Melissa Smith

Melissa Smith leads WEX Inc. as Chair and CEO, overseeing a financial technology company specializing in B2B payment solutions that processes over $250 billion in annual payment volume. WEX operates through three segments: Mobility (fleet fuel cards and telematics for commercial vehicle fleets), Corporate Payments (virtual cards and expense management for business travel and accounts payable), and Benefits (healthcare spending accounts — HSAs, FSAs, and COBRA administration). The fleet payment business is WEX's legacy and largest segment: when a truck driver fuels up at a gas station using a WEX fleet card, WEX processes the transaction, provides fuel purchase data analytics to the fleet operator, and earns revenue from transaction fees and the float on payments. WEX also benefits from higher fuel prices, which increase payment volume and late fee revenue. The corporate payments segment has been growing rapidly as businesses digitize accounts payable and expense management. Key stock drivers include fleet fuel card transaction volumes, fuel prices (affecting payment volume), corporate travel recovery and virtual card adoption, healthcare benefit account growth, net payment processing rate, interest income on customer deposits, competition with Fleetcor (now Corpay) and Comdata, and the overall digitization of B2B payments.