WEX is a payment technology company operating three businesses: fleet payment solutions (Mobility, ~50% of revenue), employee benefits administration (Benefits, ~30%), and virtual card-based B2B payments (Corporate Payments, ~20%). In Mobility, WEX issues closed-loop fuel cards to fleet operators — ranging from local service businesses to long-haul trucking companies — enabling fleet managers to control spending, detect fraud, and capture granular transaction data. WEX's proprietary network covers more than 90% of U.S. fuel locations. In Benefits, WEX provides SaaS software and payment infrastructure for employers and benefit administrators to manage HSAs, FSAs, HRAs, COBRA, and benefits enrollment. WEX manages more than 21 million SaaS accounts and is a top-5 HSA custodian nationally, holding more than 9.4 million HSA accounts. In Corporate Payments, WEX issues virtual cards that businesses use to pay suppliers, primarily in travel (where online travel agencies pay hotels and suppliers) but increasingly in fintech, healthcare, and media. WEX also sells AP automation software directly to mid-market and large corporations. A key cross-segment asset is WEX Bank, a Utah industrial bank that provides low-cost funding for receivables, earns higher yields on HSA deposits, and handles compliance centrally — an integrated issuer, processor, and bank capability that WEX argues is difficult for fintechs to replicate. Revenue is sensitive to fuel prices in Mobility and interest rates in Benefits.