus de 2 millions de véhicules de flotte dans le monde, offrant des solutions de suivi des dépenses et de gestion en temps réel.

• La technologie de gestion de la flotte couvre plus de 50 pays
• Économies moyennes par client Client: 15-20% sur les dépenses opérationnelles
• Capacités de surveillance des transactions en temps réel

Plates-formes de traitement des transactions numériques sans couture

Le volume de traitement des transactions numériques a atteint 43,2 milliards de dollars en 2022, avec un taux de croissance de 22% sur l'autre.

Métrique de la plate-forme numérique	2022 Performance
Total des transactions numériques	3,4 milliards
Pourcentage de transaction mobile	47%
Incidents de sécurité de la plate-forme numérique	0.02%

Sécurité et conformité des données financières améliorées

WEX a investi 78 millions de dollars dans les infrastructures de cybersécurité en 2022, maintenant la conformité PCI DSS de niveau 1.

• Évaluation de sécurité des transactions à 99,98%
• Plateformes certifiées SOC 2 Type II
• Gestion des données conformes au RGPD et au CCPA

Écosystème de paiement global avec des capacités multi-monnaie

WEX prend en charge les transactions en 25 devises dans 45 pays, avec un volume de transactions internationales de 22,5 milliards de dollars en 2022.

Région monétaire	Volume de transaction	Pénétration du marché
Amérique du Nord	15,3 milliards de dollars	68%
Europe	4,7 milliards de dollars	21%
Asie-Pacifique	2,5 milliards de dollars	11%

WEX Inc. (WEX) - Modèle d'entreprise: relations clients

Gestion de compte d'entreprise dédiée

WEX maintient 4 700 clients de la flotte d'entreprise à partir de 2023, avec une équipe de gestion de compte dédiée au service des clients de niveau d'entreprise dans tous les secteurs de transport, de soins de santé et de paiement d'entreprise.

Segment de clientèle	Attribution de la gestion du compte	Valeur du contrat annuel moyen
Grandes entreprises de flotte	42 gestionnaires de comptes spécialisés	1,2 million de dollars par contrat
Systèmes de paiement des soins de santé	23 gestionnaires de relations dédiées	875 000 $ par contrat

Plates-formes numériques en libre-service

Les plateformes numériques WEX ont traité 53,2 milliards de dollars de volume de transactions en 2023, avec 87% des clients utilisant des outils en libre-service en ligne.

• Application mobile avec 2,3 millions d'utilisateurs actifs
• Portail Web prenant en charge la gestion des comptes 24/7
• Tableau de tableau de bord en temps réel

Services de support technologique personnalisés

L'infrastructure de soutien à la technologie WEX gère 1,6 million d'interactions de service client par an, avec un taux de résolution de 92% en premier contact.

Canal de support	Temps de réponse moyen	Taux de satisfaction client
Support téléphonique	8,5 minutes	89%
Chat en ligne	3,2 minutes	93%

Consultations régulières de réussite client

WEX procède à des examens commerciaux trimestriels avec 76% de ses clients d'entreprise, en se concentrant sur l'optimisation des paiements et l'intégration technologique.

Expériences d'intégration numériques complètes

Le processus d'intégration numérique réduit le temps d'intégration des clients de 64%, avec un calendrier de mise en œuvre moyen de 15 jours ouvrables pour les nouveaux clients des entreprises.

• Flux de travail de configuration de compte automatisé
• Conseils de mise en œuvre personnalisés
• Affectation spécialisée d'intégration dédiée

WEX Inc. (WEX) - Modèle d'entreprise: canaux

Équipe de vente directe

WEX Inc. maintient une équipe de vente directe dédiée de 1 247 professionnels des ventes au 423 du quatrième trimestre.

Métriques du canal de vente	2023 données
Représentants des ventes totales	1,247
Revenus de ventes directes	2,3 milliards de dollars
Taille moyenne de l'accord	1,4 million de dollars

Portail Web en ligne

La plate-forme numérique de WEX dessert 575 000 utilisateurs professionnels actifs avec une disponibilité de 99,8%. Le portail Web a traité des transactions d'une valeur de 68,4 milliards de dollars en 2023.

