WEX Signs Agreement with Leading Online Travel Platform Booking.com

Rhea-AI Summary

WEX has signed a new long-term agreement with Booking.com, making WEX the preferred virtual card provider for Booking.com. The agreement highlights WEX's enterprise-grade technology platform, global reach, and deep payments industry expertise, supporting Booking.com's vision to simplify travel-related payments. WEX's partnership with Booking.com dates back to 2013 and has evolved to include processing payments globally, emphasizing the importance of seamless travel experiences through virtual card and cross-currency capabilities.

Positive

• WEX solidifies its partnership with Booking.com through a new long-term agreement effective April 2024.
• WEX is recognized as Booking.com's preferred virtual card provider, showcasing WEX's expertise in payments and travel.
• The partnership emphasizes WEX's global reach and technology platform reliability in supporting Booking.com's B2B travel payment activities.
• WEX's longstanding relationship with Booking.com enables seamless travel experiences by simplifying transactions across currencies, borders, and timezones.
• WEX's Corporate Payments segment processed approximately $128 billion in total volume in 2023, generating around $500 million in revenue.

Negative

• None.

Continuation of long-standing partnership demonstrates strength and reliability of WEX’s enterprise-grade technology platform, flexibility through co-development of proprietary travel payment solutions, geographic reach, and deep payments industry expertise

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 a new long-term agreement with Booking.com, effective April 2024. This agreement distinguishes WEX as Booking.com’s preferred virtual card provider as it continues providing WEX payment solutions in support of Booking.com’s payments vision to make buying and selling travel-related products and services easier for everyone.

“With more than 800,000 active customer relationships worldwide, WEX is proud to work with eight of the top ten online travel agencies globally, including Booking.com,” said Carlos Carriedo, WEX’s Chief Operating Officer, International. “Building on years of working together, we remain committed to delivering WEX’s deep expertise in both payments and travel, as well as the reliability of our technology platform, to help Booking.com power its B2B travel payment activities 24/7 and 365 days/year at scale, globally.”

Booking.com first became a WEX customer in 2013. Over a decade later, WEX now processes payments for Booking.com across the world.

“Enabling a seamless travel experience for both our travelers and accommodation partners involves navigating multiple currencies, borders, and timezones – which brings complex challenges,” said Daniel Marovitz, Senior Vice President of Fintech at Booking.com. “We value our long-standing partnership with WEX for its expertise in global virtual card and cross-currency capabilities. Together, we are working to remove friction in payments and enhance our value proposition.”

With WEX’s expertise in global virtual card and cross currency capabilities, the longstanding partnership enables a seamless travel experience for travelers and accommodation partners by simplifying transactions as they navigate multiple currencies, borders, and timezones.

With over 40 years in payments, WEX pioneered virtual payment solutions by building one of the first virtual card programs for travel in 2000. Today, WEX is a leader in travel and corporate payment solutions, with its Corporate Payments segment processing approximately $128 billion in total volume in 2023 – which includes purchases on WEX-issued accounts as well as purchases issued by others, but using a WEX platform – and yielding approximately $500 million in 2023 revenue.

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.

About Booking.com 
Part of Booking Holdings Inc. (NASDAQ: BKNG), Booking.com’s mission is to make it easier for everyone to experience the world. By investing in the technology that helps take the friction out of travel, Booking.com’s marketplace seamlessly connects millions of travelers with memorable experiences every day. For more information, follow @bookingcom on social media or visit globalnews.booking.com.

Forward-Looking Statements 
This press release contains forward-looking statements including, but not limited to, statements about WEX’s expectations as a result of its continued contractual relationship with Booking.com. 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, 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 under this contract to be materially different from future results or performance expressed or implied by these forward-looking statements, including any changes impacting the services WEX provides to Booking.com; 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/20240424527693/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 has WEX signed with Booking.com?

WEX has signed a new long-term agreement with Booking.com, effective April 2024, making WEX the preferred virtual card provider for Booking.com.

When did Booking.com become a WEX customer?

Booking.com first became a WEX customer in 2013.

How does WEX support Booking.com's payments vision?

WEX supports Booking.com's payments vision by providing deep expertise in payments and travel, along with the reliability of its technology platform to power Booking.com's B2B travel payment activities globally.

What is the revenue generated by WEX's Corporate Payments segment in 2023?

WEX's Corporate Payments segment processed approximately $128 billion in total volume in 2023, yielding around $500 million in revenue.