WEX has agreed to acquire Go Fuel Card for an undisclosed amount.
The acquisition of Go Fuel Card, which is headquartered in Breda, Netherlands, will expand WEX’s fleet payments operations across Europe.
The acquired business also has a presence in the Netherlands, France, Belgium and Luxembourg.
Go Fuel Card functions on an independent proprietary card network and has approximately 200,000 proprietary cards in circulation.
It provides fuel cards to small and medium enterprises to large fleet operations and has acceptance over 5,000 retail sites.
WEX president of global fleet Scott Phillips said: “The addition of the Go Fuel Card business will strengthen our position in Europe by expanding our footprint in attractive markets and broadening our card acceptance through an independent, proprietary card network.
“I am also extremely excited about the opportunity to partner with EG Group to expand our Fleet business throughout EG locations in the U.S., Europe and Australia. This is an attractive business. It projects further reductions to our sensitivity to retail fuel prices, while providing us a strong pathway for organic growth and value creation over time.”
This transaction is expected to close in the second quarter of 2019.
In November last year, American Express partnered with WEX to facilitate supplier payments using virtual cards.