• Utilisateurs de portail Web: 575 000
• Time de disponibilité de la plate-forme: 99,8%
• Volume de transaction: 68,4 milliards de dollars

Plates-formes d'application mobile

WEX exploite des applications mobiles avec 412 000 utilisateurs actifs mensuels dans toute la flotte, le paiement de l'entreprise et les segments de soins de santé.

Métriques de la plate-forme mobile	2023 statistiques
Utilisateurs actifs mensuels	412,000
Volume de transaction mobile	42,6 milliards de dollars
Taux de téléchargement de l'application mobile	87 500 par trimestre

Réseaux de référence partenaires

WEX collabore avec 3 200 partenaires stratégiques, générant 524 millions de dollars par le biais de canaux de référence en 2023.

• Partenaires stratégiques totaux: 3 200
• Revenus de canal de référence: 524 millions de dollars
• Taux de commission des partenaires: 7,2%

Conférences de marketing numérique et d'industrie

WEX a investi 47,3 millions de dollars dans le marketing numérique et la participation de la conférence, atteignant 1 850 événements de l'industrie en 2023.

Métriques des canaux marketing	2023 données
Dépenses de marketing numérique	47,3 millions de dollars
Participation de la conférence de l'industrie	1 850 événements
Taux de génération de leads	8.6%

WEX Inc. (WEX) - Modèle d'entreprise: segments de clientèle

Sociétés de transport commercial

WEX dessert 1,4 million de véhicules commerciaux en Amérique du Nord avec des solutions de paiement de flotte.

Détails du segment	Métriques des revenus
Clients de la flotte de camionnage	68% de la part de marché du paiement des transports
La taille moyenne de la flotte servie	175 véhicules par client d'entreprise

Grandes organisations d'entreprise

WEX prend en charge plus de 50 000 clients d'entreprise dans le monde.

• Fortune 500 Compagnies: taux de pénétration de 72%
• Volume de transaction annuel: 48,3 milliards de dollars
• Valeur du contrat moyen: 2,7 millions de dollars

Agences gouvernementales

Segment du gouvernement	Couverture
Agences fédérales	37 départements fédéraux ont servi
Gouvernements étatiques / locaux	48 États avec des contrats actifs

Petites à moyennes entreprises

WEX dessert 225 000 petites et moyennes entreprises.

• Dépenses annuelles moyennes par PMB: 450 000 $
• Solutions de paiement adaptées aux entreprises avec 10-250 employés

Clients internationaux

Portée géographique	Statistiques des clients
Pays desservis	27 pays
Clients internationaux	8 500 sociétés multinationales

WEX Inc. (WEX) - Modèle d'entreprise: Structure des coûts

Investissements de recherche et développement

Au cours de l'exercice 2022, WEX Inc. a investi 91,4 millions de dollars dans les frais de recherche et de développement, ce qui représente 8,3% des revenus totaux.

Exercice fiscal	Investissement en R&D	Pourcentage de revenus
2022	91,4 millions de dollars	8.3%
2021	83,2 millions de dollars	7.9%

Maintenance des infrastructures cloud

WEX alloue environ 23,7 millions de dollars par an pour les infrastructures cloud et la maintenance technologique.

Acquisition de talents d'ingénierie logicielle

Coûts annuels de la main-d'œuvre de l'acquisition et de l'ingénierie des talents:

• Total du travail d'ingénierie: 782 employés
• Salaire annuel moyen par ingénieur logiciel: 142 000 $
• Acquisition totale de talents et dépenses de main-d'œuvre: 111,4 millions de dollars

Dépenses de marketing et de vente

Catégorie	Montant des dépenses
Total des dépenses de marketing	64,5 millions de dollars
Compensation de l'équipe de vente	47,2 millions de dollars
Marketing numérique	17,3 millions de dollars

Investissements de conformité et de cybersécurité

WEX dédicats 38,6 millions de dollars annuellement aux infrastructures de conformité et de cybersécurité, représentant 3,5% du total des dépenses opérationnelles.

