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WEX Earns Record Quarterly Revenue While Deploying AI Across Products

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WEX Earns Record Quarterly Revenue While Deploying AI Across Products

Intelligent payment solutions provider WEX saw growth across its business in the third quarter as it secured new business wins and drove innovation across its segments, CEO and President Melissa Smith said in a Wednesday (Oct. 2)8 press release.

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WEX’s revenue increased 12.8% year over year to reach $780.1 million in the third quarter, according to the release. This was record quarterly revenue, Smith said during a Thursday (Oct. 29) earnings call.

The revenue increase included net favorable impacts of $57.3 million from fuel prices and $800,000 from foreign exchange rates, per the release.

“Results benefited from tailwinds from higher fuel prices, but the real story is the actions we have taken to strengthen execution, expand our competitive advantages and deliver sustainable growth,” Smith said during the call.

WEX’s largest segment, Mobility, which provides payments and fleet management solutions, saw its revenue leap 20.6% to $435.1 million in the third quarter, according to the release.

During the third quarter, WEX’s Mobility segment renewed an over-the-road (OTR) customer that is its largest by gallons processed and piloted an agentic account management solution, according to an earnings presentation released Thursday.

“Historically, only our largest fleets could have a dedicated account manager,” Smith said during the call.



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