WEX Reaches Agreement with Shell for Portfolio of Commercial Fleet Fuel Cards in North America

Rhea-AI Summary

WEX has reached an agreement with Shell to manage Shell's portfolio of commercial fleet cards across North America, providing a full range of solutions for commercial customers. This collaboration combines WEX's software and payments expertise with Shell's brand presence to benefit enterprise-level fleet operators and small business fleets. The agreement demonstrates WEX's commitment to simplifying fleet management processes and running businesses efficiently.

Positive

• Collaboration with Shell enhances WEX's position in the commercial mobility solutions market.

• Expansion of services to include electric vehicle payment solutions shows commitment to innovation and future growth.

• Recognition in Forbes ranking as one of the Best Fleet Fuel Card Providers boosts credibility and market reputation.

Negative

• Risks associated with managing a large portfolio of commercial fleet cards across multiple countries could lead to operational challenges.

• Potential regulatory changes in the fleet management industry may impact the partnership and revenue streams.

Contracts between two leaders in the fleet mobility industry continue to leverage Shell’s ubiquitous presence across United States, Canada, and Mexico with WEX’s software and payments expertise to provide value for commercial customers

PORTLAND, Maine--(BUSINESS WIRE)-- WEX (NYSE:WEX), the global commerce platform that simplifies the business of running a business, today announced that it has reached an agreement with Shell to manage Shell’s portfolio of commercial fleet cards across North America, offering customers a full range of features, functionality, and solutions to meet the everyday demands of a modern commercial fleet. This represents a continuation of agreements first established in 2018 and covers the United States, Canada, and Mexico.

“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, WEX’s Chair, Chief Executive Officer, and President. “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. This agreement illustrates the power of WEX’s global commerce platform and our continued commitment to simplifying the business of running a business.”

Inclusive of cobranded offerings with Shell, WEX is a leader in commercial mobility solutions with more than 600,000 businesses as customers within its Mobility segment, representing approximately 19.4 million commercial vehicles serviced globally as of Q1 2024. Both WEX and Shell were recognized in a Forbes ranking of Best Fleet Fuel Card Providers.

The portfolio of Shell Fleet Cards includes the Shell Fleet Navigator^® Card, Shell Fleet Plus Card, and the Shell Small Business Card (available in the U.S. only). Shell Fleet Cards provide businesses with more control, convenience, savings and security for managing employees, expenditures, and processes. The Shell Fleet Navigator Card will soon also offer electric vehicle payment solutions for en route charging and home charging in the U.S. to ensure businesses can manage their fleets of today and tomorrow. Learn more about Shell Fleet Cards in North America at Shell.us/fleetsolutions or Shell.ca/fleetsolutions.

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 about expectations for future operations and business opportunities. 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 WEX’s future plans, objectives, obligations, 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 a change in WEX’s ability to successfully operate and expand Shell’s fuel card program; as well as other risks and uncertainties identified in Item 1A of WEX’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission on February 23, 2024, 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. WEX 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/20240507663370/en/

Media:

WEX

Julie Lydon, 415-816-9397

Julie.Lydon@wexinc.com

Investors:

WEX

Steve Elder, 207-523-7769

Steve.Elder@wexinc.com

Source: WEX

FAQ

What agreement did WEX reach with Shell?

WEX reached an agreement with Shell to manage Shell's portfolio of commercial fleet cards across North America.

What are some of the key services provided by Shell Fleet Cards?

Shell Fleet Cards provide businesses with more control, convenience, savings, and security for managing employees, expenditures, and processes.

What recognition did WEX and Shell receive in a Forbes ranking?

Both WEX and Shell were recognized in a Forbes ranking of Best Fleet Fuel Card Providers.

Where can businesses learn more about Shell Fleet Cards in North America?

Businesses can learn more about Shell Fleet Cards in North America at Shell.us/fleetsolutions or Shell.ca/fleetsolutions.