Hello, everyone. Welcome to WEX's Virtual Investor Day. I'm Steve Elder, Senior Vice President of Global Investor Relations. This is our first Investor Day since 2018, and while we would rather be in person, we're still excited about the opportunity to provide an update on our strategy, introduce some new members of our executive team, and share our plans for long-term growth. Before we jump in, as a reminder, we will be discussing non-GAAP metrics as well as forward-looking statements. There's a full disclaimer on the screen and at the beginning of the presentation posted to our investor relations website, and I urge you to read it in its entirety. Let me walk you through today's agenda. First, you will hear from our CEO, Melissa Smith, who will provide an overview of the business and our strategy for driving growth.
You will hear from Robert Deshaies and Jay Dearborn, who will discuss how we're providing an ecosystem of solutions for our customers across the Americas. Next, Carlos Carriedo will discuss our ambitions for growth internationally. David Cooper and Karen Stroup will share more about our technology leadership position and how we are using our digital capabilities to enhance the WEX offering. Finally, Melissa and Interim CFO Jennifer Kimball will take a deeper dive into our financials before we open it up for Q&A. With that, I'll turn things over to Melissa.
Good morning, everyone, and thank you for joining us. I'm pleased to have the opportunity to provide an update on our business, our strategy, and our path forward. For those of you who are new to our story, WEX is a global commerce platform operating in very large, growing addressable markets. Our unifying purpose is to simplify the business of running a business. This purpose is at the center of everything we do, and it's the North Star that guides our success. Throughout the day, you'll hear how we help our customers succeed, whether that be a company that needs support managing its fleet with an increasing mix of vehicle types, a company making B2B payments around the world, or a business that wants to provide its employees with an integrated benefit solution. First, let me share how we got to this point.
WEX has a deep history of evolution, and we've been through several different phases over the years. Innovation has always been embedded in our DNA, from the creation of our proprietary network in the 1980s, to our expertise with virtual card technology, to our expansion into the health sector and simplifying global payments across a diverse set of industries today. During each of these unique moments in our history, we've continued to drive exceptional growth by staying true to our purpose. Since our IPO in 2005, we have outperformed the S&P 500 by more than 3x . As a result of the deliberate strategic decisions we've made, we're now bigger, more diverse, and have more opportunities ahead than ever before. We're entering our next phase of growth from a position of strength.
We have a strong track record of generating revenue and earnings growth, as well as margin expansion. Over the past five years, WEX has grown reported revenue at a CAGR of 13% despite the impact of the pandemic. This is a testament to our innovative solutions and the deep expertise we bring to market in each of the verticals we serve. Our success is in no small part thanks to the strength of our leaders, many of whom you'll hear from today. We have a great blend of diverse experiences and backgrounds with a deep understanding of both our business and the customers we serve. This team also includes a wide range of technology, digital, and commercial expertise. Overall, I'm proud to have such a talented group of industry leaders moving us forward. As a global commerce platform, WEX plays an increasingly important role.
Commerce is undeniably an engine of progress around the world, powered by businesses, small and large, facilitating the exchange of goods and services. For these businesses, we see complexity increasing as the pace of change accelerates. Expectations are increasing, with more businesses operating in real time or on demand. New technologies are emerging, leaving businesses in hybrid environments split between old and new technology. Regulatory environments are becoming increasingly complex, especially for global businesses. This rapidly changing environment creates opportunity, but it also makes it far more challenging to run a business. That is why our role is so important. WEX exists to help our partners and customers navigate this complexity. We believe that we win when our customers and partners are able to achieve their goals. For some, this is driving growth.
For others, it may be operating with enhanced insights and automation or increasing ease and peace of mind as they run the day-to-day of their business. To understand our critical role and our customers' success, it's important to understand the increased complexity businesses face today. We work closely with customers and partners to understand these challenges from their perspective. When we talk to them, we consistently hear similar themes. First, their operations are still often highly manual and time-consuming, requiring frequent intervention and data reconciliations. Burdensome processes take our customers' time and focus away from the higher value priorities that drive their growth. Second, payments and data exchange are both highly complex and mission-critical, which means that the potential risks and costs are high. This is table stakes when running a business. Payments just have to work. Same for data exchange.
Integrating and streamlining these processes reduces fraud and security risks while also creating simplification for our customers. Finally, our customers are increasingly stretched thin with fewer resources in-house to solve these complex problems that are not often core to their own businesses. Not only do errors increase risk, but they can be incredibly costly and difficult to navigate with legacy tools and data. Each year, the bar gets raised for businesses as they look to accomplish more, act more quickly, and do more with fewer resources. These businesses need our help to free them from the complexities that are bogging them down. This is where WEX comes in. Our offerings simplify and create value out of that complexity.
Our global commerce platform is the foundation that allows our personalized solutions to be seamlessly embedded into our customers' operations, and it's all underpinned by insights and data that power their success. We win and retain business because of our scale and reliability, both in terms of our leading technology and how we operate it. With more than $145 billion processed annually in more than 20 currencies across 200 merchant countries, businesses choose WEX because we are trusted to perform at scale. Our unique solution set is another key differentiator. Powered by decades of customer-focused innovation and expertise, our solutions have been designed to address customer pain points in specialized ways. Strong market performance is a testament to the power of this innovation.
Today, we serve more than half of the Fortune 1000 for their health and benefit solutions, 9 of the 10 major U.S. fuel retailers, and 8 of the top 10 global online travel agencies. We make it easy for our customers to incorporate WEX into their most complex workflows, and as a result, they continue to choose our offerings. As we invest, this will continue to be our focus, increasingly using new technologies and talent to make our solutions even more intuitive and personalized. To bring this to life, let me give you a couple of examples of how we help our customers succeed. Focusing on our health business, year-end is a critical time for companies as their employees look to take full advantage of existing benefits while also enrolling in programs for the upcoming year.
Our reputation as a technology and service leader in this market is built on our ability to deliver the highest level of service during the busiest time of year. In an age when employee wellness and satisfaction are essential to talent recruitment and retention, our work doesn't end once we've onboarded our customers' employees. With more than 16 million accounts on our platform, we have the ability to generate unique behavioral insights that power the success for our customers and their employees. Take, for instance, the work we are doing in the health savings account market. HSAs are a great benefit, but many employees don't fully understand them and as a result, fail to take full advantage. Our rich data allows us to categorize HSA participants into seven buckets, ranging from individuals who invest every dollar they contribute to individuals whose accounts have become dormant.
Through the creation of highly targeted content, we're able to help educate the participant, create awareness about the opportunity, and drive positive behavior change. Early progress here is showing great results. For example, our models identified a group of individuals who were not participating in our investment program despite having accumulated a significant cash balance. Through our targeted outreach, we saw a 200% increase in the number of accounts investing, which will improve long-term financial outcomes for these individuals. Looking at another example, in our fleet business, we support a large logistics company responsible for quickly moving goods around the world. The nature of this customer's business demanded unmatched scale and reliability and presented a number of unique challenges tied to managing a large mixed fleet of long-haul and local delivery vehicles.
This need to manage payments across truck stops, retail fueling sites, and private terminals is a difficult challenge that is accelerating with the prevalence of e-commerce and increased demands on last mile delivery. This challenge was one that WEX was uniquely positioned to address by combining the robust capabilities of our over-the-road solutions with the data, accuracy, and breadth of our proprietary network, along with integrated billing, data, and insights. The power of our proprietary network, combining 180,000 retail fueling sites with all national truck stops, allowed this fleet to streamline their process and replace legacy solutions with a single integrated product. Rich data and insights designed to support this industry challenge drive financial benefit by preventing fraud and misuse. Adoption by several top carriers is a testament to the effectiveness of this customer-focused innovation.
As illustrated in these examples, our customer-focused innovation, insights, and extensive industry experience differentiate WEX in the markets we serve and give WEX an edge as we work to create additional value for customers. Throughout the day, you'll hear more about how we're able to partner closely with our customers to develop solutions to help them succeed. As I shared earlier, we have a history of strong performance in each of our verticals. Our ability to consistently sign, ramp, and retain customers and partners in fleet, health, travel, and corporate payments is a testament to the strength of our business. Core to our strategy moving forward is the ability to leverage the strengths that have made us successful in each of these specific verticals and bring them together to benefit our broad customer base.
We see our products and services fitting into an ecosystem that offers a range of solutions curated to address multiple complex challenges. We believe many businesses have needs that fall into more than one of these categories. You'll continue to hear throughout the day about these customer crossover opportunities and how they can propel our business. The foundation on which our business is built and will continue to grow is our global commerce platform. David Cooper will share more details on the strategic investments we've made in reusability and expansion of cutting-edge shared platforms in areas like data, servicing, and risk, which allow WEX to bring customers unique benefits. On top of this foundation, we've built collections of solutions that address specific areas of difficulty or complexity for businesses, benefits, mobility, and payments. Each of these benefit from WEX's deep expertise and commitment to customer-focused innovation.
To understand the power of our ecosystem, it's helpful to see it through the eyes of a customer. Businesses of varying size in many different sectors have common goals. They want to successfully grow their business. They wanna create a great employee experience that attracts, retains, and cares for their staff. They wanna effectively manage cost and risk. These three objectives is made harder by complexity, and any issues that arise have real costs, impacting employees, growth, and margin. To achieve these goals, businesses must master tasks that may seem mundane on the surface but become wildly complex. For example, navigating the complex process of providing employee benefits, sourcing supplies, moving raw materials, and distributing goods for sale, reviewing, processing, and reconciling supplier payments, booking travel, and managing expenses. We see these challenges across a wide range of companies.
A consumer goods company with 200,000 employees, a large public university, a local florist, and a national trucking company all seek solutions to these challenges. WEX is uniquely positioned to help customers succeed in the face of these challenges with our ecosystem of solutions built through customer-focused innovation underpinned by our global commerce platform. As a result of the strategic decisions we've made over the past several years, we are well-positioned in very large addressable markets with strong tailwinds. When weighted by market size, we see an average growth rate for the markets we serve ranging from 5%-10%. When looking at that based on WEX's revenue mix, the market growth rate is approximately 5% across fleet, health, corporate payments, and travel.
We're leveraging our powerful sales engine, strong customer relationships, and ecosystem approach to drive growth that outpaces the market while also pursuing strategies to expand our addressable markets for the future. Later today, you'll hear from Robert about the opportunity we see unfolding with electric vehicles and how we're positioning WEX to be the partner of choice as fleets are electrified. In health, we're driving growth in our fully outsourced benefit administrations platform and services and continue to add down-market capabilities. Jay will share more about how we're embedding ourselves in our customers' most complex processes like AP automation. Dave and Karen will talk about how we're leveraging our differentiated technology and focusing on digital innovation to gain additional share. We have a history of extending our scalable business model into high-growth, high-value markets, and we will continue to do so.
Historically, we've driven growth and expanded our markets by winning new customers and making strategic disciplined acquisitions, both of which remain key components of our growth strategy going forward. In addition, our ecosystem approach presents additional opportunities that will be critical to our growth trajectory. By offering solution sets that benefit our customers in complementary ways, we see a significant opportunity to grow share of wallet by cross-selling our solutions both within existing verticals as well as across solution sets. As I touched on a moment ago, we'll also continue to organically expand and diversify our offerings with tailored solutions that solve complex challenges for our customers. This includes opportunities like EVs as well as other unique solutions that only WEX can provide by combining and expanding the tools we offer today, all in a personalized way. We also see a tremendous opportunity to deepen our global presence.
