Wex at Citi’s FinTech Conference: Strategic Focus Amid Challenges

On Tuesday, 18 November 2025, Melissa Smith, Chair and CEO of Wex Inc. (NYSE:WEX), shared insights at Citi’s 14th Annual FinTech Conference. Smith outlined the company’s strategic direction amid both opportunities and challenges. While WEX faces headwinds in the small and medium-sized business (SMB) mobility segment due to economic volatility, it is focusing on controllable factors like new sales and customer retention. Meanwhile, WEX is seeing growth in Corporate Payments and Benefits segments.

Key Takeaways

• WEX is focused on simplifying business operations at the intersection of payment intelligence and workflow optimization.
• The company is seeing a 12% increase in new accounts in the small business mobility arena.
• WEX is expanding its Corporate Payments segment, notably in Brazil, and achieved a 20% increase in spend volume for its AP Direct product.
• In the Benefits segment, WEX is benefiting from rising healthcare costs, with Health Savings Accounts (HSAs) growing by 5%.
• Capital allocation is shifting towards share buybacks and debt repayment, with a focus on long-term growth.

Financial Results

Mobility:

• Mobility accounts for approximately 50% of WEX’s revenue.
• The small business arena saw a 12% increase in new accounts year-to-date.
• Over-the-road customers have experienced a "rolling recession" for a couple of years.

Corporate Payments:

• The transition with Booking.com resulted in a 2% decline in high-margin revenue.
• AP Direct product spend volume grew by 20% last quarter.
• WEX collaborates with eight of the ten largest online travel agencies globally.

Benefits:

• HSA accounts are growing by approximately 5%.
• Seven of the top 10 HSA providers use WEX’s technology solutions.

Operational Updates

Mobility:

• WEX is focusing on new sales and customer retention to navigate macroeconomic headwinds.
• The new 10-4 product offers fuel savings of approximately $300 per month for owner-operators.
• BP will join WEX’s mobility program next year, expected to add growth in the following 12 months.

Corporate Payments:

• WEX is prioritizing integration within travel customer systems via API calls.
• The company is expanding its geographic reach, including a focus on Brazil.
• Growth is centered on the AP Direct product.

Benefits:

• WEX is leveraging its multi-account technology stack for HSA and FSA accounts.
• The company is expanding its custodian services.

Future Outlook

Mobility:

• Stability is expected in the SMB mobility segment, with a focus on digital marketing and sales.

Corporate Payments:

• Continued integration of new spend volume sources for existing customers is anticipated.
• Revenue growth in the segment is expected.

Benefits:

• The Benefits segment is poised for reliable growth due to the trend of consumer-directed healthcare.

Capital Allocation:

• WEX is focusing on internal investments in sales, marketing, and product development.
• The company aims to pay down debt and continue share buybacks, with considerations for mergers and acquisitions.

Q&A Highlights

• WEX employs a sales approach that operates on a white-label basis for oil companies.
• Management and the board concluded that the company is better together, leveraging shared technology and cross-selling opportunities.
• The sales pipeline is expected to be strong this year, both in terms of partners and direct sales.

In conclusion, WEX’s strategic focus at the conference highlights its efforts to navigate challenges and leverage growth opportunities. For more details, please refer to the full transcript below.

Full transcript - Citi’s 14th Annual FinTech Conference:

Aditi Balachandran, Citi Research, Citi: Welcome to Citi’s 14th Annual FinTech Conference. My name is Aditi Balachandran, and I’m with Citi Research, and I have the pleasure to introduce Melissa Smith, Chair and CEO of WEX. Welcome, Melissa, and thank you so much for coming. I think just before we get started, can you just give us a little background information about WEX and just an introduction to yourself?

