File Photo / Tim Greenway
WEX CEO Melissa Smith
Updated: May 10, 2024
WEX expands commercial fleet-card collaboration with Shell
WEX Inc. (NYSE: WEX), the Portland-based financial technology provider, said it is under contract with energy giant Shell to manage its portfolio of commercial fleet cards across North America.
A contract announced May 7 is specific to Canada and the United States, while Mexico is covered by a separate contract, according to a spokeswoman for WEX.
“With more than 19.4 million commercial vehicles serviced globally, customers and partners rely on WEX’s software and payments solutions to simplify the fleet management process,” said Melissa Smith, CEO of WEX.
“WEX’s technological expertise in fleet mobility combines with Shell’s significant brand presence across North America to provide an operational advantage for enterprise-level fleet operators and small business fleets alike,” she added. “This agreement illustrates the power of WEX’s global commerce platform and our continued commitment to simplifying the business of running a business.”
WEX provides fintech services to businesses for uses such as fleet mobility and fueling, corporate payments, travel industry payments and employee and member benefits.
Shell plc (LSE: SHEL.L) is a multinational energy and petrochemical company. headquartered in London.
Including the co-branding with Shell, WEX provides commercial mobility solutions to more than 600,000 businesses.
As of Thursday's close on Wall Street, WEX shares have a market value of around $8.73 billion, down 0.78% from Tuesday. Shares are trading 19.6% higher than a year ago.
Cobranding details
Shell Fleet Cards are intended to provide businesses with more control, convenience, savings and security for managing employees, expenditures and processes, according to WEX.
WEX's Shell Fleet Cards portfolio includes the Shell Fleet Navigator Card, Shell Fleet Plus Card and, in the U.S., the Shell Small Business Card.
In addition, the new Shell Fleet Navigator Card will offer electric vehicle payment solutions for charging in the United States.
The news comes about two weeks after WEX posted first-quarter earnings and revenues that fell shy of market expectations but led the company to raise its full-year financial outlook.
WEX also plans to cut around 70 jobs from its 7,200-person global workforce, although fewer than five jobs in Maine will be affected by the cuts, Mainebiz reported last month.
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