As you will hear from Carlos, while we have an expansive global footprint, international only represents about 10% of our revenue today. The fact is, businesses around the globe face the same challenges that we are already helping our customers solve at scale in the Americas. We have a unique opportunity to bring our depth of experience to many more customers around the world in the geographies in which we already operate. Finally, we will continue to take a disciplined and opportunistic approach to M&A. Since 2016, we have made seven acquisitions that have expanded our capabilities, allowed us to access new markets, and complemented our existing solutions. We have a proven track record of successful integration, and we have achieved or remain on track to achieve the combined $80 million of synergy targets we announced for the deals I just mentioned.
I will discuss our capital allocation priorities more broadly later in the presentation, but it's worth mentioning that we continue to view strategic M&A as an attractive use of capital, not only to enhance our existing capabilities, but also to establish new ones. As an example, our acquisition of Evolution1 in 2014 laid the groundwork for our fast-growing health and benefits business, and we have significantly expanded our solution sets in this space over the years. Examples like this give me confidence in our ability to continue to execute deals that are accretive to shareholder value. Let me now take a moment to touch on our commitment to ESG, which is critical to our overall success. Each of the four pillars you see on the screen are embedded into our culture and are a reflection of our core values.
They also reflect our expectation that the world's best businesses will thrive over the long run by leveraging their people and the planet responsibly. We hear more about them throughout this presentation, including how we're enabling companies to switch to electric vehicles and how we're helping consumers better manage their healthcare costs. In addition, we plan to publish a comprehensive ESG report later this year that will highlight the progress we've made on these important topics. Speaking of the road ahead, we have set ambitious and achievable long-term financial targets. On an annual basis, assuming stable fuel prices and foreign exchange rates, we expect to deliver 8%-12% organic revenue growth or 10%-15% inclusive of strategic acquisitions. This should equate to 15%-20% adjusted net income growth, reflecting our focus on efficiency and the unique scalability of our platform.
I've already discussed many of the drivers of our growth, and you'll hear more about our path forward from each of today's presenters. Jen and I will also walk you through our long-term expectations in more detail later today. Before I turn it over to Robert and the other presenters, I'd like to highlight what I view are the key drivers of our success. First, we are well-positioned in very large addressable markets, and we have a proven track record of delivering strong revenue and earnings growth. Over the past five years, we have grown reported revenue 13% annually, and we see multiple new growth opportunities ahead with both our current portfolio and with new customers. Second, we are a market leader in each of our businesses.
We earn this position as a result of our proven product differentiation, our deep expertise in the reliability and scalability of our platform that embeds seamlessly into our customers' operations. Third, we have a recurring revenue model that is both highly profitable and highly cash generative, powering additional growth opportunities. In fact, over 80% of our revenue today is recurring in nature. Fourth, we and our customers benefit from the network effects generated by growing our customer, partner, and user base. Not only do we meet our customers where they wanna be met, but we have the ability to deploy customer-driven improvements across our network to maximize benefits. This is evidenced by our high customer retention rates and the deep level of integration into the business processes of our customers. Finally, our people. We have an incredibly talented leadership team that is dedicated to building a world-class organization.
We have a robust company culture and more than 5,700 employees across 16 countries that drive our success each and every day. While on this topic, I also want to acknowledge all of our employees for all of their hard work and dedication. Because of their efforts, WEX's future is incredibly bright. Thank you for taking the time to join us this morning. I'll be back later today to talk about our financial framework and to answer your questions.
Good morning. I'm Robert Deshaies, COO of the Americas. I'll cover more about how our ecosystem approach applies to the Americas overall and then dive deeper into the health and fleet businesses. At WEX, we're all about simplifying the business of running a business. We put our customers at the heart of everything we do. We dig deep into understanding the complexities that hold them back, and we constantly work to build and deliver innovative solutions that lighten their administrative challenges, things like billing, fraud prevention, and benefits enrollment. All of the unique solutions in our ecosystem are well represented across the Americas. In 2021, we processed over $120 billion of total volume and generated $1.65 billion in revenue, representing about 90% of WEX's overall business.
While 2021 was a strong year, I'm equally proud of our track record of delivering 14% compounded annual growth over the past five years. Historically, we have organized our business around three verticals. At the end of 2021, we reorganized our business structure to get us even closer to our customers and help them succeed with more better integrated WEX solutions. As you can see on this slide, we see multiple benefits to taking a more unified approach, and I'll touch on each of these in more detail in a moment. To be clear, we are not losing our vertical expertise. We are connecting horizontally to provide even more solutions for our customers. By optimizing across our channels and focusing both vertically and horizontally, we can expand and diversify our offerings while increasing loyalty, and that results in gains to overall share of wallet.
More than 600,000 customers of all sizes and types rely on WEX platforms today. By putting our customers, partners, and merchants at the center of our ecosystem, we can find more opportunities to help them solve complex operational challenges with WEX solutions. That leads to a growing network, with WEX delivering value across the entire ecosystem. Customers can purchase WEX products and receive services through our partner channels or through our highly personalized digital experiences. Regardless of the channel, our goal is to remove administrative barriers that stand in the way of our customers' success. In our digital channel, we're driving growth through scale, especially with small businesses. In 2021, over half of our new fleet customer accounts were acquired and onboarded completely touch-free through our digital marketing channels, with no sales interaction, lowering the cost of customer acquisition.
These innovations are helping us reimagine how we serve customers across the board. You'll hear more about this from Karen later today. A more unified approach allows us to deliver customer-driven improvements that will provide value to everyone in our network. We have a history of combining and embedding existing capabilities and technologies to create novel, personalized solutions, and we'll continue doing this across our suite of solutions going forward. One example is in our health business. One of the really exciting elements of the Benefitexpress acquisition is the added cross-sell opportunities. Benefitexpress brings a number of products that we can sell through our broker and consultant channel, such as the Affordable Care Act reporting. There is also a large opportunity to sell consumer-directed health or CDH services to customers using new benefits administration solution.
By integrating the CDH and benefit administration experiences, we will further deepen our customer relationships and more easily engage with benefit plan enrollees, not just during open enrollment, but 365 days a year. Another example is our ability to embed multiple networks within a single product, such as our CrossRoads Freight solution. For fleets like J.B. Hunt that operate intermodal, over the road, and last-mile vehicles, there is a unique need to manage fueling payments across truck stops, retail fueling sites, and private fueling terminals. Meeting this need is increasingly important as consumer preferences for online purchasing drive more fleets to focus on managing multiple types of freight. To remove mixed fueling complexities, WEX combined the robust capabilities of our over-the-road solution with the data accuracy and breadth of our local fueling closed loop network.
This solution embeds two networks and provides integrated billing and superior data capture within one unified product, helping customers improve efficiency through simplification. Solutions like these are driving new business wins. Since launching in 2020, CrossRoads Freight helped WEX win significant business with two of the top four private carriers according to Transport Topics. These examples demonstrate the power of the WEX platform to optimize outcomes for our customers by leveraging our shared technology and capabilities such as common software architectures, tools, and resources. These are exactly the kinds of synergies we look to drive across the WEX ecosystem. Currently, less than 10% of our top customers are using products for more than one of our solution sets, and we see huge potential for growth by bringing our horizontal ecosystem of solutions to more of our customers.
On the screen, you can see examples of success we've already had by helping key customers manage critical elements of their business by incorporating WEX solutions across multiple solution sets. Averitt Express and Werner Enterprises, leaders in the freight transportation and logistics industry, work with WEX across our mobility, corporate payments, and benefit solutions. We have become a one-stop shop and trusted partner for these customers. Another example is Rollins, a leading global provider of pest control services. In addition to serving as Rollins' fuel card provider, WEX works with Rollins directly to provide CDH and COBRA programs for their employees. We are applying the key learnings from these successes to our broader base of customers. Businesses of all sizes face similar challenges and benefit from having access to unified and complementary solutions, and WEX is uniquely positioned to help our customers address those challenges.
Now, I'd like to highlight three examples of ways we are driving growth for the Americas. First, in the area of winning new customers is the referral channel we established last year with Ford Smart Mobility. By bringing together Ford's deep experience and footprint with North American commercial fleets and WEX's mobility and payment solutions, we are helping meet customers where they are. We are also expanding and diversifying our core technology and solutions to address new customer use cases. Our recently launched Medicare Advantage solution is a great example of us building on core platform to services' new plan segment and customer base. This solution now powers benefit programs on behalf of 14 health plans, including WellCare, a leading national provider of managed care insurance plans. We expect to more than double our Medicare Advantage revenue this year to over $20 million.
We'll continue to grow share of wallet with our existing customers. With Averitt Express, we leveraged our existing relationships in fleet and corporate payments to open the door for our health solutions teams to embed WEX solutions across their back offices. We can replicate this example of driving multi-product attachment across our existing bases. The strength of our industry references and support from existing internal decision-makers are key to getting a foot in the door. They give us the opportunity to showcase more ways WEX can help remove operational complexities for our customers. Here's a question you may be asking yourself. Why are we so confident we'll keep winning? Because we'll keep building on the strengths that are already helping us win today. From a customer innovation standpoint, we have a long track record of developing new solutions that solve our customers' business challenges. The more our customers realize the...
We've also been able to uniquely combine our solutions to create powerful new tools and insights. We spend over $100 million per year developing new technologies, so we can continue to be at the forefront of solving complex customer needs in creative ways. These investments have helped us deliver rich datasets based on decades of powering the fleet, health, and payment industries. By applying our cutting-edge AI-powered modeling, we're helping our partners and customers optimize outcomes. We value each customer and focus on flexible configurations to serve their specialized needs. Another reason customers trust us is our scale and reliability. We have a comprehensive breadth of capabilities to meet end-to-end customer needs in the mobility, health, and expense management areas. Our capabilities help prevent fraud, misuse, and loss of revenue, making us an essential partner.
We are also respected for our strong compliance, security, and safeguards around platforms, data, and regulated information. We support customers' mission-critical business and payment functions, and they know we do this with integrity and a commitment to their success. Let me now take a moment to dive into the health and fleet businesses in more detail. Our health business revenue has been growing at an annualized pace of about 25% over the last five years. We now serve more than half of the Fortune 1000 companies. With more than 16 million SaaS accounts, we've captured approximately 1/5 of the HSA market share. WEX became a non-bank custodian of HSA funds last year with the acquisition of certain assets from HealthcareBank and is already serving approximately 2 million customers with around $3 billion in assets under management, including nearly $1 billion.
We play in the health and benefits space. Customers and partners use the WEX benefits platform for administration of consumer-directed benefits, including FSAs, HSAs, health reimbursement arrangements, and Medicare Advantage. We also administer COBRA plans and offer compliance services. We simplify the benefits landscape for our customers, including enrollment, account administration, analytics, billing, payments, and compliance. This is a great and growing business for WEX. Everyone needs healthcare, and we help simplify for both the employer and the employee. Again, we're in a world where human capital is a company's largest and most powerful asset. Employee wellness is key to every company's value proposition to their talent base. The revenue is highly recurring with more than 16 million SaaS accounts and interchange on top of that. This business also yields asset revenue from both deposits and investments and professional services.
We have a proven track record of winning in the benefits space because we always put the customer at the forefront of everything we do. We innovate for them. When a customer wanted a way to provide employees with a lifestyle benefit stipend during the onset of the COVID-19 pandemic, we leveraged our benefits platform to support this need, and we did it rapidly. We received countless thank yous from customers and partners for our attentive, comprehensive support through a very difficult time. We wanted to figure out a way to make HSA expense tracking and FSA claim substantiation even easier for our participants. We developed an explanation of benefits, or EOB Smart Scan, which lets participants easily scan an EOB and autofill expense details using their benefits mobile app. We also lean into flexible data-rich solutions.
