Maine payment giant sees ripple effects from pandemic-related changes

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Revenues at Maine’s second-largest public company are climbing back toward pre-pandemic levels as it adjusts to work-at-home and buy-local market trends that accelerated during the coronavirus pandemic.

Portland-based WEX, which reported record revenue of $1.7 billion in 2019, saw a 21 percent drop in revenue in the second quarter of last year when the pandemic hit Maine. Despite continued losses, revenues have recovered incrementally each quarter since. On Thursday, it reported a 5 percent decline in first-quarter revenue compared to that quarter last year.

Among the major changes at the financial technology company was a new product, the CrossRoads Freight fuel card, announced this month for owners of truck fleets that include long-haul and light-duty vehicles. Customers are focusing more on “last-mile” delivery as retailers like supermarkets turn to local suppliers for products rather than buying products trucked across the country, WEX CEO Melissa Smith said.

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