Melissa Smith, Chair and CEO, WEX: Sure, I’d love to. WEX has been around for 40 years, and we are very focused. Our purpose is to simplify the business of running a business. When we think about our business, we’re really at the intersection of payment intelligence and workflow optimization. We do that across a number of different industries, and we think about our platforms are there to reduce a lot of the friction that our customers experience in their day-to-day work lives. We have over 600,000 customers across the world.

Aditi Balachandran, Citi Research, Citi: Amazing. Perfect starting point. Before we dive into SMB mobility, there’s been overall segment headwinds from a Same-Store perspective, firstly with the challenge backdrop related to volatility in the freight arena, and more recently we’re seeing some macro-related headwinds in WEX’s local fleet business. From your perspective, what’s WEX’s expectation on the glide path for these two areas, and do you believe we’ve hit a trough?

Melissa Smith, Chair and CEO, WEX: Yeah, so about 50% of our revenue is in this mobility arena. If you look at cross-site business, the over-the-road customers, which is about a third of the portfolio, have been in this rolling recession for, you know, for actually quite a while now, for a couple of years. You can see that reflected in the CAS index and in pretty much any of the freight indexes. We have seen headwinds in terms of macro for, you know, a bit of time. The way that we think about this is we’re really focused on the things that we can control. We’re focused on sales, some new sales that we’re bringing in, which we are having a really great year, and then customer retention. You asked about some of the trends we’re seeing. Over the last month, we’ve seen more stability in that last quarter.

Aditi Balachandran, Citi Research, Citi: Okay.

Melissa Smith, Chair and CEO, WEX: Now, when we reported Q3, we reported the fact that Same-Store sales were down, but they were down pretty consistently with what we’ve seen in Q2. I believe that, you know, if a quarter makes a pattern, we’re seeing more stability in that. We’re very confident in the medium term. We’re very confident in the actions we’re taking. It really just, in our past, what we’ve been focused on is if we continue to retain customers and we focus on bringing in new accounts, then these things are cycles that we just have to transition through.

Aditi Balachandran, Citi Research, Citi: Yep. So I guess, can you talk about some more of the success that we’re seeing on the go-to-market side and perhaps how some of the new products are resonating in that category?

Melissa Smith, Chair and CEO, WEX: Yeah, I’d love to. One of the places that we’re seeing really great momentum and really excited about is in the small business arena. We’ve seen 12% more accounts coming in year to date in that small. If you look at the mobility marketplace, a disproportionate number of customers sit in that small arena. Think of that as fleets that have less than 25 vehicles. We’re really excited at the momentum we have there. We think it’s a flywheel. We’ve perfected the marketing that we’re seeing. Those customers are coming on board. At the same time, we’ve seen really good momentum in the large end of the marketplace as well. We continue to have a really strong sales year, bringing in new accounts and larger in size. We’re really excited about the win of BP, which we’ll be rolling into our portfolio next year.

Really strong momentum across each of these things. Also, one of the things that we’re really focused on is how we can expand our reach. Some of the areas where we’ve added new product into the mix are our 10-4 product, which is geared towards owner-operators of over-the-road vehicles. There are about 500,000 of them out there. We have a product that allows them to get access to our network, and they can purchase fuel at a much lower rate than they could on their own. They’re saving on average about $300 a month, which is, you know, wonderful and also a customer base that’s built. New sales are going strong. We’re seeing some nice product extension capabilities, and, you know, all of that we feel like is a pretty strong flywheel.

Aditi Balachandran, Citi Research, Citi: Yep, the trends are just really improving. I guess how should investors, I guess, frame that improving performance? Is it just really a function of WEX having more control in driving SMB growth versus the local fleet go-to-market, where it’s just harder to move the needle?

Melissa Smith, Chair and CEO, WEX: Yeah, the way that we think about this is we are very focused around the levers that we can control. So that’s new sales. And for us, new sales motions are really very specific based on the segment of the marketplace. Going after the small business market has been very much market digitally driven.

Aditi Balachandran, Citi Research, Citi: Yep.