Our proprietary personalization model, which we call Consumer Pathways, uses machine learning algorithms to identify distinct types of HSA users, predicting potential outcomes for each behavior-based segment. WEX is deploying personalized engagement campaigns to help guide customers to maximize contributing, saving, and spending behaviors. Another customer favorite is our My HSA Planner product, a decision support tool that helps consumers select the appropriate HSA election amount based on projected medical expenses for their families. This tool leverages extensive health claims data to develop medical cost projections based on 15+ years of industry expertise and an unparalleled data set. Together, our solutions are helping employees maximize their benefit programs to better prepare for unexpected medical costs, which is a role we take seriously. According to the American Journal of Public Health, nearly two-thirds of bankruptcies are related to the cost of healthcare.
We couldn't do any of this if we weren't viewed as a steadfast partner with a robust product suite. Our solutions depend on reliable systems uptime and implementation execution, given we are trusted to manage mission-critical benefits programs. We are able to support the employee throughout their employment life cycle, when they're new hires choosing benefit plan options, during employment when they're using healthcare savings and financing options, and paying for childcare and commuting expenses, during career transitions with COBRA, and beyond employment years with Medicare Advantage. We have a large, diverse distribution network and experience that is significantly broader than any competitor. Our expansive ecosystem of broker and consultant partnerships, tech partnerships, and direct-to-employer relationships can fit any model and serve any channel.
The work we've done to expand our partner models helps optimize our offering with a full suite of service, contract, and branding capabilities, which are unique and differentiated compared to our competitors' offerings. Moving to fleet. In 2021, we generated nearly $1 billion in fleet revenue in the Americas, servicing more than 11 million vehicles and processing 18 billion gallons of fuel. We partner with 9 of the 10 major U.S. fuel retailers, over 60% of Transport Topics Top 100 carriers, and have customer retention in the high 90s. Our network is accepted over 90% of fueling stations in the U.S., including 180,000 retail fueling sites and all national truck stops, as well as 45,000 service and maintenance stations, making us the clear leader in fleet solutions.
Compared to our competitors, WEX's fuel network is the largest and has universal level three data capture, which includes odometer readings on the fueling vehicle and the ability to capture product-level purchase information. This guarantees customers consistent high-quality data capture and control over purchases, saving customers more money and driving greater operational efficiency over time. We've also demonstrated the ability to outgrow the market and be true collaborators to our partners, which range from convenience store retailers to global fleet management companies. Similar to our benefit offerings, we have a proven track record of winning in the fleet space because of our customer-focused innovation, specialized expertise, and global scale and reliability. We are leaning on this mobility expertise to develop new products and analytics to address EVs and the complexities of managing a mixed vehicle type fleet.
On the customer-driven innovation front, our recently announced agreement with Mastercard gives us the ability to manage a greater volume of customers' expenses through WEX. We will be rolling out a new card product designed to address our customers' needs for the breadth and convenience of the Mastercard network with the security, control, and the detailed reporting we provide. Customers look to WEX for a powerful combination of specialized expertise and rich data to drive better decisions, move more quickly, and eliminate risk. A great example of that is when GSA Fleet came to us with a need to seamlessly integrate EVs into their fleets. GSA needed to be able to reconcile EV charging at both public and private sites to the appropriate assets and also wanted to leverage centralized billing with their existing program.
WEX was able to address this need by combining our deep integration into the existing GSA program through our partnership with ChargePoint. Turning to our scale and reliability, Global Medical Response has been a WEX customer for over 20 years. We ensure their drivers and vehicles can get where they need to go, so their employees can focus on their mission-critical jobs. Recognizing WEX's expertise and reliability in managing payment solutions, they also turn to us to manage their accounts payable. Finally, Valero, a large, publicly traded fuel producer that outsourced their in-house retail fuel card program to WEX in 2021, is an example of how the scale and reliability of our solutions benefit both partners and end customers. Frustrated with the internal burdens of maintaining and growing an in-house program, Valero approached WEX as an outsourcing partner for their in-house retail fuel card program in 2021.
We believe electrification of vehicles presents a massive opportunity for WEX, and we are well-positioned to help businesses solve for the complexity of managing mixed fleets. As we've shared in the past, our global partnership model helps us move quickly, reduces risk and needed upfront investment, and paves the way for us to build a robust suite of WEX solutions that will push us further into the e-mobility market. Our large customer base and deep understanding of fleet's needs, integrated payment offerings, and OEM-agnostic services position us to be a leader in this space, and we are excited to help shape this market with our customers. There are four broad areas we see as natural extension opportunities in the fleet space.
These include facilitating charging access services and payment for en route and destination chargers, integrating depot and at-work charging data and authentication, tracking and facilitating reimbursement for at-home charging, and providing core fleet services such as integrated billing, consultative EV transition planning, and expense management controls and tools. For these solutions alone, we anticipate a total addressable market opportunity of $1.5 billion-$2 billion in North America by 2030, which will continue to grow as fleets continue to electrify. We anticipate that internal combustion engine or ICE vehicles will continue to be an important part of our customers' fleets for many years to come. That said, EV sales are growing quickly.
As the incumbent fleet payment method for more than 11 million North American vehicles, we are energized by the opportunity to remove the obstacles holding our customers back from electrification to facilitate a faster transition to a cleaner transportation economy. Embracing our role as a trusted partner and vendor, we are also eager to help our customers better understand the wide array of charging and operating models available, which is critical to a successful mixed fleet transition. We are well-positioned to adapt with our customers along with our key partner, ChargePoint, to help us get to market quickly with solutions that address customer pain points across charge use cases. In the first half of 2022, we will bring to market a charging solution for our European customers that's tied to their fleet account, providing centralized billing and access to over 200,000 charging points across Europe.
We will also have a prototype for U.S. customers available in the next few months. In terms of how this will impact our revenue capture, we are optimistic based on emerging price points we are seeing and the norms that we are testing with our customers. Our critical role in helping solve complexity for mixed fleets also brings opportunity. We expect payment processing revenue and finance fees to be replaced by even stickier subscription fees as EVs become more prevalent over the course of many years. We also see the potential to provide new value-added services for our customers. For example, if an employee charges their vehicle at home, we are well-positioned to help simplify the validation, reporting, and reimbursement process through a subscription model.
Today, our existing pricing structure is variable based on customer, channel, and vehicle or driver behavior and yields $3-$20 per card per month via payment processing, finance fee, and account servicing revenue drivers. While the pricing model for EV is still evolving, particularly in North America, we are seeing customer willingness to pay for integrated EV charging services and simple mixed fleet solutions that range from $5-$20 per card per month, depending on product attachment rates per driver and vehicle. It's worth noting clearly here that we don't necessarily expect every migration to be dollar for dollar, and we will be continuing to test price points with the customers in the coming months. Importantly, we expect the unit economics to remain compelling as we provide additional value-added services across the e-mobility ecosystem.
We want to address customer needs across all required charging use cases so that we can be a one-stop-shop for fleets. This involves creating an ecosystem that can embed existing tools and solutions with new capabilities needed to manage EVs, which presents additional opportunities beyond our existing addressable market and beyond the initial mixed fleet addressable market upon which we are presently focused. We are transforming to become a key ecosystem integrator across electrification and fleet services needs and are focused on providing an integrated e-mobility management and payment solution. Key capability and integration expansion examples include connectivity, fleet solutions, and sustainability, just to name a few. As Melissa mentioned, WEX has a history of evolution, and we look forward to this next step in our journey as we play a key role in shaping this market.
To demonstrate what the future EV ecosystem might look like, we've put together a brief video which will play now before I turn things over to Jay, who will talk about travel and corporate payments.
Momentum behind electric vehicles has never been greater. With that, the process for managing mixed fleets is becoming more and more complex. How can fleets minimize driver and vehicle downtime by ensuring that chargers are accessible, available, and easily locatable? How do companies accurately track reimbursement when vehicles are charged at employee homes? How do fleets minimize vehicle total cost of ownership by ensuring that vehicle charging, routing, and tracking are integrated with critical existing fleet tools and data? As EVs become more prominent, our customers need new innovative payment solutions, tools to drive accurate insights, and expertise in this evolving new marketplace. Companies don't replace entire fleets at once, so they need a trusted partner as they introduce and implement EVs into their existing operations.
Mixed fleets will be around for the foreseeable future, and we're well underway to meet the emerging demands of our customers and are excited to support them into the electric future. Always listening, always adapting. At WEX, we see the power of EV, and we are well-positioned to help drive the mixed fleet revolution and power the electric fleet future. WEX, simplifying the complexities of fleet management.
Good morning. I'm Jay Dearborn, President of WEX Corporate Payments. Travel and corporate payments is a unified global product set focused on enabling commercial payments. We are privileged to serve the largest online travel agencies, the most dynamic fintech innovators, as well as businesses large and small in their accounts payable needs. We are both one of the largest commercial payment companies in the world, as well as the trusted technology partner for some of the largest commercial payment companies in the world. Our travel and corporate payments business model is rare in the marketplace as a whole. We are an established fintech that is at scale and highly profitable. WEX is unique in our space as we couple wholly owned market-leading technology with a global issuing and funding capability, giving us unparalleled capability to serve our customers' commercial payments needs.
In 2021, our platform enabled $55 billion worth of volume and generated $257 million worth of revenue from customers based here in the Americas. It is a very exciting time to be in commercial payments, and I'm looking forward to sharing with you how we view our customers, our offering, and our opportunities in the years to come. I will talk in a moment about our two solution sets, but first, we must discuss our virtual card capabilities as they are at the core of our offering. We were pioneers in the invention of the virtual card more than 20 years ago, and we continue to be the leader and innovator in our space. Our approach to virtual cards is unique in the industry, and I want to bring that to life through three lenses. First is technology.
We have designed and built our technology as a virtual card-first offering. We have developed our processing software as cloud native and have a highly redundant 100% wrapped in high-performance RESTful APIs. We own our virtual card technology, giving us great marginal economics. Second is global issuing, compliance, and funding capabilities. We own the technology end to end, but we also own the banking provision that provides for the movement of money. Through our wholly owned industrial bank as well as e-money licenses around the world, we are able to move money in more than 20 currencies. Not courting a bank and a technology partner as we are one and the same. Competitive advantage. Third is our direct partnership with the card networks. Our direct relationship with the card networks allows us to drive innovation in the virtual card product.
We have been at the forefront of the industry creating virtual card offering. Our direct membership with the card networks and our status of highly competitive cost structure. Again, I start with our virtual card capabilities as they are unique in the marketplace, built for scale, the engine of our solution economics. Now, first is our embedded payment solution. The embedded payment solution takes our core virtual card capabilities and exposes them via APIs into their offering. We have added bank transfer and check issuance capabilities to the solution as well. Embedded payments works in the background, they are 100% automated, and they enable our customers to create millions of secure transactions on the go. Our travel business is an embedded payment solution, as is our technology partner channel for our corporate payments business. Second is our accounts payable and spend management solution.
Our AP solution is different from our embedded payment solution, first and foremost, because of its focus on enabling a business to digitize their AP workflow. By definition, this is a user interface-driven solution. We connect our platform to our customers' enterprise resource planning systems to digest outgoing payment needs and then work with those customers to help them digitize and streamline their AP file. We serve customers large and small, and we also white label this offering for some of the leading financial institutions in the world. You now have an overview of travel and corporate payments, what solutions we offer, and how we have structured our business model. Let me switch gears to describe our markets, our customers, and explain why we win. First, let's look at our embedded payment solution, which includes our travel portfolio and technology partners within our corporate payments portfolio.
