WEX, ExxonMobil sign 10-year deal for North American fleet cards
Fuel payments operator WEX Inc. has deepened its relationship with ExxonMobil Corp., signing a 10-year extension to its North American fleet card contract with ExxonMobil and Imperial Oil Ltd. of Canada to continue a relationship that began in 2007.
South Portland, Maine-based WEX will support a full-service commercial card program for ExxonMobil in the U.S. and Imperial in Canada, including transaction processing and portfolio funding for cardholders who pump fuel at Exxon, Mobil and Esso outlets, WEX said in an Oct. 27 press release.
WEX in 2014 purchased ExxonMobil’s European commercial fuel card portfolio and ExxonMobil’s Esso Card, expanding its reach to cover fuel payment services for more than 10 million vehicles.
On the same day WEX also said its revenue for the third quarter ended Sept. 30 rose 27.3%, to $287.8 million, from $226.1 million a year earlier. Total purchase volume for travel and corporate card solutions during the quarter rose 23%, to $7.1 billion, from $5.8 billion during the third quarter of 2015.
Fleet services account for about 70% of WEX's revenue, but the company is expanding to serve other vertical markets. WEX’s health care technology division, WEX Health, in August launched a multi-account health benefits card with Fifth Third Bank.