WEX and ExxonMobil are apparently pleased with their current partnership to offer fleet payment cards.
The companies announced Thursday (Oct. 27) that they have agreed to extend their collaboration for another 10 years. The deal sees WEX offering a commercial card program across the U.S. and Canada for both ExxonMobil and Imperial Oil.
"WEX is excited to continue its 17-year relationship with ExxonMobil and Imperial, supporting the growth of ExxonMobil's and Imperial's commercial portfolio in the coming years," said WEX President and CEO Melissa Smith in a statement. "The contract extensions will also benefit ExxonMobil and Imperial customers, who can take advantage of WEX's world-class products and services."
WEX offers fleet commercial card solutions to help fleet managers and their businesses manage spend. Its extension of the ExxonMobil partnership follows two years after acquiring the oil giant's commercial fleet card portfolio, Esso Card, in Europe, as well as its card processing operations in the Asia-Pacific region.
In their collaboration, WEX offers its commercial card solution for ExxonMobil in the U.S. and for Imperial in Canada, including card processing and add-on services, like spend analytics. WEX also heads the marketing and sales efforts, reports said.
Thursday was also the release of WEX's Q3 2016 earnings report. The company reported an increase in payment processing revenue by 9.7 percent to $146.2 million, while its fleet solutions revenue spiked 29.3 percent to $184.8 million.
Last month, the company expanded into Latin America through a partnership with corporate travel and expense management company Argo, which sees WEX introduce its virtual card solution for corporate travel managers into the region.