We thought the best way to bring the solution to life is to describe it from our customer's point of view. You will note that white papers with further details on each of these examples can be found on our website. We are privileged to be the commercial payments partner of choice with a travel-focused buy now, pay later solution provider, Uplift. Due to the complexity of managing expectations of a traveler, an agent, and a supplier all in real time, Uplift requires the highest standards for performance in forward-thinking innovation. For instance, our technology is able to provide instantaneous confirmation that payments have been authorized so that Uplift may consummate the loan origination contract in their business model.
We continue to partner with Uplift to create new use cases for virtual cards, as well as enhancing controls to their payments and minimize any risk exposure as they step into the funds flow. Now let's switch to fintech. As I talk through AvidXchange, it should sound familiar. That is because this is the exact same solution we use to serve both the global travel industry as well as our growing and dynamic fintech partners. We announced our partnership with AvidXchange towards the end of last year and have been ramping them onto our core system over the past two quarters. We won the right to be AvidXchange's partner based on our wide range of different card products, our extremely high reliability, and our all-in-one solution across both technology and funding capabilities.
I would be remiss if I didn't include how important to AvidXchange it was that they trusted our team and our team's deep payments expertise to help AvidXchange deliver new value in their business model. Now let's flip over to AP automation spend management solution. With this solution, we serve customers directly as well as help financial institutional partners white label our offering so they may serve customers directly themselves. Tenet Healthcare is one of the largest hospital systems here in the United States. They were looking for a partner that could help them enhance their ability to digitize their accounts payable file.
Tenet chose WEX because of our ability to integrate with their ERP systems, our clean and intuitive user interface, and perhaps most importantly, our ability to analyze their spend file, create virtual card acceptance campaigns, and help them generate a rebate stream from what had been endless stacks of invoice payments laden with complexity and reconciliation challenges. Whereas we help a customer like Tenet Health directly, we also white label our platform for PNC Bank to help them provide AP automation and corporate card tools to their treasury clients. In Q4 of 2021, we renewed our relationship with PNC on the back of our ability to provide one platform for travel and expense, traditional payables, and virtual cards, in addition to our ability to fulfill their full accounts payable file needs. Hopefully that paints a picture of who we serve and how we serve them.
I want to share now our growth strategy prior to turning to the economics of our business model. We believe the underlying fundamentals of the commercial payments market are strong. Money should flow seamlessly and reliably. Reconciliation should be automated. Processes should be cheap and efficient. Here in the United States, the weekly check run should experience its long overdue demise. We believe we are in the early stages of market maturation and perhaps just now turning to look at the middle innings where scale, quality, next generation innovation, and simplicity will emerge as the dominant customer requirements. WEX is privileged to have a partner base that grants us scale and a wholly owned technology stack upon which we continue to develop and seize new opportunities in the marketplace. Our model is built for profitable growth.
We are confident in capturing the rebound in travel and are particularly looking forward to a return to cross-border travel. Within corporate payments, we think of growth through the lens of what will drive the business today and what will drive the business tomorrow. We have two primary focuses for today. First, we position ourselves to capture scale opportunities, primarily with our embedded payment solution offering. Our market-leading virtual card experience continues to evolve to support the largest and most discerning customers in the marketplace. In our pipeline, we continue to have great success in competitive takeaways due to our proven superior solutions and are actively planting seeds of new opportunity with partners who are building de novo portfolios. Second, we continue to grow our direct-to-corporate footprint focused on AP automation and spend management.
Over the course of the past year, we have refreshed our focus on our direct portfolio and continue to scale our sales force focused on both new customers to the WEX family as well as cross-selling our established WEX customer base. I am particularly excited about our new organizational structure, which allows us to align and prioritize cross-sell opportunities which we know represent latent revenue potential in our business model. We are now just starting to see the first fruits of this pivot. Complementing our two engines of growth today are two engines of growth we are building into our platform to power tomorrow. The first engine of growth for tomorrow is a new corporate payments product oriented towards the small business customer base.
The concept is to leverage our market-leading embedded payment solution and build a new small business experience on top of this infrastructure, just as we've seen many of our great fintech partners do. My colleague, Karen Stroup, will discuss this in more detail shortly. The second engine of growth for tomorrow is our developer portal. We see the emergence of the developer as the buyer in the fintech industry and are developing an experience that caters to their needs. My colleague, David Cooper, will discuss this in more detail shortly. Let me share a bit more about the economics of the travel and corporate payments engine we have built.
It's worth noting here that the data I'm speaking to has been adjusted for comparative purposes in prior periods to be shown on a net basis to be consistent with an accounting change for a customer contract modification in Q4 of 2021. The data shows the entire segment, not just the Americas portion. Our purchase volume, you will see, has a natural split between our travel customers and our corporate payments customers. Our travel volume typically peaks in Q3 as we recognize spend during the busy summer months. Our corporate payments volume is more sequentially predictable. Our net interchange revenue for these two portfolios is different. The travel portfolio, which we serve with our embedded payment solution, is built for scale and possesses a lower keep rate on average.
The corporate payments portfolio, which is a blend of our embedded payment solution and our AP automation solution, has a higher keep rate on average. For each of these portfolios, our net interchange rates have been largely consistent throughout 2021. Our average keep rate will change as our mix changes throughout the year. We also expect, as cross-border travel resumes and any large new corporate payments partners ramp, our average keep rate for the segment will decline in 2022. At the end of the day, we have built this business to yield profitable growth for the future. Over the past five years, we have worked hard to entirely own all layers of our scalable technology stack and all financial capabilities while streamlining our variable cost base.
As we've discussed before, the result is we have largely moved from a variable cost structure in this segment to a fixed or semi-fixed cost structure that yields high marginal contribution for each incremental spend dollar. You can see this in our 2021 quarterly results for the full segment. We started in Q1 with a segment-adjusted operating income margin of 10% and increased it to 39% by the fourth quarter. We expect as global travel recovers in the latter stages of the pandemic, we will continue to see the benefit of operating leverage, and we aim to get back to our pre-pandemic margin in the mid-40s% in the short to medium term.
With that, I will turn it over to Carlos Carriedo, our Chief Operating Officer, International, to share more about the opportunity we see outside of the Americas, including with our global travel and corporate payments customers.
Good morning. I'm Carlos Carriedo, Chief Operating Officer for International. I joined WEX at the start of the year from American Express, where I most recently led commercial services for Europe as General Manager after leading the business for Canada, Mexico, and South America. I'm happy to be here with all of you and share why I'm excited about the international growth prospects for WEX. Our international business today is largely focused on the reimagined mobility arena with a strong presence in fleet management and in travel. Our footprint is made up of approximately 200,000 clients across 40 different countries, mostly concentrated in Australia and Western Europe. We have deployed capabilities to sell payments in more than 20 currencies. On top of that, our customers today are making payments into over 200 merchant countries and territories, providing a solid foundation for our growth plans.
I want to highlight for context the scale of our business in international. Last year, we processed around $25 billion in total volume, which generated nearly $200 million in revenue, representing approximately 10% of total company revenue. Since 2016, we have grown our international revenue at an 8% annual rate. What gives us confidence that international will be a fast-growing part of the business going forward? Here's how I look at it. First, we're focused on winning new customers. We have made significant investments to develop a new common platform. By consolidating the businesses we have acquired, we will have a best-in-class platform to reach new customers, especially in under-penetrated solution sets where we have had success in the U.S. We see corporate payments and electric vehicles, for instance, as particularly attractive.
Within the verticals where we play today, we are under-penetrated in multiple markets and have a large growth opportunity in front of us. You'll hear more about that from Karen Stroup, our newly appointed Chief Digital Officer, on our overall digital strategy later today. We intend to expand upon our increased success in acquiring customers through digital channels and leverage learnings from the U.S. to implement a best-in-class engine. Our customers are choosing WEX because they believe we offer the best platform and technology available in the fleet space. As an example of this, we recently won business from OMV, which I will talk about in more detail in just a moment. Second, we intend to drive growth by deepening our global footprint. We currently have relationships with nine out of the top 10 U.S. fuel retailers and plan to extend and deepen those relationships around the globe.
In terms of expanding the network, we are looking to have additional partnerships that broaden our reach into new geographies. In the travel space, for instance, we're working with airlines to open acceptance of virtual cards, driving additional efficiency for them. In my experience working in an international setting, having a global footprint allows us to leverage best practices learned in one geographic location and replicate them elsewhere. In Australia, for instance, 1 out of every 4 liters of commercial fuel is processed by WEX, and we plan to leverage our learnings here to execute successfully across our international footprint. A third reason I'm really excited about WEX's international growth prospects is the opportunity to grow wallet share. We enjoy strong relationships with 8 of the top 10 online travel agencies or OTAs, and there is room to expand and deepen our relationship with each of them.
Additionally, our customer base is weighed towards areas where travel is recovering the fastest, namely leisure online rather than business and offline, and we continue to support our customers as travel rebounds. Speaking of travel, we are benefiting from secular trends in addition to the market recovery. These include a continued shift to online market consolidation and merchant model adoption, which is when a travel agent takes a booking and processes the end traveler's payment directly. Our travel customers are looking for greater control and breadth of what they provide to their customers, which requires a shift in the way they manage payments, and that opens an opportunity for us as a partner of theirs. Lastly, we are very keen on capturing value from new models, such as electric vehicle as an opportunity.
Here we have a partnership with ChargePoint, which has one of the largest charging networks in all of Europe. In EV, we work in countries that are well-developed, like Norway, but also in places that are much less developed. Our exposure to countries leading the EV space provides us with a terrific vantage point, allowing us to be at the forefront of new trends and lead the way in geographic areas which do not yet have a large concentration of electric vehicles. I would like to highlight three examples of how WEX's ecosystem of solutions and growth strategies are playing out in the marketplace. Let's talk about fleet first. As I just mentioned, OMV produces and markets oil and gas, innovative energy, and high-end petrochemical solutions in a responsible way. The company operates 2,100 filling stations in 10 European countries.
In support of its retail operations, OMV is currently issuing its own fuel cards and is part of ROUTEX, one of the biggest fueling networks in Europe. In 2019, OMV was seeking a modern platform with real-time customer interaction capabilities. WEX was the right fit because of our ability to co-develop a platform with customer-focused innovation that is both feature-rich and highly configurable. Today, WEX is enhancing and integrating our international fuel card management system to enable the processing of OMV and third-party fuel cards issued in 10 and accepted in 31 markets. The WEX platform, which includes both customer facing and back office user interfaces, will become fully integrated into the OMV ecosystem with a software as a service solution hosted in the cloud. Another example I would like to highlight is Toyota Fleet Management or TFM.
WEX's Motorpass product, which allows customers to access fuel outlets nationwide, has been TFM's chosen fuel card for the last 10 years. We have a collaborative partnerships when it comes to offering personalized fuel card services. WEX Motorpass also allows TFM the ability to implement customized controls around transactions at the pump by, for example, limiting the dollar value and number of transactions per day. WEX provides comprehensive fuel transactional data to TFM, which is used in its compliance initiatives with its customers to ensure their fleets are running efficiently. Being able to use a Motorpass fuel card at almost any fuel outlet enables drivers to stay on the road as opposed to having to travel out of their way to find a particular brand of fuel. Over the years, WEX and TFM have also forged a great working relationship.
The WEX account management team works proactively with TFM, continually looking for efficiencies and opportunities to grow as a partner. Finally, booking.com is a name you're likely all familiar with. It is one of the world's largest travel marketplaces, available in 43 languages and offering more than 28 million total accommodation listings. WEX facilitates virtual card payments with booking.com's accommodation providers. We have a long-standing relationship with them, which we extended recently. This was due to WEX's payment expertise, payment experience, high service levels, and consistent reliable delivery. Our global capabilities and coverage supports their existing global footprint better than our competitors' offerings. They trust WEX's scale and resilience, which is tried and tested to its full potential through load testing. The reliability WEX provides booking.com and others is critical to our success. Let me give you a simple example.