Melissa Smith, Chair and CEO, WEX: We have done a lot of work around perfecting that motion. We see when we actually spend a dollar in that arena, we get $4 worth of revenue in 24 months. Really, really strong returns. We have been really focused around how we can continue to refine that motion. It is a large part of the marketplace and having a lot of success there. When you get into the mid and larger customers, those are more feet on the street, people that are actually making contact with customers, bringing them in, in part digitally, but much more human involved in that motion. When we look across the enterprise, we are really focused around each of those things and at the same time making sure we are retaining customer relationships.

The macro element of the business, you know, is something that we say, okay, we’re reporting on it. We’re going to tell you what’s happening with that part of the business that’s going to move over time. But we’re highly focused around the things that we can affect.

Aditi Balachandran, Citi Research, Citi: That you can control.

Melissa Smith, Chair and CEO, WEX: Yes.

Aditi Balachandran, Citi Research, Citi: Exactly. Perfect. I wanted to switch gears a little to corporate payments. The segment is nearly upon lapping the Booking.com transition, which resulted in a decline of 2% approximately of high-margin revenue. First, can you discuss some of the underlying trends that you’re seeing in the travel payments business outside of the transition portion? I guess how should investors think about forward growth here after lapping some of the top TEFRA comps?

Melissa Smith, Chair and CEO, WEX: Yeah. So just to reiterate, this is really, it’s really good to have this behind us.

Aditi Balachandran, Citi Research, Citi: Yes.

Melissa Smith, Chair and CEO, WEX: Largely completed the lapping in Q3 of this year of that large online travel customer. If you look at their performance outside of that, you just talked about the 2% negative, that’s 2% of the company, right? It’s been pretty meaningful. If you exclude that, you’ve seen really good growth within our travel customer base. Now that we’ve gone through that lapping period, we feel, you know, pretty excited about the future. What we’re focused on, you know, specifically in travel, we’re really focused on how we continue to integrate heavily within those customers. I think of this as these products are very automated. If they’re highly integrated in their customer systems, there’s an API call that’s happening. It’s facilitating a payment. It’s happening in a really seamless way.

That has been facilitated by all the work we’ve done in creating the technology, the global compliance structure. Now we’re focused on how we can continue to integrate in those customers, add in new sources of spend volume for those customers. For us, those are extension into other forms of payment like airfare and car rental, extension into geos that we’re not in right now. There are markets that we’ve been working with online travel agencies to extend our compliance capabilities so that we have a product in all of the geographies that they want us to be in.

Aditi Balachandran, Citi Research, Citi: Got it. What are some of those geographies? If you can talk about it.

Melissa Smith, Chair and CEO, WEX: Yeah, like an example is Brazil. It’s a marketplace. With the online travel agencies, we’re facilitating largely hotel payments, but other sources of payments on their behalf. Because their models are so global in nature, they are very keen on us being in every market they’re in. We have really strong global capabilities, but there are some markets that we need to set up the compliance infrastructure in order to actually meet their needs. Once we do, their volume is there. We just actually need to system. We’ve been working with them to prioritize what are the highest and most important markets and then adding those in.

Aditi Balachandran, Citi Research, Citi: Got it. How should investors and how should we think about revenue retention and pricing trends in the travel payments going forward?

Melissa Smith, Chair and CEO, WEX: Yeah, so I’m going to exclude what happened with this large online travel agent.

Aditi Balachandran, Citi Research, Citi: We can.

Melissa Smith, Chair and CEO, WEX: I’m just going to say that that’s a bit of an anomaly. If you look at our customer base, we have incredibly high revenue retention across the customers. We tend to have, you know, particularly in spend volume where there’s a lot of complication, which is a lot of the global spend volume, really high, you know, customer retention rates. Across actually all of corporate payments, we’re really focused around how can we continue to build on that. You’re going to see some mix in terms of what happens in rate. We tend to be a little bit less rate focused because it’s such a scalable part of our model that what we are trying to do is drive long-term profitable growth.

