• WEX (NYSE:WEX) has launched a single fleet card that can be used for both traditional fuel purchases and public EV charging.
• The company has also entered a virtual card partnership with Nuvei to serve global travel merchants.

For investors tracking NYSE:WEX, these product moves come with the stock trading at $156.7. Recent returns show a mixed picture, with the share price up 3.2% over the past week and 5.6% year to date, but with a 1-year return of a 13.7% decline and a 3-year return of a 15.3% decline. Over 5 years, the stock shows a 20.2% decline, which gives useful context for how the market has treated the name over a longer stretch.

The new fleet card and virtual card partnership indicate where WEX is focusing its efforts, namely payments for EV-oriented fleets and global travel suppliers. If you are watching the stock, it may be worth tracking how quickly these offerings gain traction with large fleet operators and travel merchants, as that could influence how investors view WEX's position in business payments over time.

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The new EV-compatible fleet card and the Nuvei virtual card tie WEX more tightly to two payment flows that are already core to its business, mixed-energy fleets and travel suppliers. By keeping everything on its closed-loop network and a single credit line, WEX is aiming to make its platform stickier versus players like FLEETCOR and Mastercard. The Nuvei deal extends that same approach into global travel merchant settlements.

How this fits the existing WEX narrative

Both announcements line up with the existing narratives that emphasize WEX’s push into integrated, software-led payments across fleet, travel, and expense management. The EV card directly addresses the risk that traditional fuel cards lose relevance as fleets shift toward hybrids and EVs. The Nuvei partnership supports the view that WEX can build more recurring, data-rich relationships in travel payments rather than relying only on legacy card volumes.

Risks and rewards to keep in mind

• The single-card EV solution could help WEX retain fleet customers that might otherwise try competing EV-first platforms from large networks or fuel partners.
• The Nuvei integration gives WEX access to online travel agencies, airlines, and hospitality brands that are seeking faster supplier payments and more transparent cash flow management.
• If fleets transition to EVs faster than expected and competitors offer similar or cheaper solutions, WEX may still face pressure on its core Mobility economics.
• Travel volumes and credit conditions can be cyclical, so virtual card demand from Nuvei’s merchant base may fluctuate, affecting the pace at which this partnership contributes to WEX’s payments throughput.

What to watch next

From here, it will be useful to watch adoption metrics, such as how many mixed-energy fleets activate EV capabilities on existing cards and how quickly Nuvei’s travel merchants take up WEX virtual cards for supplier payments. If you want a broader context for how these product moves fit into the long term story, check out community narratives on WEX here before you make any decisions about the stock’s role in your portfolio.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.