If you go to the grocery store and your credit card does not work, you can pull out another one out of your wallet. In B2B payments, you simply don't have another card in your wallet, and therefore, reliability is table stakes. Reliability is critical to our partners' success and our experience as a trusted and reliable partner with broad geographic reach separates us from our peers. While I've only been here a few months, it's clear to me already that the international opportunity at WEX is significant. I look forward to helping unlock that opportunity and sharing more with you along the way. With that, I will turn it over to David Cooper, our Chief Technology Officer, and Karen Stroup, our Chief Digital Officer, to guide you through our technology and digital focus.
Good morning. I'm excited to be here today. WEX is a technology leader whose solutions have proven to be among the best in the world at solving complexity. Our technology configurations and integrations are flexible enough to meet unique needs, all while adhering to strong compliance, security, and safeguards around platforms, data, and regulated information. We have taken our strong cash generation and heavily invested in technology to maintain our leadership position. Our cutting-edge platform is now over 80% cloud-based. Since 2018, we've increased the speed of our release times by more than 7x, with the capability to be even faster still, and now have 95% fully automated regression testing in place. We've been able to decrease our incidents by 88%, even while increasing transaction volume dramatically and managing through the integrations of several acquisitions.
Much of this is possible through our focus on mature agile development practices. We continue to evolve our platform with an eye towards customer-focused innovation. To touch on a few of the highlights here, our multi-cloud strategy leverages scalable, reliable, serverless computing technology, thereby reducing vendor concentration risk, enabling competitive pricing, and providing extensive disaster recovery capabilities. We've also established a microservices framework that makes core platforms and functionalities more broadly available. This enables speed to market, and it minimizes cost and risk. Our best-in-class data platform centralizes data and insights into the fabric of WEX decisions, unifying our data and interweaving analytics into the fabric of WEX through decisions, products, processes, and customer experience. Together, these changes help us better compete for customers. They create better end-user experiences. They increase the speed of delivery, and they lower our costs.
WEX is investing in strong partnerships with industry leaders to ensure that we have the best technologies available to us and to deliver on industry needs while maintaining high availability and protecting customer data. The logos on the screen here represent just a few of the partners we trust to enhance the customer experience in the cloud data and security spaces. Core to our tech stack, our data, security, and a cloud-based infrastructure. Integrated data and analytics enable our clients to use data programmatically or on demand. A cloud-native platform enables our business to scale and innovate faster with the ability to offer many different services that can grow over time. We are developing using an API-first approach, making it easier for customers to integrate by rapidly engaging new services and offerings and innovating via our tech and services platforms.
Our architecture for EV has been built entirely on this service-driven framework and will easily integrate with all other platforms. Driving all of this is a set of core services grouped into a central platform, and all new services have been built using these state-of-the-art standards and techniques. This level of innovation and agility is driving positive outcomes for WEX. Our new developer portal will allow customers to discover our APIs, see applicable documentation, and learn how to use them, delivering an enhanced developer and partner experience. Customers will soon be able to further integrate their services with WEX's through common services and APIs offered in this developer portal, creating a new level of customization, self-service partnerships, and integration, all yielding new revenue streams and ways to connect with new market segments.
The authorization gateway is this resilient cloud-based service that enables and enhances transaction processing for merchants, processors, and issuers. As a single authorization application, it reduces operational costs and streamlines business processes to set up new transaction use cases. This also presents an opportunity for additional value-add services like fraud mitigation, currency exchange, monitoring and alerting, and cross-issuer, cross-platform products where one card can be authorized by multiple platforms. For example, by connecting the EFS and the North American fleet networks, WEX was able to extend customer access from 22,000 stations to over 180,000. The authorization gateway facilitates millions of authorizations per day for WEX customers and partners. We also offer an industry-leading cloud-based credit card issuing platform that currently processes Mastercard and Visa cards. Its primary functionality is to generate credit card account numbers, authorize and clear transactions, and generate statements and data.
The platform has been live since mid-2018. It has processed over $15 billion since its inception and is currently processing over 1 million authorizations per month across more than 20 currencies. Our investments in technology and data are the foundation, but just one of 4 components we are focusing on in our digital transformation. With that, I'm excited to turn it over to my new colleague, Karen Stroup, to share details on the remaining pillars. Thank you.
Thank you, David. I'm Karen Stroup, Chief Digital Officer at WEX. Like Carlos, I joined WEX at the beginning of the year. I've spent the last 20 years driving strategy, product innovation, and digital transformation at Intuit, Capital One, and Thomson Reuters. I'm excited to be here today to talk about the digital transformation at WEX, which is already well underway. We are looking to identify ways to reimagine the end-to-end customer experience, find more intelligent ways to reach and serve our customers, and innovate faster. We are focused on four pillars of the digital transformation. The first is modernizing our technology, which David already talked about. This is a foundational enabler of everything else. With our modern architecture and development processes, we are able to increase our speed to market and expand our reach.
The second pillar is digitizing go-to-market and support, where imagining how we connect with customers, looking for ways to use data and digital experiences to reach more customers more efficiently with more personalized messages. We wanna meet customers where they are, enabling self-service when and where they prefer to use digital channels to engage with us. One example of digitization applications led to faster decision-making and lower risk, resulting in a better customer experience and higher profitability. In one early deployment, we saw an increase in application approvals that we expect to drive over $3 million in incremental annual revenue. The third pillar is launching new offerings. We will both have the tools and processes to innovate faster and deliver new solutions to our customers. I'll share an example of this in a few minutes.
Finally, the fourth pillar is to simplify and automate routine processes and ways of working, enabling our associates to focus on higher value work. As an example, we see opportunities to digitize cost centers and deploy RPA or robotic process automation to remove manual work, resulting in enhanced agility and scalability, benefiting both internal and external customers. Let me help bring digital at WEX to life by sharing two examples. First, we're using digital to go to market in new ways, and our Digital Marketing Cloud is one of the first big steps forward. Our Digital Marketing Cloud is composed of a set of digital marketing tools and technologies that grow the customer pipeline and improve conversion rates. The five key levers driving our success are, one, targeting the highest potential prospects. Two, increasing engagement digitally during the sales process. Three, simplifying and streamlining the customer application experience.
Four, using a test and learn approach to rapidly respond and improve on our execution. Five, leveraging AI to drive greater speed, efficiency, and scale across the entire marketing process. We leverage this platform to personalize campaigns specific to our partners' varying objectives, all the while enjoying the benefits of scale and best practice sharing to keep ourselves and our partners ahead of the curve. We've seen strong results from the digital marketing cloud in our fleet business with nearly 60% of new Americas fleet customer accounts acquired fully through digital channels last year. Given our early success, we plan to extend these capabilities across all of WEX and deepen our use of digital marketing, including dynamic content, richer data, and more personalization. Simply put, we're becoming exponentially better at putting the right offer in front of the right customer at the right time.
While our digital team may be new, we have already made huge strides in using digital tools and practices to drive tangible results, and we expect to see more success to come. Digital is also a key enabler in launching new products. Our focus from a product perspective is twofold. One, to leverage the latest product practices and tools to enable faster experimentation and improve the feedback loop based on what resonates best with our customers. Two, to reimagine new and better ways to solve for our customers' pain points, leveraging new technologies. Flume, a new integrated software and payment solution targeting small businesses, is a great example of the direction we're headed in. With Flume, we went from concept to alpha launch in a matter of months. Even a few years ago, this would have taken us much longer.
We are talking to small businesses weekly, understanding their pain points and testing various prototypes with them to inform our product roadmap. By just sitting next to customers, we know that many of them still operate in a highly analog fashion, and there's a lot of inertia because their current way of doing things still works. Therefore, our focus has been overcoming that inertia by demonstrating how this new digital product will save time and money. Early customer feedback has been very positive, and supporting it all is new modern technology. Flume is one example of how we're leveraging digital capabilities and mindsets to deeply understand our customers' needs, rapidly experiment, and bring new products to market.
By staying at the forefront of technology and approaching our work with a digital-first mindset, we can improve agility and reimagine new approaches to market, resulting in happier customers, increased revenue, and greater efficiency. With that, I'm excited to showcase our new integrated software and payment solution, Flume, and the power of digital with this video.
Hundreds of thousands of small businesses use WEX products daily. They tell us that making and receiving payments should be simple, but tracking projects, processing invoices, and optimizing your payments workflow, well, that's when things get complicated. Introducing Flume. Built from the ground up, Flume delivers faster, transparent payments, helping small businesses pay and get paid faster than ever. Sign up in minutes. Link your bank account. Create your custom vendor list, and instantly send check or digital payments directly from your iPhone or desktop. Don't take our word for it. Meet John. He's a shop owner from Louisville, Kentucky, who used to spend hours each week processing payments. With Flume, he spends less time on boring paperwork and more time doing what he loves. Oh, and here's Sarah. She's reinvesting the countless hours saved by using Flume back into her growing business. Here's the point.
Why not work better? Sign up for free and unlock faster, transparent payments today.
Good morning, everyone. I'm Jennifer Kimball, Interim CFO and Chief Accounting Officer. I'd like to take a few minutes to discuss our strong track record of financial performance before turning it back over to Melissa to bring us home and explain why we are best positioned to win. 2021 was an exceptional year for WEX and underscores the success of the many exciting initiatives you've heard about today, as well as an ongoing recovery from the global pandemic. We delivered record revenue of more than $1.8 billion, up 19% over 2020 and up 7% versus 2019. Adjusted net income per share was $9.14, just shy of our all-time high and up 51% from last year, despite travel recovering at a slower clip. Our success in part reflects a high level of recurring revenue, which is by design.
As of Q4 2021, more than 80% of total revenue is recurring in nature, which translates to steady, predictable cash flow. Recurring revenue includes payment processing transactions, account servicing revenue, which is mainly our SaaS product and health, and a few smaller items. The success of our health business has been a key driver of our ability to grow recurring revenue. In 2021, our adjusted operating income margin was 36%, up nearly 550 basis points from the prior year, with more volume flowing through our scalable platform. Also contributing to our strong year-over-year performance was the continued recovery from the pandemic lows across each of our segments, with revenue now above pre-pandemic levels. Our high drop-through rate not only gives us an edge, but provides flexibility to pursue growth and value creation initiatives.
Melissa will share more shortly about how we'll continue to drive significant margin expansion. Overall, we entered the year with a great deal of momentum, and we have a strong tailwind propelling us into 2022. Turning now to our track record of success. Our organic top-line growth has been supplemented by strategic M&A. In total, we've closed seven deals since 2016, and we have a strong track record of achieving our synergy targets. Taken together, we've grown the top-line revenue at a CAGR of 13% over the past five years, even as we continue our pandemic recovery. Approximately 2% of the growth was due to the benefits of higher fuel prices and FX over the same period.
I think it's also worth pointing out that our pre-pandemic revenue CAGR from 2016 to 2019 was more than 19%, with only 1% of that growth due to the benefit of fuel prices and FX, which is well above the range of our long-term targets that Melissa will discuss in more detail. Given our largely fixed cost base, we expect rising margins over time and have generally seen that. In 2016, our adjusted operating income margin was 32%. That rose to 39% in 2018 to 2019 before the pandemic headwind. Still, our 2021 margin was 36% or approximately 440 basis points higher than in 2016. As we grow volume, we are well-positioned given all we've done with our technology.
