WEX Extends Partnership with Circle K to Drive Innovation in Fleet Management, Customer Experience

Rhea-AI Summary

WEX (NYSE: WEX) has announced a multi-year extension of its partnership with Circle K, building upon their 15-year collaboration. The agreement focuses on expanding business fuel card programs and developing customized fleet management software.

Circle K has joined as an accepting merchant of 10-4 by WEX, a free mobile app providing fuel discounts to independent truckers and small trucking companies. The app is accepted at over 60% of Circle K's 475 locations offering high-flow diesel services. Additionally, Circle K participates in WEX EDGE, a premium diesel fuel discount network with over 4,000 locations nationwide.

The partnership spans multiple WEX business lines, including North America Mobility, Over-the-Road, and Professional Services. WEX currently processes approximately $231 billion in total volume and serves about 600,000 commercial fleet customers globally, managing roughly 19.8 million commercial vehicles as of 2024.

Positive

• Multi-year partnership extension with major retailer Circle K strengthens market position
• Expansion of fuel discount network through 10-4 by WEX app integration
• Access to over 4,000 locations nationwide through WEX EDGE network
• Strong market presence with $231B in processed volume and 19.8M vehicles served globally

Negative

• None.

Insights

Financial Analyst

WEX's multi-year partnership extension with Circle K represents a strategic enhancement of their payment ecosystem while securing stable revenue streams across multiple business lines. The renewal builds upon a 15-year relationship, suggesting strong customer retention and satisfaction with WEX's services.

The partnership addresses a significant market opportunity in the trucking sector, where independent operators spend approximately $50,000 on fuel annually—nearly a third of their total expenses. By providing these operators access to discounts through the 10-4 app at Circle K locations, WEX strengthens its value proposition in a high-volume market.

With Circle K operating over 6,800 company-owned sites across the US, this partnership extension significantly expands WEX's merchant footprint. The integration across WEX's North America Mobility, Over-the-Road, and Professional Services divisions creates cross-selling opportunities and enhances user stickiness.

The development of customized fleet management software further diversifies WEX's offering beyond pure payment processing, potentially creating higher-margin revenue streams. This aligns with WEX's broader strategy of becoming an integrated commerce platform rather than merely a payment processor.

While financial terms weren't disclosed, the partnership renewal secures WEX's position in the fleet management space where it already processes substantial transaction volume ($231 billion in 2024). The expanded merchant acceptance network creates network effects that enhance the value of WEX's platform for its 600,000 commercial fleet customers representing approximately 19.8 million commercial vehicles globally.

Technology Strategy Expert

This partnership renewal between WEX and Circle K illustrates a technological evolution from basic payment processing to advanced fleet management solutions. The commitment to develop customized software for fleet needs signals WEX's progression toward higher-value digital services that address specific operational challenges.

The 10-4 mobile app represents a significant technological advancement in how independent truckers access fuel discounts. By eliminating physical cards, credit checks, and applications, WEX has reduced friction in the user experience while simultaneously expanding its digital footprint. This contactless solution aligns with broader industry shifts toward mobile-first interfaces.

Circle K's integration as an accepting merchant for both the 10-4 app and WEX EDGE creates a cohesive digital ecosystem spanning 4,000+ locations nationwide. This technology integration likely involves sophisticated back-end systems for real-time discount application, authentication, and transaction processing across multiple touchpoints.

The planned enhancements to customer onboarding suggest WEX is focusing on digitalizing the entire customer journey, potentially reducing acquisition costs while improving conversion rates. By integrating with Circle K's Inner Circle loyalty program, WEX creates a more robust data ecosystem that can drive personalized offerings.

WEX's technology platform now serves as the connective tissue between fleet operators, fuel merchants, and loyalty programs—positioning the company as more than a payment processor but rather as the technological infrastructure connecting the commercial transportation ecosystem. This multi-sided platform approach creates significant competitive advantages through network effects and increased switching costs for all participants.

Multi-year contract renewal solidifies collaboration across multiple business lines

PORTLAND, Maine--(BUSINESS WIRE)--

WEX (NYSE: WEX), the global commerce platform that simplifies the business of running a business, announced a multi-year extension of its relationship with global convenience retailer Circle K. Building on over 15 years of collaboration, this agreement aims to propel the growth of its existing business fuel card programs and to develop software customized for evolving fleet needs and customer onboarding.

Additionally, Circle K is now an accepting merchant of 10-4 by WEX, a free mobile app that provides independent truckers and small trucking companies in the U.S. with fuel discounts typically reserved for larger trucking enterprises. Circle K operates over 6,800 company-owned sites across the US. The 10-4 app is accepted at over 60% of the more than 475 of these locations that offer high-flow diesel and a quick, convenient fuel, food, and drink experience for truck drivers. Drivers can also join the Inner Circle loyalty program to receive in-store incentives when fueling up at Circle K.

