Transcript
Introduction
Matt
This is Matt Russell. And today, we are breaking down a big fish in a less-known pond, that is WEX. WEX is a leader in the fleet card market. And to put it simply, they offer trucking businesses special credit cards, which help secure advantaged rates on fuel among many other things. Now this is a business with a long history. WEX is headquartered in Maine, and they really came to life in the 1980s. To break down WEX, I'm joined by Mark Tomasovic from Energize Capital, multiple-time guest on Business Breakdowns. We get into the history of this industry and how WEX found a very creative way to accelerate adoption within this market.
History and Overview of WEX's Business
Matt
So what this core product is a fleet card. And when you think about a fleet card, what that is, is it's a credit card that fleet operators can use for buying fuel. So everyone from your delivery truck driver all the way to the vehicle that your plumber uses for driving around to various homes. They all buy their fuel from your local retail gas stations. And with a fleet card they can access certain negotiated prices and then the fleet operator can actually manage spend.