Because it is such a highly automated product, because we have largely the compliance structure set in place, our objective function is to move more spend volume into the product. You are going to see mix can affect the rate when we go up to large customer renewals that can affect the rate. At the same time, you see it is a very highly profitable new source of revenue as we add more spend volume in.

Aditi Balachandran, Citi Research, Citi: Got it. The direction of virtual card unit economics remains also an important topic that we’ve discussed. We’re going to get into the non-travel payment side of the segment shortly. Just curious to hear what your longer-term view on the direction of travel payment unit economics are. What are some of the levers that WEX can toggle to improve unit economics in the travel payments business?

Melissa Smith, Chair and CEO, WEX: Yes. Unit economics in the travel business is a very high incremental drop-through rate. Again, when we think about the unit economics here, what we’re focused on is are we going to be able to continue to add new volume into the base? We do business with eight of the 10 largest online travel agencies in the world. Continuing to add more volume in drives huge incremental margin. That’s, I would say that, you know, the biggest focus for us. We’ve actually seen pretty good rate stability, though, in the course of this year.

You know, I think that is, you’ve seen this one customer migration that’s happened in the course of the year. Within the rest of the base, some of that’s mixed, you know, depending on what size customer is spending, you’re going to see a little bit of a mixed difference in terms of the blended rate. Overall, we’ve seen some pretty good rate stability. When we think about this going forward, the machine in our mind is add in more incremental volume, do that, and have that drop through at a very high incremental rate. We’ll see some rate degradation that will happen over time. We’re okay with that because we think that, you know, at the end, you’re seeing really high incremental margins.

Aditi Balachandran, Citi Research, Citi: Got it. Now to, as promised, the non-travel payment side. That makes it 40-50% of the business. Can you discuss some of WEX’s initiatives here and particularly focus on the partnership side?

Melissa Smith, Chair and CEO, WEX: Yeah. I’m really excited about this part of the business for many reasons. One of them is that it continues to diversify what we have in our corporate payments business. As we continue to add outside of travel, it actually reduces the exposure we have to travel itself. I’m really excited about that. The two places that we’ve been really focused on, first has been extending the product that we have in travel outside of travel. This is an embedded payments product. We did work around creating a very flexible funding model so that when customers come on, they can minimize the amount of credit exposure they have to us, but also cash that they have tied up. That product is selling really well in the market. It’s a U.S.-based product. We have had really strong sales. We’re in this implementation phase right now.

What I like about that is you actually see in the glide path into 2026 because we have customers signed and now we’re just in the implementation phase. That is continuing to show growth. The second part for us has been an AP Direct product that we have. It’s about 20% of the total segment that we grew spend volume last quarter, 20%. This is something we started maybe three years ago, and it has continued to perform really well. We bring more salespeople into it this year. We’re seeing, you know, really strong return associated with that. Over time, what you will see is that we’re seeing higher growth in those two parts of the business. There’s a little bit of legacy volume that sits there.

Think of, you know, products that we sold into our mobility customers that are growing much slower. But as these newer parts of the business become bigger and bigger, you’re going to start to see the whole, the whole segment up. What we like about this is creating greater diversification in the customer base. It’s also going to continue to grow and evolve that segment up in terms of revenue growth. So far, the investments we’re making, both in terms of new product and in terms of salespeople, are playing out really, really quite well. We’re excited about that.

Aditi Balachandran, Citi Research, Citi: It’s really great to hear. Super excited to see that going forward as well. Again, switching gears. WEX’s benefits business continues to enjoy solid positioning amidst the secular tailwinds from rising healthcare costs and also for more people opting for the high deductible coverage complemented by HSAs. How does WEX think about the secular runway from here?

