Fleet One
Leading provider of fuel charge cards and management information services to vehicle fleet operators.
| Date | Investors | Amount | Round |
|---|---|---|---|
| investor investor | €0.0 | round | |
$369m Valuation: $369m | Acquisition | ||
| Total Funding | 000k | ||
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Fleet One, established in 1997, operates as a specialized provider of fuel cards and fleet management solutions. The company primarily serves businesses and government agencies with vehicle fleets of all sizes, from small businesses with 1-50 trucks to large carriers. Its core market is in the United States, with a significant presence in both the over-the-road (OTR) and local fleet sectors.
The company's business model centers on providing a suite of payment and management tools that help fleet operators control expenses and improve efficiency. Revenue is generated through its fuel card services and related financial products. In October 2012, Fleet One was acquired by Wright Express, now known as WEX Inc., for $369 million, becoming a wholly-owned subsidiary. This acquisition was a strategic move for WEX to gain an immediate foothold in the heavy truck market and expand its service portfolio for mixed fleets.
Fleet One's flagship product is the Fleet One EDGE card, which offers users access to a nationwide discount network for fuel, averaging 15 cents per gallon in savings at over 4,000 in-network sites. Beyond fuel, the card provides discounts on tires, maintenance, wireless plans, and hotels. The card is designed to provide comprehensive control over purchasing, with mobile applications like WEX CardControl for drivers and Fleet One CarrierControl for managers, allowing for real-time management of cards, transaction monitoring, and fund disbursement. The company also offers complementary financial services, including factoring to improve cash flow for trucking businesses, and tools for managing permits and fuel taxes.
Keywords: fleet management, fuel cards, fleet payment solutions, over-the-road trucking, OTR services, fleet expense management, fuel discount network, trucking finance, factoring services, vehicle fleet services, WEX Inc., fleet cost control, commercial vehicle payments, specialized finance, transportation payments, fuel purchasing data, fleet maintenance services, mobile payment control, driver payment solutions, cash flow solutions