WEX is transforming from a legacy fuel card provider into a diversified FinTech infrastructure company, now operating in three segments: Mobility, Benefits, and Corporate Payments. The mobility segment, which still accounts for about 50% of WEX’s total revenue, is navigating pressures. Same-store sales across local and over-the-road (OTR) fleets are down, reflecting both efficiency gains (i.e., fewer gallons per mile) and cautious spending by mid-market fleet operators. While the full revenue from BP’s existing card portfolio won’t hit until after its conversion — likely sometime in 2026 — WEX expects 0.5% to 1% of additional annual revenue from the deal once fully implemented. In the meantime, the company is seeing strong traction from increased investments in digital marketing aimed at small fleet operators. Historically, each dollar spent in this channel has generated $4 in revenue over two years, and early signs suggest the return profile remains intact. WEX’s Benefits segment may not make headlines, but it continues to be one of the company’s most stable growth engines. Revenue in Q2 rose 8.5% year over year to $195.1 million, driven by 6% growth in software-as-a-service (SaaS) accounts and 11.4% growth in custodial investment income. This segment — built on the complex infrastructure that powers HSAs, FSAs, and COBRA accounts — has both high margins and high stickiness. Switching providers in this space is “complex, time-consuming and disruptive,” which explains why WEX serves nearly 60% of the Fortune 1000 and powers more than 20% of the HSA market through its direct and channel partner offerings. WEX also launched a new AI-driven claims processing tool that slashes reimbursement processing from days to minutes — a rare moment where FinTech buzzwords meet real impact. The automation reduces costs while improving the user experience — an important differentiator as benefits become a battleground for attracting talent. If there’s a wildcard in WEX’s portfolio, it’s corporate payments. The segment, which includes both embedded payments (mainly virtual cards used in travel and other verticals) and accounts payable (AP) automation, saw revenue decline 11.8% to $118.3 million. WEX has increased its dedicated AP sales force by over 50% and is riding a wave of demand from mid-size and enterprise companies looking to digitize legacy payment workflows. With more than 140 new customers signed year-to-date and a record pipeline, this unit could quietly become a growth engine in its own right. Meanwhile, the company is expanding its embedded payments offering into new verticals such as media, eCommerce and expense management. Owning a bank (WEX Bank) gives it an edge in these scenarios, allowing end-to-end integration that many FinTech challengers struggle to offer at scale.