Melissa Smith, Chair and CEO, WEX: Yeah. There’s some really great tailwinds in this business. This continues to be this move to consumer-directed healthcare. So HSA accounts are still growing, you know, five-ish itself. And we do that through just, you know, strong sales motions that we have out in the marketplace. In addition to that, we’ve become a custodian, again, probably three or four years ago. That added a new source of revenue for us, highly profitable. We’ve been able to add that in. When you look at this part of the market, you’ve got really great macro tailwinds associated with that. Our products, you know, continue to resonate really well in this marketplace. The biggest differentiator that we have here is the idea that you can have multi-accounts that sit on one technology stack.

If you’re an employer like we are that has both traditional healthcare plans and a high deductible plan, so you have both HSA and FSA accounts, you can actually have all of that sitting together. If you have COBRA capability or if you have a benefit administration need, we can meet all of those needs. Think of that as kind of a one-stop for our customers. We also go into the marketplace both directly and with partners. Distribution channels come from either our partner relationships or our salespeople that are going to the marketplace directly. We look at this part of the business, you know, it is a really great, reliable grower for us.

Aditi Balachandran, Citi Research, Citi: Yep. And then I think going along with that, are there, so seven of the 10 HSA providers rely on WEX’s tech solutions. Do you think there’s some market share opportunities outside of the top 10? How are you thinking about that to drive growth?

Melissa Smith, Chair and CEO, WEX: Yeah. We love being in the partnership business. We do it across everything that we do at WEX. In that case, as you said, we’re the technology provider. They’re in the marketplace selling. We’re providing the technology that they’re selling. It’s great because we actually get growth with those partners. As they grow, we grow with them. That is an important relationship. We have salespeople that are out in the marketplace bringing in customers directly to us. When we think about growth, typically we’re growing faster with that direct channel because we have more control over it. We value all of the relationships that we have because we think all of them are an important part of the growth that we have as a company. It gives us more paths to WEX.

You know, frankly, if you think about what we do across the company, we have multi-channel distribution. We do that because it gives more ways for people to come into the company. It is a very scalable model.

Aditi Balachandran, Citi Research, Citi: Yep. I know you mentioned the custodial business. I want to dive a little more into that. It continues to be a strong contributor for WEX, where you’ve also been active on the M&A front there. Can you discuss WEX’s strategy towards growing the custodied asset growth?

Melissa Smith, Chair and CEO, WEX: Yeah. Yeah. When we started in the business, we acquired an asset in 2014. I think it was quite a long time ago. That is when we actually started in the benefits business. We bought a company called Evolution One. Relatively small company, but that was the foundation of when we started in this space. As we built this over time, we went into the direct channel through an acquisition as well. On our own, not through an acquisition, we became the custodian. As we became a custodian, what it enabled us to do was just reach much better economics than what we were doing through a third-party relationship. It is really important because it allows us to leverage our bank. When we established the bank, it was for the purpose of financing for our mobility business.

Largely, it was easier compliance structure, but also a really great way to low-cost finance the needs that we had in the mobility business. We’re leveraging that bank also in the benefits business, which gives us premium economics. When we became the custodian, it allowed us to accrete more economics, in part because of our bank. As we think about this business, when we bring on a customer, if they’re coming through a partner channel, often it’s a SaaS fee. They’re keeping the custodian revenue often, but not always, you know, because often they’re a bank themselves. If they are coming in directly to us, then we are typically the custodian as well. You know, just another source of revenue, highly profitable revenue.

When we look at this business, we went back to our customers and migrated them into our custodian accounts. We saw this kind of big pop in growth associated with that. Now, as customers come on, it kind of naturally goes to either us as the custodian or, if they’re a partner, to a third-party bank. The net of all that is, you know, quite profitable.

Aditi Balachandran, Citi Research, Citi: Got it. How are you thinking about M&A in the future? Is that something that you’re thinking about?