“We are always looking for ways to make life a little easier for our customers, both at our pumps and on their wallets,” said Aaron Brooks, Circle K SVP Real Estate and Fuel Customer. “Now, by expanding the range of customers who can access discounts and more tech-forward options, we’re building on that payments foundation to double-down on our collective commitment to innovation and customer satisfaction.”

This extension solidifies the collaboration between the two companies across multiple WEX business lines: North America Mobility (NAM), Over-the-Road (OTR), and Professional Services.

“This renewed agreement is a testament to the strong relationship we have built with Circle K over the years and our shared commitment to delivering exceptional customer experiences,” said Brian Fournier, Americas SVP & GM, Fleet at WEX. “Deepening our technological integrations and broadening our combined efforts to expand access to discounts will provide fleet customers with greater convenience and flexibility when managing their fuel expenses.”

Nationwide Fuel Discounts
Launched in October 2024, 10-4 by WEX is a free app offering nationwide diesel discounts at a large and growing discount network of U.S.-based truck stops. Designed to provide independent owner-operators with instant savings on diesel, there are no credit checks, no applications, and no need for a physical card at the pump.

Circle K is also a participating merchant in WEX EDGE, a premier high-flow diesel fuel discount network with over 4,000 locations nationwide, where customers can save thousands of dollars annually. This comprehensive discount network provides fueling solutions coast-to-coast and in all major markets to fit the needs of over-the-road customers.

“On average, independent truckers spend approximately $50,000 on fuel every year—almost a third of their total expenses, and that’s even before anything is left over for themselves—which is why every cent matters,” said Tim Hampton, WEX senior vice president and general manager of Over-the-Road. “With these discount programs, we aim to support these important pillars of America’s economy by putting money back in their pocket with every gallon purchased – and keeping it simple so they can get back on the road quickly.”

WEX is a leader in B2B financial technology, with approximately $231 billion in total volume processed in 2024 alone. In the mobility space, more than 600,000 commercial fleet customers across the world rely on WEX technology, representing approximately 19.8 million commercial vehicles serviced globally as of 2024.

About WEX
WEX (NYSE: WEX) is the global commerce platform that simplifies the business of running a business. WEX has created a powerful ecosystem that offers seamlessly embedded, personalized solutions for its customers around the world. Through its rich data and specialized expertise in simplifying benefits, reimagining mobility, and paying and getting paid, WEX aims to make it easy for companies to overcome complexity and reach their full potential. For more information, please visit www.wexinc.com.

Forward-Looking Statements
This press release contains forward-looking statements including, but not limited to, statements regarding the expected benefits resulting from the Company’s partnership with Circle K. Any statements in this press release that are not statements of historical facts are forward-looking statements. When used in this press release, the words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “project,” “will,” “positions,” “confidence,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such words. Forward-looking statements relate to our future plans, objectives, expectations, and intentions and are not historical facts and accordingly involve known and unknown risks and uncertainties and other factors that may cause the actual results or performance to be materially different from future results or performance expressed or implied by these forward-looking statements, including the ability of the Company and customers to realize the expected benefits of the Company’s partnership with Circle K; as well as other risks and uncertainties identified in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission on February 20, 2025 and subsequent filings with the Securities and Exchange Commission. The forward-looking statements speak only as of the date of this press release and undue reliance should not be placed on these statements. The Company disclaims any obligation to update any forward-looking statements as a result of new information, future events, or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250320668003/en/

Media:

WEX

Megan Zaroda, 610-379-6211

Megan.Zaroda@wexinc.com



Investors:

WEX

Steve Elder, 207-523-7769

Steve.Elder@wexinc.com

Source: WEX

FAQ

What are the key benefits of WEX's partnership extension with Circle K for fleet customers?

The partnership provides expanded fuel card programs, customized fleet management software, and access to fuel discounts through the 10-4 by WEX app at Circle K locations.

How many Circle K locations accept the 10-4 by WEX app for diesel discounts?

The app is accepted at over 60% of Circle K's 475 locations that offer high-flow diesel services.

What is WEX's current market presence in fleet management as of 2024?

WEX serves approximately 600,000 commercial fleet customers globally, managing 19.8 million vehicles and processing $231 billion in total volume.

How does the WEX EDGE discount network benefit Circle K customers?

WEX EDGE provides access to fuel discounts at over 4,000 locations nationwide, including Circle K stations, helping customers save thousands annually on diesel fuel.