Wex Inc. (Wex): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico da tecnologia financeira, a Wex Inc. permanece como uma força transformadora, revolucionando os ecossistemas de pagamento e o gerenciamento de transações digitais nas indústrias globais. Ao integrar perfeitamente soluções de pagamento de ponta com sofisticadas tecnologias de gerenciamento de frotas, a WEX criou um nicho único que transcende os limites tradicionais de serviço financeiro. Seu inovador modelo de negócios Canvas revela uma abordagem estratégica que capacita empresas comerciais, agências governamentais e empresas internacionais com plataformas financeiras robustas, seguras e inteligentes que redefinem como as empresas processam, rastreiam e otimizam suas transações monetárias.

Wex Inc. (Wex) - Modelo de Negócios: Principais Parcerias

Provedores de tecnologia de gerenciamento de frota

A WEX colabora com vários provedores de tecnologia de gerenciamento de frotas para aprimorar suas ofertas de serviços.

Parceiro	Detalhes da parceria	Escopo de integração
Tecnologias Fleetcor	Integração de tecnologia e soluções de pagamento	Plataformas de gerenciamento de frota
Wrike	Colaboração de software de gerenciamento de projetos	Rastreamento de despesas e otimização do fluxo de trabalho

Redes de processamento de pagamento

A WEX mantém parcerias críticas com redes de pagamento globais.

Rede	Volume da transação (2023)	Cobertura global
Visa	US $ 3,7 trilhões processados	Mais de 200 países
MasterCard	US $ 3,2 trilhões processados	210 mais de países

Instituições de tecnologia financeira e bancos

• JPMorgan Chase
• Bank of America
• Wells Fargo
• Citibank

Empresas globais de software de gerenciamento de viagens e despesas

O WEX se integra às principais plataformas de gerenciamento de despesas.

Parceiro	Recursos de integração	Alcance do mercado
SAP Concur	Automação de relatórios de despesas	Soluções corporativas globais
Oracle Netsuite	Integração da gestão financeira	Segmentos de mercado intermediário e corporativo

Provedores de serviços de computação em nuvem e segurança cibernética

• Amazon Web Services (AWS)
• Microsoft Azure
• Redes Palo Alto
• Crowdstrike

Wex Inc. (Wex) - Modelo de Negócios: Atividades -chave

Desenvolvimento de plataformas de processamento de pagamento

A Wex Inc. investiu US $ 126,3 milhões em despesas de pesquisa e desenvolvimento em 2022. A Companhia mantém várias plataformas de processamento de pagamentos nos segmentos de frota, corporativo e saúde.

Tipo de plataforma	Volume anual de transações	Capacidade de processamento
Plataforma de pagamento da frota	US $ 47,2 bilhões	Mais de 12 milhões de veículos
Plataforma de pagamento corporativo	US $ 22,5 bilhões	Mais de 50.000 clientes corporativos

Engenharia de soluções de frota e pagamento corporativo

A WEX opera soluções de pagamento em 15 países com Recursos de processamento de transações em tempo real.

• Rede global de cartões de frota cobrindo 32 países
• Velocidade de processamento da transação: 0,3 segundos por transação
• Nível de criptografia de segurança: criptografia AES de 256 bits

Design do sistema de gerenciamento de transações digitais

A WEX processou 1,2 bilhão de transações em 2022, com sistemas de gerenciamento de transações digitais lidando com 98,7% do total de transações.

Categoria de transação	Contagem anual de transações	Porcentagem de processamento digital
Transações de frota	780 milhões	99.2%
Transações corporativas	420 milhões	98.1%

Manutenção da plataforma de software como serviço (SaaS)

A WEX mantém 7 plataformas distintas de SaaS com 99,99% de tempo, atendendo a mais de 500.000 clientes comerciais em todo o mundo.

Análise de dados e inovação em tecnologia financeira

A WEX alocou US $ 93,7 milhões para a inovação tecnológica em 2022, com 215 patentes de tecnologia ativa.