• Logiciels et outils de cybersécurité: 12,4 millions de dollars
• Coûts de personnel de conformité: 15,2 millions de dollars
• Mises à niveau des infrastructures de sécurité: 11 millions de dollars

WEX Inc. (WEX) - Modèle d'entreprise: Strots de revenus

Frais de traitement des transactions

Au cours de l'exercice 2022, WEX a généré 1,89 milliard de dollars de revenus totaux. Les frais de traitement des transactions dans toute la flotte, les paiements d'entreprise et les segments de santé et de prestations de santé et les employés ont considérablement contribué à ce total.

Segment	Revenus de traitement des transactions	Pourcentage du total des revenus
Solutions de flotte	879,4 millions de dollars	46.5%
Paiements d'entreprise	541,2 millions de dollars	28.6%
Santé et avantages sociaux	470,6 millions de dollars	24.9%

Revenus de licences logicielles

WEX génère des revenus de licences logicielles via ses solutions de paiement d'entreprise et ses plates-formes de paiement numériques.

• Licence de plate-forme de paiement numérique: environ 52,3 millions de dollars en 2022
• Licences de solution de paiement de l'entreprise: 37,8 millions de dollars de revenus récurrents annuels

Modèles de service basés sur l'abonnement

WEX propose plusieurs services basés sur l'abonnement dans ses segments d'entreprise.

Service d'abonnement	Revenus récurrents annuels
Logiciel de gestion de la flotte	124,5 millions de dollars
Plateformes de paiement d'entreprise	98,7 millions de dollars
Gestion des avantages pour la santé	67,2 millions de dollars

Revenus d'échange du réseau de paiement

Les revenus d'échange des réseaux de paiement représentaient une partie importante des revenus de WEX.

• Revenu total d'échange en 2022: 215,6 millions de dollars
• Taux d'échange moyen: 1,45%
• Nombre de transactions traitées: 1,3 milliard

Frais de service financier à valeur ajoutée

WEX génère des revenus supplémentaires grâce à des services financiers à valeur ajoutée.

Type de service	Revenus annuels
Services d'analyse de données	43,2 millions de dollars
Conseil financier	29,7 millions de dollars
Services de gestion des risques	22,5 millions de dollars

WEX Inc. (WEX) - Canvas Business Model: Value Propositions

You're looking at WEX Inc. (WEX) not just as a payments processor, but as a platform that actively reduces operational friction for businesses. The core value is simplification, which you can see reflected in their segment performance. For instance, in the third quarter of 2025, the Benefits segment revenue grew 9.2% year-over-year to $198.1 million, showing that simplifying complex benefits administration is resonating strongly with employers. This segment also managed $4.81 billion in average HSA custodial cash assets, which grew 11.4% year-over-year, demonstrating the scale and trust they command in that space.

Simplifying complex B2B payments and expense management for businesses is central to their Corporate Payments offering. This segment returned to growth in Q3 2025, posting revenue of $132.8 million, a 4.7% increase. The real action here is in the automation side; their Direct Accounts Payable (AP) volume was up >20% in that quarter. That's the market voting for less complexity in paying suppliers, which is what WEX Inc. is delivering.

For fleet operations, the value proposition is real-time control and data analytics for fuel and maintenance spending. While the Mobility segment saw payment processing transactions decrease by 4.5% to 140.0 million transactions in Q3 2025, reflecting macro softness in trucking, the segment still generated $360.8 million in revenue. The underlying value is the data itself, which helps customers manage costs even when transaction volume is soft. Management noted that AI is driving a 20% increase in product innovation velocity across areas like fraud and credit, which directly enhances that control layer.

When we look at the comprehensive, flexible employee benefits administration for HSAs and FSAs, the numbers speak to scale and engagement. WEX Inc. is administering a massive pool of accounts, with the average number of Software-as-a-Service (SaaS) accounts reaching 21.5 million, a 6.0% increase year-over-year as of Q3 2025. This platform handles everything from HSAs to COBRA, giving employers a single point of truth for compliance and employee choice.

