Wex Inc Stock Price, News & Analysis

WEX (NYSE: WEX) and Bestpass have launched WEX Fleet Tolls powered by Bestpass, enhancing toll management for over-the-road customers. This service enables users to pay tolls using their existing WEX card, streamlining the payment process by aggregating toll fees into a single statement. This innovation is expected to free up capital for fleet investments and simplify management by eliminating the need for multiple toll accounts across the U.S. The collaboration strengthens WEX's suite of payment solutions for commercial fleets.

WEX announces the appointment of Jennifer Kimball as Interim CFO, effective January 1, 2022. She takes over from Roberto Simon, who departed to pursue other opportunities. Mr. Simon will remain in an advisory role until April 1, 2022. The company has upgraded its fourth quarter and full year 2021 revenue guidance to between $485 million and $495 million with adjusted net income expected between $111 million and $115 million.

WEX announced the appointment of Karen Stroup as Chief Digital Officer and Carlos Carriedo as Chief Operating Officer, International. Effective January 3, 2022, Stroup will enhance digital commerce, having previously worked at Thomson Reuters and Capital One. Carriedo, with over two decades of experience, will drive international growth, previously managing commercial services at American Express. This executive reorganization aligns with WEX’s strategy to improve global operations and customer solutions.

UMB Healthcare Services, a prominent national HSA provider, has launched a comprehensive suite of tax-advantaged benefit accounts to enhance its offerings. This includes flexible spending accounts, health reimbursement arrangements, and commuter benefit accounts, all powered by WEX. The initiative aims to streamline benefit administration for employers while providing employees with advanced financial wellness tools and secure member portals for claims and reimbursements. UMB currently manages over 1.4 million HSAs with assets exceeding $3 billion.

WEX Inc. (NYSE:WEX), a leader in financial technology services, announced that CEO Melissa Smith will present at the Citi 2021 Financial Technology Virtual Conference on November 16, 2021, at 11:15 AM EST. The presentation can be accessed via a live webcast on the company's Investor Relations website. An audio replay will be available for 90 days post-event. WEX provides diverse payment solutions across sectors like fleet and corporate payments, employing around 5,400 people globally.

WEX announced a reorganization of its Executive Leadership Team, effective January 1, 2022. Robert Deshaies has been appointed Chief Operating Officer for the Americas, having previously led the health division since 2014. This change aims to enhance customer service and improve integration across payment solutions. The company plans to appoint a Chief Operating Officer for EMEA and APAC and a Chief Digital Officer soon. CEO Melissa Smith emphasized that these adjustments are crucial for capitalizing on growth opportunities and strengthening customer relationships.

WEX reported Q3 2021 financial results showing significant growth, with total revenue up 26% year-over-year to $482.8 million. This growth was driven by a recovery in customer spending amid COVID-19 impacts and new customer acquisitions. Total purchase volume reached an all-time high of $26 billion, increasing 93%. Net income improved to $48.3 million from a loss of $65.8 million a year prior, translating to $1.07 per diluted share. WEX also provided optimistic guidance for Q4 and the full year 2021, estimating revenue between $468 million and $483 million.

B2B Fintech Stampli has launched the Stampli Card, integrated into its AP Automation platform, to tackle the issue of "Shadow Spend" in corporate finance. This innovation allows Accounts Payable (AP) teams to manage credit card transactions seamlessly, offering features like on-demand card issuance and automated matching of receipts to transactions. With a focus on improving visibility and control over company spending, the Stampli Card aims to streamline the procure-to-pay process. Additionally, WEX facilitates its payment solutions.

WEX Inc. (NYSE: WEX), a leader in financial technology services, will release its third-quarter 2021 financial results on October 28, 2021, before market opening. CEO Melissa Smith and CFO Roberto Simon will discuss the results during a conference call at 10:00 A.M. EDT, accessible via the company's website or by phone. A replay will be available after the call until November 23, 2021.