• Algoritmos de aprendizado de máquina Processando 2.4 Petabytes de dados transacionais anualmente
• Precisão de detecção de fraude em tempo real: 99,6%
• Análises preditivas, cobrindo 85% dos padrões de transação

Wex Inc. (Wex) - Modelo de Negócios: Recursos Principais

Tecnologias de pagamento digital proprietárias

A Wex Inc. mantém um portfólio abrangente de tecnologia de pagamento digital com as seguintes métricas -chave:

Categoria de tecnologia	Detalhes específicos	Investimento anual
Sistemas de processamento de pagamento	Plataformas de transações no nível da empresa	US $ 42,3 milhões
Soluções de pagamento móvel	Recursos de integração de plataforma cruzada	US $ 18,7 milhões
Infraestrutura de segurança cibernética	Tecnologias avançadas de criptografia	US $ 26,5 milhões

Extenso banco de dados de clientes e redes de transações

A rede de clientes da Wex abrange:

• Total de contas de clientes: 575.000
• Volume anual de transações: 2,3 bilhões de transações
• Rede de transações globais cobrindo 31 países

Talento avançado de engenharia de software

Os recursos de capital humano da Wex incluem:

Categoria de engenharia	Número de profissionais	Compensação média anual
Engenheiros de software	1,245	$142,000
Cientistas de dados	387	$168,500
Especialistas em segurança cibernética	215	$155,000

Portfólio de propriedade intelectual forte

• Total de patentes registradas: 87
• Aplicações de patentes pendentes: 42
• Investimento anual de desenvolvimento de IP: US $ 24,6 milhões

Infraestrutura robusta baseada em nuvem

Componente de infraestrutura	Especificações	Custo de manutenção anual
Capacidade de armazenamento em nuvem	672 Petabytes	US $ 15,3 milhões
Redundância de rede	99,99% Garantia de tempo de atividade	US $ 8,7 milhões
Data Centers globais	12 locais distribuídos	US $ 22,1 milhões

Wex Inc. (Wex) - Modelo de Negócios: Proposições de Valor

Soluções de pagamento integradas para clientes comerciais e corporativos

A WEX processou US $ 54,3 bilhões em transações de pagamento em 2022, atendendo a mais de 500.000 clientes comerciais em todo o mundo. As soluções de pagamento integradas da Companhia geraram US $ 1,8 bilhão em receita para o ano fiscal de 2022.

Categoria de solução de pagamento	Volume de transação	Contribuição da receita
Soluções de pagamento da frota	US $ 32,6 bilhões	US $ 1,1 bilhão
Soluções de pagamento corporativo	US $ 15,7 bilhões	US $ 550 milhões
Soluções de pagamento de saúde	US $ 6,2 bilhões	US $ 150 milhões

Tecnologias avançadas de gerenciamento de frotas e rastreamento de despesas

A WEX gerencia mais de 2 milhões de veículos de frota em todo o mundo, fornecendo soluções de rastreamento e gerenciamento em tempo real.

• A tecnologia de gerenciamento de frota cobre mais de 50 países
• Economia média por frota Cliente: 15-20% em despesas operacionais
• Capacidades de monitoramento de transações em tempo real

Plataformas de processamento de transações digitais sem costura

O volume de processamento de transações digitais atingiu US $ 43,2 bilhões em 2022, com uma taxa de crescimento de 22% ano a ano.

Métrica da plataforma digital	2022 Performance
Total de transações digitais	3,4 bilhões
Porcentagem de transações móveis	47%
Incidentes de segurança da plataforma digital	0.02%

Segurança de dados financeiros aprimorada e conformidade

A WEX investiu US $ 78 milhões em infraestrutura de segurança cibernética em 2022, mantendo a conformidade com o nível 1 do PCI DSS.

• 99,98% de classificação de segurança da transação
• SOC 2 Plataformas certificadas tipo II
• Gerenciamento de dados compatível com GDPR e CCPA

Ecossistema de pagamento global com recursos de várias moedas

A WEX suporta transações em 25 moedas em 45 países, com volume de transações internacionais de US $ 22,5 bilhões em 2022.

Região da moeda	Volume de transação	Penetração de mercado
América do Norte	US $ 15,3 bilhões	68%
Europa	US $ 4,7 bilhões	21%
Ásia-Pacífico	US $ 2,5 bilhões	11%

Wex Inc. (Wex) - Modelo de Negócios: Relacionamentos do Cliente

Gerenciamento de conta corporativa dedicada

A WEX mantém 4.700 clientes de frota corporativa a partir de 2023, com uma equipe de gerenciamento de contas dedicada atendendo a clientes em nível de empresa nos setores de transporte, saúde e pagamento corporativo.