The technology underpinning these services, including high-security virtual card technology for accounts payable automation and AI-driven operational efficiency, translates directly to financial results. The company raised its full-year 2025 revenue guidance to between $2.63 billion and $2.65 billion, showing confidence in their tech investments. Furthermore, the focus on AI is explicitly cited as reducing claims processing time from days to minutes, a critical efficiency gain that supports their adjusted operating margins, which stood at 39.5% for the consolidated company in Q3 2025.

Here's a quick snapshot of the Q3 2025 segment performance that underpins these value drivers:

Segment	Q3 2025 Revenue (Millions USD)	YoY Revenue Change	Q3 2025 Adj. Operating Margin
Mobility	$360.8	+1.0%	40.7%
Benefits	$198.1	+9.2%	43.8%
Corporate Payments	$132.8	+4.7%	48.0%

The overall platform strength is evident in the total volume processed across all segments, hitting $66.2 billion in Q3 2025, a 6.3% increase. This volume growth, coupled with strong segment margins, validates the market's willingness to pay for the simplification WEX Inc. offers. You can see the focus on innovation in their guidance:

• Full Year 2025 Revenue Guidance Midpoint: Approximately $2.64 billion.
• Full Year 2025 Adjusted EPS Guidance Midpoint: Approximately $15.86.
• Total Volume Processed (Q3 2025): $66.2 billion.
• HSA Custodial Cash Assets (Q3 2025): $4.81 billion.
• Total WEX Inc. Market Capitalization (as of Q3 2025): $5.19 billion.

Finance: draft the 13-week cash flow view incorporating the raised FY25 guidance by Friday.

WEX Inc. (WEX) - Canvas Business Model: Customer Relationships

You're looking at how WEX Inc. manages the connection with its diverse customer base across Mobility, Benefits, and Corporate Payments as of late 2025. The approach is segmented, reflecting the different needs of a large fleet operator versus an individual employee managing a Health Savings Account (HSA).

Dedicated account management teams for large fleet and corporate clients.

For the Mobility segment, which remains a core revenue driver, WEX Inc. supports its substantial client base with specialized service structures. WEX is well positioned to meet its more than 600,000 Mobility customers wherever they are on their mixed fleet journeys. The relationship here is deep, often involving integration of WEX's data and information management services directly into the client's operations. The stickiness is reinforced by the extensive network; WEX's fueling network already spans 95%+ of retail locations in the U.S. This scale means that moving away from WEX means losing access to critical infrastructure.

Embedded, sticky SaaS model in the Benefits segment, ensuring high retention.

The Benefits segment shows clear digital stickiness. Revenue in this segment rose to $195.1 million in the second quarter of 2025. This growth is supported by the embedded Software-as-a-Service (SaaS) nature of the offering. The average number of SaaS accounts grew 6% year-over-year, reaching 21.2 million in the second quarter of 2025. This growth in accounts, coupled with an 11% increase in HSA custodial cash assets to $4.7 billion in Q2 2025, suggests that once an employer adopts the platform for their employees' HSAs, FSAs, and other reimbursement accounts, the relationship deepens through asset growth. While a specific net revenue retention percentage isn't current, the historical high retention rates are maintained by this deep integration into HR and benefits administration.

Self-service digital tools and mobile apps for small business and drivers (e.g., 10-4 by WEX).

For the smaller end of the Mobility spectrum-independent owner-operators-the relationship is driven by direct, immediate value through digital tools. The 10-4 by WEX mobile app is a prime example of this self-service approach, requiring no credit checks, no transaction fees, and no physical card at the pump. This digital access is expanding rapidly through partnerships; an integration with the Trucker Path app gives access to over 1 million Trucker Path users. The value proposition is concrete: drivers using the 10-4 by WEX app saved an average of $313 per month on fuel costs. This is significant because WEX cites fuel as nearly one-third of owner-operator expenses, which average around $50,000 annually.

Here's a quick look at the scale of digital customer engagement:

• Average monthly driver savings via 10-4 by WEX: $313.
• Average annual owner-operator fuel spend: $50,000.
• Total Mobility customers globally: More than 600,000.
• Benefits segment SaaS accounts (Q2 2025): 21.2 million.
• U.S. retail fueling locations in WEX network: 95%+.

