Wex nabs $400M investment from Warburg Pincus

https://www.mobilepaymentstoday.com/news/wex-nabs-400m-investment-from-warburg-pincus/

Wex Inc. a fintech specializing in fleet management and corporate payments, nabbed a $400 million investment from Warburg Pincus, according to a press release.

The investment includes $310 million in convertible notes and $90 million through a private placement of common stock.

Wex also got an amendment to senior secured credit facilities that provides it with increased financial flexibility.

“We are pleased to further fortify our balance sheet during the current uncertain operating environment, while reaffirming our relationship with Warburg Pincus, who has demonstrated their strong commitment to the future growth of Wex,” Melissa Smith, chair and CEO of Wex, said in a company release.

https://www.mobilepaymentstoday.com/news/wex-nabs-400m-investment-from-warburg-pincus/