WEX Launches FI And Aggregator Dedicated Business Segment
Zacks Investment Research | Sep 18, 2019 08:16AM ET
WEX Inc. (NYSE:WEX) yesterday announced the launch of a business segment dedicated entirely to financial institutions (FIs) and aggregators. It is part of the company’s Corporate Payments division.
Greg Sassone, the vice president of Corporate Payments, will lead this Segment. Sassone has been with WEX since 2015 prior to which he managed senior positions in Mastercard (NYSE:MA) and Citigroup’s (NYSE:C) Citibank. The move follows an internal restructuring of the division.
Devoted to (FIs) and FI Solutions Providers
The new segment will have exclusive focus on FIs and FI solutions providers. It will focus on helping FI partners expand payments offerings such as options in payment delivery methods and card networks, for their commercial clients. This should increase the number of transactions that WEX processes globally on behalf of FIs.
Notably, the Noventis acquisition completed recently, strengthened WEX’s position as a corporate payments supplier and provided more channels to FIs and billing aggregators. This acquisition was a driver of 21% year-over-year growth of the company’s Travel and Corporate Solutions' revenues of $91.4 million in the second quarter of 2019.
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