We are built to scale, which provides optionality to expand margins and reinvest to further maximize returns. ANI per share of $9.14 in 2021 represented a 19% CAGR over the past five years. This includes a benefit of approximately 5% for higher fuel prices in FX over this period. Overall, we've delivered incredibly strong results. On a comparable basis for fuel prices in FX, our expectations for 2022 are within the growth rates that Melissa will discuss further. I'll now turn it back over to Melissa, who will walk you through our capital allocation priorities and our long-term growth targets.
Thanks, Jen. As we've highlighted throughout the presentation today, our business model is highly recurring, profitable, and cash generative. As a result, we've been able to flex our leverage profile to fund strategic acquisitions and quickly return to normalized levels. Since 2017, we've generated approximately $3 billion of bank covenant EBITDA less CapEx, which we view as a proxy for free cash flow, reflecting our highly recurring and profitable model. We have a primarily fixed cost base, a funding advantage from our bank, and a scalable platform that should allow us to continue generating substantial cash flow. We view our strong cash generation as a compelling competitive advantage, particularly when compared to our smaller, less profitable peers. As travel recovers, the benefits of a fixed cost base and our robust cash flow generation will become even more apparent.
Turning now to our capital allocation priorities. Our first priority continues to be investment in the business to drive organic growth and expand our opportunity set by anticipating market needs. As I mentioned on our earnings call last month, we plan to spend approximately 6% of our revenue on CapEx in 2022, which will fund continued investment in our platform and our digital capabilities. In addition, we continue to have a very strong orientation towards long-term growth through strategic M&A. We have a strong track record of being thoughtful acquirers and strong integrators, and we see additional opportunities to grow via acquisition in order to extend our scale, broaden our geographic capabilities, or expand our product suite in complementary or adjacent areas. Finally, we remain focused on maintaining a strong balance sheet.
Our leverage as of December 31st, 2021 was 3.4x EBITDA, within our leverage target range of 2.5x-3.5x EBITDA, as defined in our credit agreement. As I mentioned a moment ago, our cash flow generative model gives us the optionality to flex upward in order to fund strategic acquisitions. Within this framework, we will also return capital via share repurchase when the opportunity makes sense. We currently have a $150 million share repurchase authorization, which we will use when we believe doing so represents an attractive use of capital. Overall, we believe this balanced approach to capital allocation will drive significant long-term growth and shareholder value. At the outset, I shared our ambitious long-range financial targets, and throughout the day, you've heard many of the reasons we continue to believe they are achievable.
I'd like to take a deeper dive on the inputs that will drive WEX's overall growth, broken out by each of the reportable segments. As I mentioned earlier, our financial targets assume stable foreign exchange rates and fuel prices as we are unable to predict future fluctuations in these markets. First, we expect revenue growth in our fleet business to be between 4% and 8% on an annual basis as we continue to win in the marketplace and grow wallet share by expanding across our platform and adding non-fuel spend. In travel and corporate payments, we expect revenue growth between 10% and 15% annually, driven by new customer growth and incremental volume across our existing client base, powered by the unique scalability of our platform.
In health, we plan to grow 15%-20% per year as we continue to bolster our fully outsourced benefit administration platform and services and add additional down-market capabilities. Taken together, this is one way to look at how we can get to our 8%-12% organic growth. Additionally, M&A could put another 2%-3% per year to get us to 10%-15% range for the company as a whole. Over time, as we continue to grow our business and expand our ecosystem, we believe it's important to look at our targets more holistically. To that end, looking broadly across our platform, we expect to drive approximately 4%-5% of compounded annual growth by expanding our relationships with our existing customer base, including cross-sell.
By winning in the marketplace and adding new customers to the WEX platform, we plan to drive another 3%-5% annual growth net of attrition. We'll add another 1-2 points per year by diversifying and expanding our offering with new value-added products. The remaining 2%-3% of annual growth will be driven by strategic M&A to scale and expand our offerings. All told, we're well-positioned to deliver revenue growth in the range of 10%-15% per year over the medium and long term. We also expect that we'll continue to expand our operating margins as we benefit from the scalability of our platform. As you've heard throughout the day, our strategic technology and digital investments have resulted in a largely fixed cost base, which will allow incremental revenue growth to drop to the bottom line.
Over the long term, this healthy margin expansion, combined with balance sheet actions like paying down debt and making opportunistic share repurchases, is expected to drive 15%-20% adjusted net income CAGR. If you play out this model, you could expect adjusted net income to more than double over a five-year period. I am confident in our ability to achieve our ambitious near and long-term targets because of the key differentiators that make WEX such a unique investment opportunity. We are well-positioned in very large addressable markets with a strong track record of growth and an ecosystem of seamlessly embedded solutions. We're a market leader at scale with deep expertise that allows us to provide tailored solutions for customers both large and small. We have a highly recurring revenue model that allows us to invest in strategic growth opportunities.
Each new customer and partner adds additional utility to our platform, enhancing the network effect. I work with a group of employees that are highly focused on innovating to meet the needs of our customers and partners, both existing and prospective, including a highly engaged leadership team. Taken together, our leading technology, customers, and people position WEX to generate substantial shareholder value over the near and long term. As you can tell, I am incredibly proud of the company we've built, and I'm confident that the best is yet to come. Thank you again for taking the time to join us this morning. With that, we'll take a short break and then come back to answer your questions.
Welcome back. We're gonna head to our Q&A session in just a moment, but a couple of housekeeping items first. If you're asking a live question, please mute your computer and use the dial-in audio for the duration of the presentation. Second, once you ask a question, the operator will move you out of the queue. If you'd like to ask a follow-up question, you'll need to reenter the queue with the same instructions that the operator gave you. With that, let me jump right into our first caller, Ramsey El-Assal from Barclays. Ramsey, you're up.
Hi. Thanks so much for taking my question today, and thanks for the presentation full of a lot of great information and insights. Melissa, can you give us an update on the business quarter to date? Fuel prices seem to have really increased, the economy still seems to be on a pretty solid footing. In this context, what's the updated thinking on annual guidance and maybe letting a little bit of that flow through?
Jen, do you wanna take a start with that, and then we'll see how it goes?
Yeah, sure. I'll start. Thanks, Ramsey, for the question. Q1 certainly is shaping up to be a really nice quarter for us. We are seeing the benefit of fuel prices, obviously, in the first two months of the year, added about $0.04 of EPS. Volumes are also kind of as we expected or slightly better. Obviously, fuel price is a little hard to predict right now, so we're not updating guidance today. We'll do that as part of our Q1 earnings call in a month. What we can say, again, volumes are looking really healthy for us. We have the $0.04 of EPS through February. Just keep in mind that as we think about PPG and we talk about fuel prices, that's really the U.S. side.
We have the market movements in Europe that really move in the other direction to the US, and we'll partially offset that a little bit. In terms of the full year, what we know right now is kind of what the future curve is telling us, and that's really just slightly above $4. I don't know, Melissa, if you wanna add anything else.
Sure. Well, that was actually really comprehensive, but I would add, just reinforcing the fact that the business is continuing to perform well. When we manage the business, we think about it net FX and fuel prices. What Jen talked about is the additive part of what actually flows through to revenue from a fuel price perspective will largely just drop through to earnings. As we put together the guidance range for this year, just recall the midpoint of our guidance range had revenue growing 11%, net fuel prices, FX, and the accounting change. We felt really good about the guidance that we gave this year. It's firmly in the range of what we've talked about from long-term guidance.
To the extent that we see a benefit that happens from fuel price, which right now it looks like we will, we expect that will be additive, and then will largely drop through to earnings.
Just as a quick reminder, most people will know this, but the sensitivity we have is about a $0.10 change for a full year would equate to about $15 million of revenue, which would then translate into 18 or 20 cents of EPS in the U.S. Obviously, with the spreads in Europe, that can be offset a little bit. That's what makes it very difficult and to know what's gonna happen for the rest of this month, but definitely some upside. Our next question is from George Mihalos at Cowen. George, please go ahead.
Great. Thank you for taking my question, and a very nice job on a comprehensive presentation. I just wanted to ask on the EV opportunity, perhaps you could delve a little bit further into how you're thinking about addressing sort of the over-the-road segment versus the local fleets. Then maybe somewhat related to that, the economics, the $5-$20 per account, which used to be a little bit better than what you're seeing now, is that your experience based on what you're seeing in Europe or just across your entire base, U.S. and Europe as of right now? Thank you.
Robert, you wanna start with that one?
Sure. Thank you, George. Great question. As we continue to look at the EV opportunity, we're very excited. Obviously, it is slightly different, not an apples to apples to our current business today, where we're, you know, primarily focused in on that fuel card and retail purchase example. As we look at EV, we see a number of very opportunistic things. One is that we have a mixed fleet opportunity, which I think is one that we wanna not lose sight of. It's going to be a long tail, so to speak. As we look at the market, we know there's gonna be several years of transition, and during that, a tremendous amount of complexity is gonna be entering into the market as a result.
WEX has a long history of serving many of our customers. As you know, we've got over 11 million vehicles in the U.S. alone, over 600,000 customers that have that experience, and we continue to work closely with them to determine what their needs are and anticipated needs and requirements will be. We're looking at those solutions. We're also testing pricing with them as we continue to look forward. When we look at that pricing, we're looking at things from a multiple of services added. Where we have generally that fuel card purchase at a retail location, we now have different charging scenarios. Think of-
That, at-home charging, where they have maybe home energy reimbursement, you have en route and destination charging, and then you have potentially at-office or depot charging. You have a number of scenarios that, any given role might play at a company, and so that starts to create more complexity and need for insights and data, analysis and reporting. We see a number of services that will expand off of our core set of offerings, and we look for that to be very positive. That from a over-the-road perspective, that is one where we're continuing to evaluate the marketplace. We know that both mid and long haul will have, a much longer tail, the reliance on other fuel sources, in addition to, diesel as well as EV. We're looking at hydrogen markets as well.
Again, really bringing in that mixed fleet opportunity for WEX to really leverage its expertise and really help our customers manage through that market very effectively.
Rob, if I may add something, George, to your question on that range. Is it U.S. or Europe? It's a blended number. Our vantage point of having a presence in Europe, Northern Europe, gives us insight into this complex environment. That 5%-20% range is global.
Excellent. Thank you. Our next question is from Sanjay Sakhrani at KBW. Sanjay, please go ahead.
Thank you. Appreciate all the color as well, and especially the commentary from Carlos on the international front. Seems like the opportunity spans across the business. I guess if we were to think about the most significant contributors over the next five years, where exactly are they coming from? Is fleet getting closer to a tipping point where the big fuel companies are contemplating a change? Maybe you could just talk through all of that. Thanks.
Melissa?
Thank you. Yeah, and thank you for the question. When you look across the business, one of the things that I like about the position we're in right now is that there's opportunity across the business. You heard that today. There are many levers. You know, when I talked about the different ways we thought about long-term guidance, it was by segment. You know, clearly, some of the segments we're in, with our healthcare segment and travel and corporate payments, they're growing at faster rates, and so we do expect that trend to continue. You know, if you look at our health business in 2014, it was at $85 million in revenue, and this year we're closing in on $500 million. We've seen some really significant growth in those verticals.
We also believe, though, that we have this opportunity to continue to be the market leader in the verticals we're in, but to be able to cross-sell across the different business units, and we've really put the technology in place to enable that. We've got Karen in now, who is actually building on all the great work that David has done. We're all focused around how can we make sure that we're delivering more to our customers, that we're delivering that in a way that's highly integrated in their operations. We just think that the network effect of that continued with our strong sales record is gonna be beneficial to us.
We see growth coming from adding to our existing customers, so just selling more into existing customer base, making sure that we continue to bring in new customers, and then delivering new product into the marketplace. To wrap all of that with future disciplined M&A, and that we think is the way that we're gonna grow this business going forward.