Segmento de clientes	Alocação de gerenciamento de contas	Valor médio anual do contrato
Grandes empresas de frota	42 gerentes de contas especializados	US $ 1,2 milhão por contrato
Sistemas de pagamento de saúde	23 gerentes de relacionamento dedicados	US $ 875.000 por contrato

Plataformas digitais de autoatendimento

As plataformas digitais WEX processaram US $ 53,2 bilhões em volume de transações durante 2023, com 87% dos clientes utilizando ferramentas de autoatendimento on-line.

• Aplicativo móvel com 2,3 milhões de usuários ativos
• Portal da web que suporta gerenciamento de contas 24/7
• Painel de relatórios em tempo real

Serviços de suporte tecnológico personalizado

A infraestrutura de suporte da Wex Technology lida com 1,6 milhão de interações de atendimento ao cliente anualmente, com 92% de taxa de resolução de primeiro contato.

Canal de suporte	Tempo médio de resposta	Taxa de satisfação do cliente
Suporte telefônico	8,5 minutos	89%
Chat online	3,2 minutos	93%

Consultas regulares de sucesso do cliente

A WEX realiza análises trimestrais de negócios com 76% de seus clientes corporativos, concentrando -se na otimização de pagamentos e integração tecnológica.

Experiências abrangentes de integração digital

O processo de integração digital reduz o tempo de integração do cliente em 64%, com um cronograma de implementação média de 15 dias úteis para novos clientes corporativos.

• Fluxos de trabalho de configuração de conta automatizados
• Orientação de implementação personalizada
• Tarefa especializada em integração dedicada

Wex Inc. (Wex) - Modelo de Negócios: Canais

Equipe de vendas diretas

A Wex Inc. mantém uma equipe de vendas direta dedicada de 1.247 profissionais de vendas a partir do quarto trimestre de 2023. A equipe gera US $ 2,3 bilhões em receita anual por meio de interações diretas de clientes corporativos.

Métricas de canal de vendas	2023 dados
Total de representantes de vendas	1,247
Receita de vendas direta	US $ 2,3 bilhões
Tamanho médio de negócios	US $ 1,4 milhão

Portal da Web online

A plataforma digital da WEX atende 575.000 usuários comerciais ativos com 99,8% de tempo de atividade. O Web Portal processou transações avaliadas em US $ 68,4 bilhões em 2023.

• Usuários do portal da web: 575.000
• Tempo de atividade da plataforma: 99,8%
• Volume da transação: US $ 68,4 bilhões

Plataformas de aplicativos móveis

A WEX opera aplicativos móveis com 412.000 usuários ativos mensais em segmentos de frota, pagamento corporativo e saúde.

Métricas de plataforma móvel	2023 Estatísticas
Usuários ativos mensais	412,000
Volume de transação móvel	US $ 42,6 bilhões
Taxa de download de aplicativos móveis	87.500 por trimestre

Redes de referência de parceiros

A WEX colabora com 3.200 parceiros estratégicos, gerando US $ 524 milhões por meio de canais de referência em 2023.

• Total de Parceiros Estratégicos: 3.200
• Receita do canal de referência: US $ 524 milhões
• Taxa de comissão de parceiros: 7,2%

Conferências de marketing digital e indústria

A WEX investiu US $ 47,3 milhões em marketing digital e participação na conferência, atingindo 1.850 eventos do setor em 2023.

Métricas de canal de marketing	2023 dados
Gastos de marketing digital	US $ 47,3 milhões
Participação da conferência da indústria	1.850 eventos
Taxa de geração de leads	8.6%

Wex Inc. (Wex) - Modelo de Negócios: Segmentos de Clientes

Empresas de transporte comercial

A WEX atende 1,4 milhão de veículos comerciais na América do Norte com soluções de pagamento de frota.

Detalhes do segmento	Métricas de receita
Clientes da frota de caminhões	68% da participação no mercado de pagamento de transporte
Tamanho médio da frota servido	175 veículos por cliente corporativo

Grandes organizações empresariais

A WEX suporta mais de 50.000 clientes corporativos em todo o mundo.

