WEX: Leading Product Strategy Transformation

WEX, a global commerce platform specializing in fleet payments and mobility solutions, faced strategic disruption from the rise of electric vehicles (EVs). For decades, WEX’s fuel card business generated significant revenue from transaction and interchange fees, but electrification threatened to erode this core model. Beginning in 2019, WEX leaders including Jay Collins (SVP & GM, EV & Mobility) and COO Carlos Carriedo grappled with how to reimagine product strategy to help customers transition to mixed EV and ICE fleets. The case traces WEX’s early partnerships, organizational changes, and decisions on whether to build, buy, or partner for EV products. It highlights dilemmas around U.S. vs. European strategies, the role of corporate venture capital, expansion into fleet services, and customer-centric product design. Students are asked to evaluate WEX’s sequencing of product priorities, measurement of progress, and investment levels amidst regulatory uncertainty and fast-changing technology.