Wex Inc., a global payment processing company based in Portland, experienced continued healthy growth for the three months and the year ending Dec. 31, company officials announced Thursday.

They made the announcement after Newsweek recently named Wex one of America’s Greatest Workplaces for Women 2024 and one of America’s Greatest Workplaces for Diversity 2024.

Total revenue for the fourth quarter of 2023 increased 7% to $663.3 million compared to $618.6 million for the fourth quarter of 2022. Full 2023 revenue increased 8% to $2.55 billion from $2.35 billion in 2022.

Wex CEO Melissa Smith Press Herald file photo

The $197 million overall revenue increase occurred despite a net $108 million unfavorable impact from fuel prices and other factors, and included a $2 million favorable impact from foreign exchange rates.

“Wex had another outstanding year as we continued to drive profitable growth, generate strong adjusted free cash flow and demonstrate our resiliency,” said CEO Melissa Smith, who joined Wex in 1997 and has led the company for 10 years.

Under her leadership, including as president and board chair, the company’s annual revenue has more than tripled from $818 million in 2014.

In that time, Wex has diversified from a U.S.-based fleet card provider to a global business-to-business payments company offering enterprise solutions for corporate health benefits, corporate payments and commercial fleet mobility. It has a presence on five continents and about 7,000 employees worldwide.

“Our leading offerings and highly recurring revenue position us for success throughout market cycles,” Smith said in a statement. “In 2023, we continued to advance our strategic priorities, investing in AI and technology infrastructure projects, expanding our EV offerings for mixed fleets.”

As part of its growth, Wex acquired Payzer and Ascensus’ Health and Benefits line of business. It also achieved higher margins through a combination of growth on its platform and cost savings from technology investments.

In July, Wex announced it will spend up to $100 million over the next two years funding startups in the EV industry, hoping to accelerate the transition to electric vehicles.