B2B Payments

WEX Finalizes Exxon Mobil Card Acquisition

Payments solutions provider WEX Inc. announced this week that it had finalized ExxonMobil’s European commercial fuel card (“Esso Card”) program through a majority owned joint venture.

WEX President and CEO Melissa Smith commented on the acquisition:

“The purchase of the Esso Card portfolio remains an important element to building our on-the-ground presence in the European market, and enhances WEX’s long-term growth profile. Our efforts to advance this transaction remain on track and position us to create a substantial and profitable European footprint.”

According t o the company statement, all necessary regulatory approvals have been received and the transaction is on track and expected to close in late 2014 or early 2015.

WEX has been making several moves lately. Just last month, the payments firm announced that had completed its purchase of Evolution1, a leader in cloud-based technology and payment solutions in the healthcare industry.

Through the acquisition of Evolution1, WEX said it will build on its existing B2B business model, providing payment services to intermediaries such as exchanges and third-party administrators that have direct contact with consumers.

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