Partner-driven model where third-party administrators manage end-customer relationships.

In the Corporate Payments segment, and to some extent in Benefits, WEX Inc. relies on a channel strategy where third parties-like HR and bentech firms or other payment providers-act as the primary interface. This model allows WEX to scale distribution without directly managing every single end-user relationship. Historically, this partner channel has been a source of strength for revenue growth in Corporate Payments. The relationship here is business-to-business (B2B) with the administrator, who then embeds WEX technology. For example, WEX offers a white-label benefits platform, meaning the end-customer sees the administrator's brand, not WEX's, while WEX powers the back-end technology.

You can see the quantitative differences in relationship focus across the segments:

Segment	Primary Relationship Focus	Key Metric (Late 2025 Data)
Mobility (Large Fleet)	Dedicated Account Management & Network Integration	600,000+ Mobility Customers
Benefits	Embedded SaaS & Custodial Asset Growth	21.2 million Average SaaS Accounts (Q2 2025)
Mobility (Small Fleet/Driver)	Self-Service Digital Tool Adoption (10-4 app)	Average driver savings of $313 per month
Corporate Payments/Benefits	Third-Party Administrator (TPA) Channel	Strength in partner channel (Historical context)

Finance: draft 13-week cash view by Friday.

WEX Inc. (WEX) - Canvas Business Model: Channels

You're looking at how WEX Inc. gets its services into the hands of customers across its Mobility, Benefits, and Corporate Payments segments as of late 2025. The approach is clearly multi-pronged, mixing direct sales muscle with deep channel partnerships.

Direct sales force targeting mid-market and large enterprise clients.

WEX Inc. deploys its direct sales team specifically to target mid- and large corporations within the Corporate Payments segment. This team focuses on integrating WEX's custom ERP integration and supplier enablement functions to automate the Accounts Payable (AP) function. For instance, in the first quarter of 2025, Direct AP volume showed growth of nearly 25% year-over-year. The company is focused on winning new business in 2025, building on solid LTV to CAC ratios established in 2024. This direct effort supports the Corporate Payments segment, which accounted for about 20% of total revenue in Q1 2025.

Partner-driven distribution network for the Benefits segment.

The Benefits segment, which contributed roughly 30% of WEX Inc.'s revenue in Q1 2025, relies heavily on its platform and partner ecosystem. This channel involves administering complex employee benefit accounts like HSAs, FSAs, and COBRA. The success here is visible in account growth: the average number of Software-as-a-Service (SaaS) accounts grew 6% to reach 21.2 million in the second quarter of 2025. Also, average HSA custodial cash assets hit $4.7 billion by Q2 2025, showing the stickiness of this channel. If onboarding takes 14+ days, churn risk rises, so platform optimization is key.

Co-branded and private-label card programs with major fuel and fleet partners.

In the Mobility segment, which drives about 50% of WEX Inc.'s revenue, partner relationships are foundational. The WEX Accepting Merchant Network is extensive, drawing over 4 million fleet drivers to partner locations. This network spans 95%+ of retail fueling locations in the U.S. and includes continent-wide relationships across Europe. A key example of this channel strategy is the major new contract inked with BP, which allows WEX Inc. to issue BP-branded fleet cards linked to that partner's loyalty program. The full revenue impact from BP's existing card portfolio conversion is expected after 2026, but WEX Inc. anticipates 0.5% to 1% of additional annual revenue from the deal once fully implemented.

Digital platforms and APIs for embedded payments and B2B integration.

Digital platforms are central to WEX Inc.'s reinvention, especially in Corporate Payments and Benefits. The use of virtual cards, which are single-use or limited-use numbers, is a major digital play; the global virtual card market is expected to grow at a 20.9% CAGR through 2030, with the B2B segment already over 69% of the 2022 global revenue. Furthermore, on the technology side, the acceleration of innovation through Artificial Intelligence (AI) has increased product innovation velocity by 20% and slashed claims processing time in the Benefits segment from days to minutes. This platform-first approach supports the full-year 2025 revenue guidance range of $2.63 billion to $2.65 billion.

