Portland-based payment technology firm Wex announced that its revenue increased by 15 percent to $1.72 billion in 2018. The Company also had a strong fourth quarter, with total revenue rising to $440 million from $381.2 million in the fourth quarter of 2018.
"2019 was another record year for WEX, capped off by an impressive fourth quarter driven by double-digit top-line growth and strong operating leverage,” Melissa Smith, WEX’s Chair and Chief Executive Officer, said in a statement. “The fourth quarter built upon the momentum from earlier in the year, marked by robust transaction volume growth, strong performance from acquisitions, significant contribution from our previous contract signings and meaningful new contract wins."
Some specifics in fourth quarter metrics included an average of approximately 14.9 million vehicles serviced, which was a 19 percent boost from the fourth quarter of 2018; a 12 percent increase in total fuel transactions processed; and payment processing transactions rising 9 percent to 126.7 million. In addition, U.S. retail fuel price decreased to $2.80 per gallon.
Smith added in an interview that the company’s success is a bonus for Maine. One of the largest employers in the state, Wex recently moved nearly 400 employees into a new headquarters in downtown Portland. The company has around 1,500 employees in Greater Portland and about 4,700 worldwide.
In addition, Wex announced earlier this year that it plans to build a $50 million operations center at The Downs in Scarborough. The company has also signed on to be partners and provide students for the Roux Institute at Northeastern University in Maine, a graduate school and industry-focused research institution announced last month.
As it looks to the future, Wex is working to expand its non-fuel business, specifically healthcare and corporate expenses. In fact, it just closed a deal to acquire B2B travel payments startup eNett and B2B optimization company Optal.