WEX Inc., which to date has mainly focused on business-to-business payment solutions, will get into the retail gasoline consumer market, partnering with GasBuddy.
The partnership will give WEX a connection to the 65 million drivers that use the GasBuddy smartphone app to pay for gas.
“WEX is keen to develop new opportunities that leverage our massive advantage in infrastructure and payments expertise to open new markets,” Nicola Morris, senior vice president of corporate development at WEX, said in a press release Wednesday.
WEX (NYSE: WEX), which was founded in 1983 and is based in South Portland, offers corporate payment solutions for fleet operators that manage 10 million vehicles.
WEX said GasBuddy “has become the industry standard for consumer pricing data,” with mapping services like Waze, Google Maps and in-dashboard GPS using its crowd-sourced gasoline price data.
Under the terms of the partnership, the companies will explore strategic uses of their collective technology, infrastructure, data, intellectual property and consumer reach to develop large-scale solutions that deliver new levels of convenience and cost savings to the driving public.
“Our technology, data and access to fuel retail sites in the U.S. paired with GasBuddy’s extensive user base makes this a powerful partnership,” said Brian Fournier, vice president of merchant and partner development at WEX Inc.
Walt Doyle, CEO of GasBuddy, added: “Exploring the potential for these new solutions is a natural with WEX, the clear leader in fuel payments infrastructure.”
GasBuddy and its Perfect Pit Stop brand offer real-time fuel prices at more than 140,00 gas stations in the United States, Canada and Australia.
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