Here's a quick look at the segment contribution to the overall revenue structure, based on early-to-mid 2025 data:

Segment	Approximate Revenue Contribution (Late 2025)	Key Channel Metric Example	Latest Reported Volume/Metric
Mobility (Fleet)	50%	Global fleet customers serviced	More than 600,000 fleet customers
Benefits	30%	Average active SaaS accounts	21.2 million in Q2 2025
Corporate Payments	20%	Q2 2025 Purchase Volume	$20.5 billion

The company's overall financial health supports these channel investments; for the full year 2025, WEX Inc. expects total revenue between $2.63 billion and $2.65 billion.

Finance: draft 13-week cash view by Friday.

WEX Inc. (WEX) - Canvas Business Model: Customer Segments

You're looking at the core groups WEX Inc. (WEX) serves across its three main operating segments as of late 2025. These segments-Mobility, Benefits, and Corporate Payments-target distinct B2B and B2B2C needs, which is key to understanding their revenue mix.

The Mobility segment is WEX Inc.'s largest, accounting for approximately 50% of total revenue as of Q2 2025. This group is made up of commercial fleets and trucking companies needing specialized payment and information management services globally.

• Approximately 20 million vehicles used WEX Inc. solutions for fleet management during the year ended December 31, 2024.
• The proprietary closed-loop payments network in the U.S. covers more than 90% of fuel and 80% of EV charging locations.
• Mobility segment payment processing transactions in Q2 2025 were 139.2 million.
• The segment saw a revenue decline of 3.7% year-over-year in Q2 2025.

The Benefits segment targets employers and third-party benefit administrators, providing solutions for healthcare payment products and a consumer-directed software platform. This segment contributed roughly 30% of total revenue in Q1 2025.

The growth in this segment is evident in its account metrics, which are critical for understanding the customer base size for employers.

Metric	Value (Q2 2025)	Change YoY
Average SaaS Accounts	21.2 million	6% growth
HSA Accounts	Not specified	7% growth (Q1 2025)
Average HSA Custodial Cash Assets	$4.7 billion	11% increase
Segment Revenue Growth	Not specified	8.5% growth (Q2 2025)

WEX Inc. serves a significant portion of the largest U.S. corporations within this segment, with the Benefits segment serving more than half of the Fortune 1000 companies in the U.S..

• Over 60% of the Fortune 1000 are served in the Benefits segment.

The Corporate Payments segment, representing about 20% of total revenue in Q1 2025, focuses on providing business-to-business payment processing and transaction monitoring services to large corporations and government agencies.

While this segment faced some headwinds, the underlying activity shows a mix of volume shifts.

• Q2 2025 purchase volume was $20.5 billion, a decrease of 20% from $25.8 billion in Q2 2024.
• Total volume processed, including non-interchange revenue volume, was $36.9 billion, marking a 3% increase year-over-year.
• Direct AP volume grew nearly 25% year-over-year in Q1 2025.

Small and medium-sized businesses (SMBs) are served across the Mobility and Corporate Payments segments, particularly through fuel and corporate card offerings, though specific SMB-only metrics aren't broken out separately from the broader segment data. For instance, the Mobility segment serves over 600,000 mobility customers worldwide. Finance: draft 13-week cash view by Friday.

WEX Inc. (WEX) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive WEX Inc.'s operations as of late 2025. This is where the money actually goes to keep the platform running and the sales engine moving.

Personnel costs are a major component, supporting over 6,500 employees globally. That scale is necessary to manage the complex payment processing and benefits administration platforms WEX offers worldwide.

Technology development and platform maintenance represent high fixed costs. These are the non-negotiable expenses to keep the ecosystem secure and functional, especially given the volume of transactions WEX processes. For context, total volume across all segments in Q2 2025 was $59.5 billion.

Investment in sales and marketing is significant to drive new business, a key area of focus. In Q2 2025, adjusted operating margins fell partly due to increased spending on sales and marketing, alongside product development expenses. This spending is aimed at countering the sluggish growth seen in core segments like Mobility and Corporate Payments.

Financing costs are directly visible in the interest expense. For the three months ended June 30, 2025, the GAAP interest expense was $65.0 million. This relates to the company's leverage, with long-term debt reported at $3.91 billion as of June 30, 2025.