• Fortune 500 Empresas: 72% de taxa de penetração
• Volume anual de transação: US $ 48,3 bilhões
• Valor médio do contrato: US $ 2,7 milhões

Agências governamentais

Segmento do governo	Cobertura
Agências federais	37 departamentos federais servidos
Governos estaduais/locais	48 estados com contratos ativos

Empresas pequenas a médicas

A Wex atende 225.000 pequenas e médias empresas.

• Gastes anuais médios por SMB: US $ 450.000
• Soluções de pagamento adaptadas para empresas com 10-250 funcionários

Clientes corporativos internacionais

Alcance geográfico	Estatísticas do cliente
Países serviram	27 países
Clientes corporativos internacionais	8.500 empresas multinacionais

Wex Inc. (Wex) - Modelo de Negócios: Estrutura de Custo

Investimentos de pesquisa e desenvolvimento

No ano fiscal de 2022, a Wex Inc. investiu US $ 91,4 milhões em despesas de pesquisa e desenvolvimento, representando 8,3% da receita total.

Ano fiscal	Investimento em P&D	Porcentagem de receita
2022	US $ 91,4 milhões	8.3%
2021	US $ 83,2 milhões	7.9%

Manutenção da infraestrutura em nuvem

A WEX aloca aproximadamente US $ 23,7 milhões anualmente para infraestrutura em nuvem e manutenção de tecnologia.

Aquisição de talentos de engenharia de software

Custos anuais de aquisição de talentos e engenharia da força de trabalho:

• Força de trabalho total de engenharia: 782 funcionários
• Salário médio anual por engenheiro de software: US $ 142.000
• Despesas totais de aquisição e força de trabalho: US $ 111,4 milhões

Despesas de marketing e vendas

Categoria	Quantidade de despesa
Total de despesas de marketing	US $ 64,5 milhões
Compensação da equipe de vendas	US $ 47,2 milhões
Marketing digital	US $ 17,3 milhões

Investimentos de conformidade e segurança cibernética

Wex dedica US $ 38,6 milhões Anualmente, à infraestrutura de conformidade e segurança cibernética, representando 3,5% do total de despesas operacionais.

• Software e ferramentas de segurança cibernética: US $ 12,4 milhões
• Custos de pessoal de conformidade: US $ 15,2 milhões
• Atualizações de infraestrutura de segurança: US $ 11 milhões

Wex Inc. (Wex) - Modelo de Negócios: Fluxos de Receita

Taxas de processamento de transações

No ano fiscal de 2022, a WEX gerou US $ 1,89 bilhão em receita total. As taxas de processamento de transações na frota, pagamentos corporativos e segmentos de benefício de saúde e funcionários contribuíram significativamente para esse total.

Segmento	Receita de processamento de transações	Porcentagem da receita total
Soluções de frota	US $ 879,4 milhões	46.5%
Pagamentos corporativos	US $ 541,2 milhões	28.6%
Benefícios de saúde e funcionários	US $ 470,6 milhões	24.9%

Receitas de licenciamento de software

A WEX gera receitas de licenciamento de software por meio de suas soluções de pagamento corporativo e plataformas de pagamento digital.

• Licenciamento da plataforma de pagamento digital: aproximadamente US $ 52,3 milhões em 2022
• Licenças de solução de pagamento corporativo: US $ 37,8 milhões em receita recorrente anual

Modelos de serviço baseados em assinatura

A WEX oferece vários serviços baseados em assinatura em seus segmentos de negócios.

Serviço de assinatura	Receita recorrente anual
Software de gerenciamento de frota	US $ 124,5 milhões
Plataformas de pagamento corporativas	US $ 98,7 milhões
Gerenciamento de benefícios à saúde	US $ 67,2 milhões

Rede de pagamento Receitas de intercâmbio

As receitas de intercâmbio de redes de pagamento representavam uma parcela significativa da renda da WEX.

• Receita total de intercâmbio em 2022: US $ 215,6 milhões
• Taxa média de intercâmbio: 1,45%
• Número de transações processadas: 1,3 bilhão

Encargos de serviço financeiro de valor agregado

O WEX gera receitas adicionais por meio de serviços financeiros de valor agregado.

Tipo de serviço	Receita anual
Serviços de análise de dados	US $ 43,2 milhões
Consultoria financeira	US $ 29,7 milhões
Serviços de gerenciamento de riscos	US $ 22,5 milhões

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.