Thanks, Melissa. Our next question is from Trevor Williams at Jefferies. Trevor, please.
Great. Thanks. Good morning, everybody. I wanted to ask on Corporate Payments and go back to something I think Jay was touching on. It sounds like there's gonna be more of a push to direct distribution there, so correct me if I'm wrong. Is there any way you can dimensionalize within the medium-term outlook how much of the revenue growth in Corporate Payments specifically you're looking to come from continued growth in the partner channel with the ramp of partners like Avid versus direct? And then how much of the direct distribution focus is gonna be on cross-selling into the existing fleet customer base that you have? Thanks.
Jay?
Great. Thank you for the question, Trevor. We like this AP automation space. You know, to be quite frank, we've had great success in embedded payments over the past five years, really built on the back of that travel business and expanding it to fintech. We've been analyzing this AP automation space for quite a while now. We've got some great assets that are in the marketplace. We have great partners, and I think of PNC that I talked about during the presentation. We've also talked about Amex as a great partner in that space. We really believe that there's a great opportunity for us to serve that market direct. We do have an established footprint going direct, so in the mid to large market space, enterprise-type customers.
We've brought on about a dozen, a little bit more than a dozen new salespeople. We're going through and refreshing the UI, which I think is a very good UI right now, but I think we have the opportunity to be market leading. We've got a great supplier enablement team that we continue to scale. We see great success from it. You know, we will continue to add to this apparatus as we see it you know, really yield results. It's still early days, but you know, I think you're gonna see something like you know, single-digit millions here in 2022 and 2023, but that should accelerate over time. We also see a great opportunity going to the marketplace and winning directly and welcoming new customers to the WEX family.
With the new org structure and really working closely with Robert here in the Americas, we think there's just ample opportunity with 600,000 customers that all have AP needs, you know, to really penetrate that base with a new product.
Jay, let me just add an international view to it because we see similar opportunities in international, where we have the same platform, and we can take lessons learned from the U.S. into international, and this is gonna be an important platform for growth for us.
Thank you. Our next question is from Bob Napoli at William Blair. Please go ahead, Bob.
Thanks, Steve, and thank you for the presentation. Well done. On the cloud strategy and the move to the cloud, you know, maybe, and I mean, you've moved, you know, the majority of the business, I guess, to the cloud, but maybe just some examples of, you know, the, you know, how the move to the cloud has driven capabilities that has allowed you to win new customers. Then, you know, as you know, essentially moving to the cloud versus portions of your business being cloud native and some of it having been moved to the cloud, what are the benefits of being cloud native? Is it, you know, versus the move to the cloud, is it more difficult having to move to the cloud versus being initially cloud native?
David, do you want to start with some of the benefits of the cloud, and then some others will probably chime in with the customer aspect?
Thanks, Bob, for the question. As we mentioned, we're about 80% of our technology has been moved across to the cloud. Initially, what we've been doing is what's called a lift and shift with a little tweak. We would take our existing technology, we would move it to the cloud with very few architectural changes, but some that actually were quite beneficial for us. Once it's in the cloud, that's when we start the re-architecture part. New development, as we said, is cloud native. Old development is moved in and tweaked. What we've seen for everything we've moved across. At this point, we've moved across all of our fleet business, all of our corporate payments and travel.
Every time we move across, it becomes we see a marked increase in stability. We see a marked increase in scalability, and we also have the ability to move much faster. You know, so for instance, many things go from months in the data center world to even as little as minutes in the cloud. You know, if you want to turn on a new server, it's just a script change as opposed to have to order and bring it in. So all of these things together, especially when you put it across the entire enterprise, end up being very significant improvements for us from a technology perspective. Jay, do you want to add some more?
Yeah, maybe Bob, if I just add on from a corporate payments perspective and how it helps us win in the corporate payments market. You know, David talked about lifting up to the cloud, but I think there are two things that David maybe you know should add to that, which is, as we lift to the cloud, we are re-architecting. We're pulling pieces out, we're moving into a microservices structure, which allows us to have great reuse of the assets that we're creating, as well as really great uptime. The other thing that David has brought to the table has been this cloud-first development theme. When we're building new products, it's 100% cloud native. I think it was about three years ago, I was talking about our processor that we were building in-house.
At this time, we've moved the vast majority of our portfolio over to that cloud native processor, which has served us very well. It allows us in Corporate Payments to tweak our systems, to make them bespoke for our large enterprise customers. Many of our smaller customers, we're able to offer more product extensions quicker through the development cycles that we have.
I'd add to that, one of the important parts for us was speed. We wanted to make sure that we could move product into the marketplace, that we could innovate, and we could test and learn on a really fast basis. You know, we've been doing that over the years. We just gave you an example of one of the products with Flume. That's a place we're gonna just do more because we have the underlying capability, because we have the technical foundation, and we have the skill. We're gonna actually do more of that. We think the net result of that is being able to show incremental revenue from a product perspective at a higher rate than what we've done historically.
Excellent. Our next question is from James Faucette at Morgan Stanley. James, please go ahead.
Great. Thank you very much. I wanted to ask about, you know, a little bit more around capital allocation, and you mentioned that you're looking for some inorganic contribution. I'm just wondering if you can talk a little bit about what you're seeing in the market right now in terms of valuations and how you're weighing what that could mean versus your own stock valuation and kind of any areas of incremental focus, particularly that you would like to add via acquisition. Is it technology-driven, capability-driven, geographic, et cetera? Thanks.
Melissa.
Sure. Again, thank you for the question. When we think about capital allocation, we start first with how much money do we wanna deploy internally to make sure that we're developing the products we have at hand, to make sure that we're really spending the time and thought and money towards innovating. We have about 6% this year of our total revenue that's pegged towards that. That's a really important foundation for us. Then we start to look at the universe of how we can continue to build upon the business through strategic M&A. The first filter is strategics. We're looking for assets that meet our strategic objectives. Look for then those that meet our financial objectives.
There are really three categories that we're looking in, those that create scale for us, those that are product extensions, and so we'd go through a normal build versus buy analysis related to that, and then geographic extension. You see, we've done many of those. We've had an ability to deliver some really great synergies as a result of the M&A that we've done. We have a $150 million share repurchase program in place. You know, the backdrop of that, what we're looking at is risk-adjusted return to make sure that we're meeting our strategic objectives and our long-term financial framework.
Excellent. Our next question is from Ken Suchoski from Autonomous Research. Please go ahead, Ken.
Thanks, Steve, and good morning, everyone. Thanks for taking the question, and thanks for all the detail in the presentation. Really helpful. I wanted to ask about the Health segment. Just curious, if I look at the organic growth over the last, you know, say four years, looks like Health has grown, call it in just a high single digit type of rate on an organic revenue basis. I think you're guiding to growth in this 15%-20% range. I was just curious, you know, what gives you the confidence that you're gonna see growth accelerate, and if you could just talk about some of the new products that you're layering in, that would be really helpful.
Robert?
Sure. Great. Thank you for the question, Ken. We're feeling very good about the health business and Benefits in particular. The reason I say that is we're coming off of a 2021 where we had 14% growth. We turned the corner after a very positive open enrollment, bringing on 14% growth in our SaaS accounts, which really sets us up for a strong 2022. We've also continued to add in new products and services with our business. We've added the HSA Deposits business which, as mentioned earlier, was certain assets of HealthcareBank that we acquired the rights for that. We have a very nice deposit strategy that is gonna result in some positive returns to the overall business.
We also had the acquisition of BenefitExpress, which is allowing us to offer a much broader, wider range of benefit administration services, which is key to serving the broader marketplace and open up new opportunities for us to create even more additional add-on products. I mentioned ACA reporting as one example. There are several different compliance services that we'll be able to offer in conjunction with that. We continue to look at those markets, continue to develop those new products as customers. As we continue to work with customers, we're drilling in and understanding where their complexity is most holding their businesses back, and we're continuing to develop products and services that will allow that to happen. The last area that I talk about is our...
With the depth of our channel and distribution, there are a number of different service needs. With the development of our team over the last several years, we've developed a service model that is able to address several of those different distribution and channel requirements, which is adding an additional revenue stream for us, and continues to just take on. When you add all those up, it really gives us a nice confidence and us driving in the high teens moving forward.
Ken, I'd just add, you know, that I think the guidance for this year, we had 14% account growth in January. That really sets us up for a very good year for 2022.
Yeah, last year, the organic growth of that segment was 10%. I just, if you look back historically at the growth rate of the business, it's actually been good even considering the backdrop of the pandemic where you saw people just not using their product as frequently for the discretionary medical costs.
Excellent. All right, so our next question is from Dave Koning at Baird. Dave, you're up.
Yeah. Hey, guys. Thank you, and this question I guess gets a little bit at the prior question too. For both the health segment and the corporate travel segment, both of those volumes in 2021 was still below the 2019 level. I guess what I'm wondering about is the next couple years probably have tremendous ability to kind of re-accelerate like you just talked about. Could we actually see growth kind of above or at least at the top end of your longer term rates as those two segments recover and then over the 5-year period, obviously the, you know, somewhere within the range?
Robert, you wanna start with health, and maybe Jay, you can hit the travel side?
Sure. Thanks, Dave. Yeah, we are seeing a return and actually even some pent-up demand from the past couple of years, which I think is important because we may have some acceleration that will actually have us go above those previous levels. I believe we will even out a little bit as we look at kind of 2024 and beyond. We are seeing a good arc in good areas of our business, specifically in the benefit administration area. We saw a number of decisions deferred throughout 2020 and 2021, and so we're seeing a pent-up demand there, along with new services that they had discovered during the COVID pandemic that they knew they were gonna need moving forward.
It's really expanded our opportunity to add and layer on new services within just that one segment alone. We're looking very positively on an acceleration of our growth in the business on that front.
Just to add to that, we had said when we gave guidance out this year, we thought the health business would grow in the high teens this year. You know, as Steve mentioned, we started the year with really strong account growth. We haven't seen that return to spend, you know, yet, in the mix that everything Robert's saying is we're seeing momentum in a lot of other ways. Jay, you wanna talk about travel?
I can give a little bit of the backdrop on travel. Yes, we're not back to 2019 levels. I think, you know, it's important for a bit of context here and maybe a look forward as to how the world recovers in a post-pandemic phase. Our work in the travel industry is working primarily with the largest online travel agencies in the world. We mentioned during the presentation that we are very privileged to serve eight of the top 10 global OTAs.
Now over the past year, we've seen some amount of domestic recovery, so domestic leisure travel. But we still aren't seeing any return to the levels that we saw in cross-border travel, and our model's quite exposed to cross-border travel. It's a business that we really like. I think like many of you know, personally, we also are professionally driven by making sure that we have, you know, continued exposure and continued confidence to really be able to serve our partner OTAs at scale throughout the recovery.
Thank you. Our next question is from Nik Cremo at Credit Suisse.
Thank you for taking my question and for all the great color in the presentation today. On the new Mastercard partnership to capture the non-fuel card spend, how should we think about just the overall mix of WEX's fuel card customer base that's addressable for this opportunity? Like, what is the rollout gonna look like? Are you guys gonna have to issue new cards, and is it gonna be more phased based upon, like, credit and spend? Yeah, any color on that rollout would be helpful. Thank you.
Robert?
I think Karen might want to add on to this too.
Karen, wanna add?
Yes. Nik, thank you. I wanna make sure I'm answering the question correctly. We're looking at non-fuel spend, and the use of the Mastercard open network along with our closed loop. We're continuing to get great reception to that as we work with our customers. You know, them having expanded access and optionality to go to more sites and use those services are fantastic. They're very well-received. On the non-fuel spend, we continue to have good progress in a couple of different areas.