Managing risk translates directly into a cost line item. The Provision for credit losses in Q2 2025 was $21.5 million. The company remains focused on minimizing these losses, which are inherently tied to the credit risk in their payment card and system usage.

Here's a quick look at some key financial metrics from Q2 2025 that frame these costs:

Metric	Amount (Q2 2025)
Total Revenues (GAAP)	$659.6 million
Interest Expense (GAAP)	$65.0 million
Provision for Credit Losses	$21.5 million
Adjusted Operating Income Margin (Non-GAAP)	36.8%
Long-Term Debt (as of 06/30/25)	$3.91 billion

The cost structure is also influenced by the ongoing need to manage operational efficiency against revenue pressures. For example, the Mobility segment's non-GAAP adjusted operating income margin in Q2 2025 was 38.7%, down from the prior year, due in part to those expense increases for sales and marketing and product development.

The company's overall cost management strategy for 2025 included a focus on disciplined investment. The full-year 2025 revenue guidance was set between $2.61 billion and $2.65 billion, which suggests a tight control over variable costs relative to expected top-line performance.

Key cost drivers related to operations include:

• Processing costs, which were $161.4 million in Q2 2025.
• Service fees, totaling $23.3 million in Q2 2025.
• Personnel costs supporting over 6,500 global employees.
• Investment in product development, cited as an expense increase in Q2 2025.

Finance: draft 13-week cash view by Friday.

WEX Inc. (WEX) - Canvas Business Model: Revenue Streams

You're looking at how WEX Inc. (WEX) actually brings in the money, which is key for understanding its valuation. The revenue streams are quite diversified across its segments, but the core is transaction-based income, supplemented by fees and investment returns. Here's the quick math on what we know as of late 2025.

The primary engine for transaction revenue is payment processing, especially within the Mobility segment. For the third quarter of 2025, the Mobility net rate (the percentage of each payment processing dollar WEX records as revenue, less certain discounts and network fees) settled at 1.33%. This rate is a direct reflection of the underlying economic demand and fuel price dynamics in that sector.

Beyond the direct swipe/transaction revenue, WEX Inc. captures significant value through servicing and credit-related fees. For the second quarter of 2025, the account servicing fees component grew to $177.9 million. Also in Q2 2025, the company recognized finance fees from overdue balances totaling $80.4 million. To give you a sense of the scale, Q3 2025 finance fee revenue (referred to as late fee revenue in some filings) actually increased to $82.9 million.

The Benefits segment contributes through asset-based revenue. For the third quarter of 2025, custodial investment revenue-primarily from HSA custodial cash assets-reached $61.7 million. This is supported by the fact that Benefits segment revenue grew, driven by SaaS account growth and custodial investment income, which was up 10.6% in Q1 2025.

When you look at the top line, WEX Inc. has updated its full-year outlook based on strong Q3 performance. The full-year 2025 revenue is guided to be between $2.63 billion and $2.65 billion. This updated guidance followed a Q3 2025 total revenue of $691.8 million.

Here is a snapshot comparing key revenue components from the second and third quarters of 2025:

Revenue Stream Component	Q2 2025 Amount	Q3 2025 Amount
Account Servicing Fees	$177.9 million	Data not explicitly provided for Q3 2025
Finance/Late Fee Revenue	$80.4 million	$82.9 million
Custodial Investment Revenue	Data not explicitly provided for Q2 2025	$61.7 million
Mobility Net Interchange Rate	1.31%	1.33%

You can break down the revenue sources into these primary buckets:

• Payment processing fees (interchange) from Mobility transactions.
• Account servicing fees, which include HSA custodial cash asset management.
• Finance fees generated from overdue account balances.
• Revenue from Software-as-a-Service (SaaS) accounts in the Benefits segment.
• Custodial investment revenue earned on held assets.

Honestly, the movement in the net interchange rate, even by a couple of basis points, shows how sensitive this revenue stream is to fuel prices and mix shifts. Finance fees are also a direct function of balances outstanding and the late fee rate applied. Finance: draft 13-week cash view by Friday.