How WEX Keeps Big Fuel Bills in Check

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March 21 (Bloomberg) -- Melissa Smith, president and CEO of WEX Inc., discusses the company's payment network and expansion plans with Pimm Fox on Bloomberg Television's "Taking Stock." (Source: Bloomberg)

Southern maine.

You are going to portland, right?

That's right.

Companies have fleets of trucks all over the united states.

How did you come to be connected with this business?

We are working in a simplified payment environment.

We are working to provide control, at whatever level the fleet user is looking for and we are eliminating complexity.

If you are really large -- like the federal government happens to be one of our customers -- they are interested in anything we have got.

Telling them where the vehicle is that, anything they are purchasing that is unusual.

It is a high level of control.

We are in the travel industry as well.

We did do that.

In that case if you went online and booked a hotel room with expedia or priceline, you would use a card.

We pay all of the hotels on behalf of them.

We are taking a complicated process and making it . how did you build the payment network?

We actually have a paid agreement and purchase agreements at 90% of few locations in the united states and australia.

It is something we built over a series of years.

The part that makes it unique is we are capturing a tremendous amount of data when someone goes to swipe their card that helps determine where the vehicle is, the type of functionality or purchases they are making.

That creates a simplified mechanism to make sure they can reduce fuel costs.

The name of the company is wex.

I guess you should explain why.

Its antecedent was called right express.


We started entering new marketplaces.

We went into australia, new zealand, the u.k., brazil.

They may not have known about your company.

It was very well-known within the oil industry.

One of our great partners is exxon and we actually just signed a contract with them in europe for the fleet card portfolio that will move into nine countries.

When we start moving into those international arenas, we stepped back and said, what is a better brand to take into these industries and markets?

We used wex, because that is what our --we used wex, which is what our customers called as.

What is next?

One of the places we have been spending a lot of effort is globalization.

Brazil, the u.k., australia, new zealand.

We have entered into this relationship with exxon to purchase their fuel car portfolio -- in europe.

In europe.

We are in southeast asia.

We have business there on our travel platform and that is an area we are expanding as well.

Please keep us up to date.

This text has been automatically generated. It may not be 100% accurate.


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