U.S. Markets close in 3 hrs 39 mins

WEX Launches FI and Aggregator Dedicated Business Segment

Zacks Equity Research

WEX Inc. 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 MA and Citigroup’s 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.

WEX Inc. Revenue (TTM)

 

WEX Inc. Revenue (TTM)

WEX Inc. revenue-ttm | WEX Inc. Quote

 

We observe that shares of WEX have gained a massive 49.9% year to date, outperforming the 40.3% rally of the industry it belongs to.

Zacks Rank & Stocks to Consider

WEX currently carries a Zacks Rank #3 (Hold).

A better-ranked stock in the broader Zacks Business Services sector is Huron Consulting HURN, sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Long-term expected earnings (three to five years) growth rate for Huron is 13.5%.

Biggest Tech Breakthrough in a Generation

Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.

A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 7 stocks to watch. The report is only available for a limited time.

See 7 breakthrough stocks now>>


Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
 
Citigroup Inc. (C) : Free Stock Analysis Report
 
WEX Inc. (WEX) : Free Stock Analysis Report
 
Huron Consulting Group Inc. (HURN) : Free Stock Analysis Report
 
Mastercard Incorporated (MA) : Free Stock Analysis Report
 
To read this article on Zacks.com click here.
 
Zacks Investment Research