Melissa Smith, Chair and CEO, WEX: Yeah. It’s a really great question. When we have looked at M&A, you know, historically, we had done quite a bit of M&A over the last couple of years. We’ve been much more geared towards moving money into share buyback. Yeah. When we think about capital allocation first, what we think about is how much should we be investing internally. And I would say like that we’ve seen some really great returns in investing in sales, marketing, and product. First order. Second order for us then is kind of think of the North Star as what is the highest risk-adjusted return for us. In some periods of time, that has been M&A. In some period of time, that has been share buyback. Right now, you know, when we think about our leverage, we generate about 80-90% of our adjusted net income drops through the cash flow.

This company throws up a tremendous amount of cash. We’ve used that to buy back stock. We’re about three and a quarter times leverage right now.

Aditi Balachandran, Citi Research, Citi: Your target is two and a half.

Melissa Smith, Chair and CEO, WEX: Two and a half to three. Yep. Right. In the moment we’re in, our first order has been pay down debt. The second order has been internal investment. The third order for us has been, let’s look at what’s going to have the highest risk-adjusted return. Is that share buyback or is that M&A?

Aditi Balachandran, Citi Research, Citi: Okay. Got it. If you are, what types of companies are you looking with?

Melissa Smith, Chair and CEO, WEX: Historically, the places we’ve looked has been either scale play. Something that we think is just going to have high accretion rates because you’re going to bring it in, absorb it, and have significant synergies associated with that. We’ve also looked at product extension. Things we would either buy or build, we can look at buying. We’ve had more of an emphasis on building, I would say, over the last few years. That is an area of investment. For us, geographic expansion. Areas that we felt like it would be easier to extend our reach through a purchase, those have been places we’ve looked. We’ve had more of a bias between our benefits business and corporate payments in terms of leasing segments.

Aditi Balachandran, Citi Research, Citi: Yep. About the geographic expansion, I know you mentioned the compliance surrounding it. Can you just talk us through how that works and everything?

Melissa Smith, Chair and CEO, WEX: Yes.

Aditi Balachandran, Citi Research, Citi: Because I know it’s probably tough.

Melissa Smith, Chair and CEO, WEX: No, it’s actually when we think about one of the core value differentiations that we offer to our customers, compliance actually is a really pretty big deal. You know, any segment you’re in, you care a lot about that. When we started our corporate payments business, our customers were global. You very quickly marched around the world. When you’re an issuer in other countries, you have to be recognized by the central bank in that country. If you look across the world, we have a pretty intricate set of regulatory entities that have been set up to meet our customers’ needs.

Aditi Balachandran, Citi Research, Citi: Yeah.

Melissa Smith, Chair and CEO, WEX: Right? Yes. Yeah. Yeah. You know, it also has allowed us to move money cross-border for our OTA customers in a way that’s very affordable for them. When we talk about being really good at the very complex transactions, it’s a combination of the global scale that we have. Within our virtual card engine, we have hundreds of products. Think of if you’re sitting in some country, you might pick a certain Mastercard or Visa product that you want to use within that country. That will help maximize whatever your use case is. A combination of the product capability that we have, the compliance structure we have, and the stability that we have has enabled us to really leverage this with our global accounts and now extend that capability into areas outside of travel.

Aditi Balachandran, Citi Research, Citi: Got it. Thank you for that. That’s really great. There has been some outside pressure calling for WEX to consider splitting the business from CoreWex. This is in relation to the health benefits. We got a little sidetracked there. Management and board have come to the conclusion that it is better to be together. Can you elaborate more on this rationale and how WEX Bank is a key factor in this decision?

Melissa Smith, Chair and CEO, WEX: Sure. Yeah, happy to. Each year, one of the things the board has done is look at business configuration. This year, we went deeper. This year, we brought in two independent investment banks, running, sorry to say this, Bank of America, Houlihan Lokey. They went actually really quite deep and looked at a number of different combinations for the company. We started with no sacred cows. They came back and said the company is better together. If you look across the business, we are leveraging the same technology infrastructure. The bank is a huge part because there is an advantage of using the bank across every part of the business. The global compliance structure, fraud, you know, all the various kind of backend systems. We are also cross-selling across the portfolio. Surprisingly, more between benefits and mobility than you might think.

