WEX, a provider of corporate payment solutions, and GasBuddy, the smartphone app for locating cheap gas prices, announced Wednesday (June 14) the companies have forged a strategic partnership focused on the retail gasoline market for consumers.
In a press release, the companies said the partnership will focus on ways to bring added convenience and savings on gas prices to the more than 200 million driving consumers in the United States who fill up at retail gasoline stations. It also represents a continued focus by WEX to expand the company’s offering to the business-to-business-to-consumer space.
“WEX is keen to develop new opportunities that leverage our massive advantage in infrastructure and payments expertise to open new markets,” said Nicola Morris, senior vice president of corporate development at WEX, in the press release. “We are excited to partner with GasBuddy to explore bringing new levels of convenience and value to the marketplace.”
Under the terms of the partnership, the companies will explore strategic uses of their collective technology, infrastructure, data, intellectual property and consumer reach to develop large-scale solutions that deliver new levels of convenience and cost savings to the driving public, the companies said in the release.
“With more than 65 million lifetime downloads of the GasBuddy smartphone app, we are uniquely positioned to drive added convenience and value to the consumer who is constantly striving for the perfect pit stop,” said Walt Doyle, CEO of GasBuddy, in the same press release. “Exploring the potential for these new solutions is a natural with WEX, the clear leader in fuel payments infrastructure.”
This isn’t the first consumer-facing partnership WEX has inked in recent months. In January WEX and OnDeck announced a partnership in which OnDeck’s SME financing solutions will be integrated into the offerings of the business-to-business payments company. WEX’s business clients will have access to several loan products offered by OnDeck of up to $500,000, with lines of credit of up to $100,000.