Aditi Balachandran, Citi Research, Citi: Interesting.

Melissa Smith, Chair and CEO, WEX: We’ve been on this multi-year journey to continue to streamline our technology with a focus on looking across the enterprise and saying, where do you have like for like and creating the best-in-class systems. Each year that we do that, it further integrates the systems together.

Aditi Balachandran, Citi Research, Citi: Okay. Can you talk more about those cross-sell opportunities that you mentioned a little bit? Really curious to hear more.

Melissa Smith, Chair and CEO, WEX: Yes. The cross-sell opportunities?

Aditi Balachandran, Citi Research, Citi: Yes.

Melissa Smith, Chair and CEO, WEX: Yeah. Actually, like one of the, when we first started, there was a cross-sell between a mobility customer and corporate payments. I think of that as kind of like our original cross-sell. Over time, what we’ve found across the enterprise, our COBRA capability is something that we are selling often into our mobility customers, as well as we’ve talked about our field service management systems. That’s something that we’re cross-selling into our mobility customer, which is actually kind of amazing because you have, I would say, this took us a little bit of a while to get it right, but it’s 10 times the revenue per customer that you get with a mobility customer itself. It is like a meaningful upsell capability for us.

If you look across the enterprise, what we’re focused around is where are there use cases that are helpful to that end customer and exposing those to the customer. They’re happening kind of like all across the business.

Aditi Balachandran, Citi Research, Citi: Got it. How does your partnership pipeline look for each of the segments?

Melissa Smith, Chair and CEO, WEX: Yeah. Sales pipelines this year have been really very strong, both in terms of partner and in terms of direct. I can walk through each of those. Mobility for us, mobility, we sell on behalf of now 10 of the largest oil companies in the world with BP coming on. You know, that’s something that when customers come to us, they come to us because of an ability to sell better than they’re going to be able to sell their products because we have marketing expertise. We can look at what’s unique to that customer that’s going to resonate in the marketplace. That’s why they come to us, but those continue to. I would say across both OTR and our North American mobility business, we’ve been strong sales as well on the direct side.

Corporate payments is more direct where we have a partner channel. I would say that that is when I talk about the things that bring down some of the growth rate in our corporate payments. That’s one of the places like we’re selling around it and much more effectively on the direct side, which is where you see that 20% spend volume increase. On benefits, we are in the heart of open enrollment. Things are going very well in open enrollment, both in terms of service, but also in terms of sales. It’s still early, but so far what we’re seeing coming in in the partner channels is what we would have expected coming through those partners. We’ve had a strong sales year in terms of our direct business.

When I think about one of the things that I feel has gone particularly well for us this year, we’ve had a really strong sales year.

Aditi Balachandran, Citi Research, Citi: Awesome. I think that’s it. I think would you like to just give like a little BP explanation of. Because I know that’s really exciting.

Melissa Smith, Chair and CEO, WEX: Yeah. One of the things we do in our mobility business is we will go out and operate on a white label basis for oil companies. We do it for, think of all the top nine now oil companies. The one that we were missing was BP. BP is going to be onboarding next year. That is where in the marketplace at the end of this year selling. We will move the portfolio over onto us next year. It is going to add between half and a point of growth in the 12 months following the conversion.

Aditi Balachandran, Citi Research, Citi: Lovely.

Melissa Smith, Chair and CEO, WEX: Very excited about that.

Aditi Balachandran, Citi Research, Citi: Congrats for that. I think with that, I think we’re good for the session. Thank you so much, Felicia, for joining us. Enjoy the rest of the conference.

Melissa Smith, Chair and CEO, WEX: Thanks a lot.

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