If we think about things like tolls, lumper fees, even demurrage, in the over-the-road segment, and we look at things like the WEX EDGE program, where we're offering more, discounts to hotels, cellular programs, and in addition to fuel discounts, where those are also being very well-received and picked up by the partners. We're continuing to expand and invest in the way that we meet the exact needs of the customers. We're working with Karen's group on a number of things from a digital front to really improve that engagement as we move forward.
Yeah. The only thing that I would add is as we think about rolling out the new cards, it's really not just about getting the cards in the hands of the customers, but changing the behavior associated with it. As we're opening up more categories that people can spend beyond fuel, the people on the street, the people who are swiping or tapping their cards actually need to understand that they can use their cards more broadly. In partnership from marketing all the way through the experience, we're working on how do we drive the change around that. It's not just the card distribution, but the consumer behavior change as well.
In terms of market sizing, about 450,000 of the 600,000 customers that sit in that business are smaller businesses, and that tends to be the target are people who want the convenience of being able to purchase more than one thing from us. We've expanded over the years the number of items that they can purchase. You know, Robert talked about some of those. This is just building on that.
Maybe I'll just quickly add in 'cause you can tell that this is very much a cross-functional initiative at WEX. This is one of those examples that breathes life into the ecosystem approach. It really is the entire corporate payments tech stack that enables the open-loop product on a closed-loop product. Very exciting. Excellent. Thank you. Our next question is from Sanjay Sakhrani again at KBW.
Thank you. I guess I have a follow-up question on the EV discussion earlier. Again, appreciate the commentary there and the color on how you see EV affecting your business. It doesn't seem like it. You expect it to affect the growth rate, obviously. The concern from the investment community is sort of that maybe you lose customers as the distribution channels change. Could you maybe unpack the assumptions you're making? For example, are you expecting revenues to grow from the existing customer pool as a whole, or do you expect some decline will be offset by, you know, revenue streams growing from existing customers plus new customers? Maybe you could just unpack that a little bit. Thank you.
Robert, you wanna start with that one?
Sure. I'll start, and I'm sure we'll have some add-ons. I think we feel really good about the fleet business in general. We've got. You know, there's 30 million vehicles on the road today, and we continue to service just a portion of those. We think we have a large growth opportunity there, just for our normal fleet business growing and continuing to add growth from that segment.
As we enter EV, we believe that, you know, that is, as I mentioned earlier, a much slower penetration into the overall base, which gives us an opportunity to actually work together with a number of those customers and really develop a strategy that allows us not only to offer, you know, kind of the core services we've outlined today, but also sets us up for a much further extension of additional services, products, and solutions as we look beyond that. We see growth initially. If we think about from a TAM perspective, we think that the market overall is gonna grow another $1.5 billion-$2 billion by 2030. We think that's incremental based on the case assumptions we're making now.
The fact that we've got EV, the complexity really in combination with the combustion engine fuel vehicles, we really know that there's gonna be a set of complexities that will allow us to deliver another set of value-added services that's gonna be incremental again to what they are paying today, and customers are actually very willing. They see that it's a valued necessity within the business. Overall, you know, we're looking at a continued adding of layering of new services, new value add. Additionally, we think that the EV is actually going to be expanding our ecosystem overall and creating new opportunities for distribution.
If we think about our partnerships potentially with OEMs, with mobility operators such as ChargePoint and so forth, we're gonna be able to really accelerate our way into there so that we can actually be ahead of where the market's anticipating growth, which is, you know, around 8% by 2025, as we look at that.
Yeah. I'd add on top of that, I think one of the things, Sanjay, that people really underplay is the fact that we have the 17 million commercial vehicles that we do business with today, and they're trying to understand how to enter into this world. They're looking for help. They wanna make sure that they're integrating their offerings together so they can understand the total cost of ownership of the vehicle. We're in this prime position where we have the continued need for them to be able to track what's going on with their existing vehicles. As they add more into their portfolio, just as Robert said, it increases complexity. It's an opportunity for us, and so you would see the revenue mix just change.
It goes from, you know, someone who's fueling now at a traditional gas station that will then be charging, and instead of earning just a payment processing fee, we're gonna start to earn instead subscription fees for, you know, piece of the service. You know, part of what's exciting to us is we see and have put together a whole list of products that we can do beyond that.
We see this building market opportunity for us and an ability to help our customers go through something that's really important as they electrify their vehicles and, you know, we transform together over a period of time, and that could be 10 years, it could be 20 years, it could be five years. We just wanna make sure that we're prepared when that happens.
Our next question is from Bob Napoli at William Blair.
Thank you. Just, you know, on that EV, I mean, have you actually had people move from, you know, that you're getting the 5%-25 in the range? Have you actually been able to get subscription fees in Europe? That wasn't my real question, 'cause I know we can only ask one question, but I don't think that was clear. My legitimate question, I guess, is just on unit economics and incremental margins, I mean, your operating margins were 39% pre-pandemic, 36% last year. You know, how have unit economics changed? What would you expect as far as moving back to those pre-pandemic margins, if you would? It was actually good to see the Flume, you know, is that a...
That's really your first move downmarket to SMB for corporate payments? Thanks. Sorry for the additional question.
We have a number of things in there.
Yeah.
Robert, why don't you start with the EV unit economics and what we're seeing there?
Sure. Thanks, Bob. You know, what we've done is a lot of work in the market. For the last several months, we've worked with our customers as well as looked at it competitively, and we see that the value to those services is ranging in that 5%-20%, depending on the types of services that they think they're going to need as they look forward to adding EV independently, as well as looking at things when they add into a mixed fleet environment. We feel very good. We did look at Europe, and we may have Carlos comment here. There's some maturity there that we're able to look at some parity pricing over there, and we got some very good indications from Northern Europe on the pricing there.
We've come back and brought that back into the Americas and worked with our customers directly here, as well as our partners like ChargePoint and so forth, that we've kind of worked through these scenarios and come up with the models that really support this 5%-20%. Again, it comes back to us layering on, as we've all talked about this morning, of additional services to remove those complexities and add more value to them being able to manage those fleets, giving those fleet managers a much easier way to simplify the business for them and allow them to move forward and make sure their customers are being served the right way.
Just to elaborate on the point on penetration that you mentioned, Robert. Robert gave you a number on penetration by 2025 of an estimation of an 8% EV penetration. For Northern Europe, our estimation is that by 2025, that's gonna be 16%, in that range. So, Northern Europe is ahead of the U.S. in terms of penetration, and that's where we are. It's a testing ground to understand where we can add value and validate those numbers.
The third piece, I think I missed the second one, but the third piece is around margins. Melissa, you wanna just talk about where we see margins going?
Yeah. The third part is that Flume downmarket?
Flume.
Yeah.
Gotcha.
The second part, thanks, Bob, is around margins. I think you can see that we've done a really great job since the pandemic started of making sure that we're continuing to focus on not just revenue growth, but how we do that profitably. We've really focused, you know, and Jay hit this in great detail around the scalability of the business and the work that we've done, both on the technology side, but also around making sure that as we build the business, we're doing that in a way that you can see that scale. That really has been a benefit of, as we've seen volumes come back and margins improve, and we just expect that to continue.
As volumes continue to rebound, you know, and particularly within travel and corporate payments, as you see that volume rebound, the embedded payments products were set up in a way that we've architected the technology. It's gonna have a lower net take rate when the revenue comes in, but it's highly profitable. From a margin perspective, it's an accretion to the overall segment. Across each of the segments, we've been very focused around how can we make sure that we're using technology, and we'll just continue to do that internally to simplify our business, but also to do that for our customers.
Jay, you wanna spend a moment on Flume?
Yeah. Bob, like you, I'm very excited about Flume. You know, to put it in context for corporate payments, I walked through our virtual card capabilities as being market leading, built on the back of great technology, wholly owning our issuing and funding provision, and then being able to leverage our scale. Right now we're manifesting that through our embedded payments solution. We're going to continue to gain momentum, you know, manifesting that through our AP automation solution. The third leg of the stool will be Flume, which is really taking this great capability, this great infrastructure that we have, this great engine, business model engine, and exposing it to a new set of customers.
As we look across, you know, the WEX portfolio, we think that there's about 400,000-450,000 potential targets for the Flume-type offering. Again, very excited about it, as well.
Part of what I'm excited about with Flume is this idea. It's the process that's probably what you were gonna say. Go ahead.
Well, I was just gonna add a few points. The first is what I think is really great about Flume is that we are competing against non-consumption. These are small businesses who aren't using automated solutions today, but are in our network, and we've proven our ability to simplify the complex with them. It's a really great entry point, and we're helping them change and simplify the way that they work. I think that's a real fun and compelling place to play. You know, two is from the process perspective, you know, this is actually a great example of a platform play. While we're moving really quickly, we're building little building blocks, little components that are enabling us to go faster. We're building them internally, and we're sourcing them and partnering externally.
These have helped us go to market very quickly, as I said in the presentation, in less than six months. Those building blocks are also reusable capabilities that we're sharing across WEX. Then the third point I would add is from a digital marketing perspective. We have experience in going to market for small businesses through North America Fleet through the personalization, how to reach the customers, how to do digital onboarding, and we're applying that to Flume and building our learnings that we're then incorporating back into the business. It's really enhancing the platform and the value of the ecosystem.
Well said.
Thank you.
Perfect. Our next question is from Darrin Peller at Wolfe Research. Darrin, go ahead.
All right. Thanks, guys. Nice job today, and thank you for all the incremental color. I think one of the things that stood out to us was the data points on the cross-selling. It was obviously good to see the, you know, I think it was around 10% of customers that are utilizing different aspects of the business. If you can expand, Melissa, I'd love to hear your thoughts strategically for a minute on, you know, if you think these three assets are all the right assets you need to have in terms of the segments. Is there a fourth leg of the stool that might help at some point in the next few years for the business?
You know, following up on the cross-sell, I mean, it, you know, when you think about the potential to accelerate that and get more of your customers using more of your other segments, what kind of timeframe are you thinking, and what kind of proactive efforts do you have underway on that? Thanks again, guys.
You wanna start with that?
I'll start. I think Robert probably like you is wanting to jump into that. Yeah, it's really exciting for us because we feel like we first started with these individual products that were solving specific industry needs, and we're gonna make sure we continue to do that 'cause that's a core part of how we compete. We've been building ecosystems around those core products, and we've been doing that in Fleet. If you look at the products we offer in the over-the-road marketplace, there's really a lot that surrounds that driver. You know, we've talked about the extension in the Mastercard network, EV. We're gonna continue to evolve the ecosystems that sit within each of those verticals. We'll look at building that organically. We'll look at partnering. We'll look at buying.
Think of that happening with health. We did that with the benefit administration play with Benefit Express. Across what we're doing in travel and corporate payments, each of those segments, we're gonna continue to really focus on what can make it unique, how can we continue to extend the capability that we have for our customers within those ecosystems. At this kinda higher level, we feel like we've got the best of both worlds. We can offer those individual solutions, but we can step back and say, "If you look at this from a platform perspective, how do we integrate all of those offerings and really put that out for our customers?" 'Cause we think that we can do more.
We're hearing that from our customers, you know, particularly with some of the smaller customers who are really looking for more capability. We are their touchpoint, and as Karen said, in many cases, we're the ones who've brought them to the digital world. There's this trusted relationship that we believe that we can build upon. We think that we have an ability to take what has been our strength, which has been focusing on each of these individual verticals and expand on that and offer even more capability out to our customers, which is gonna increase the overall satisfaction, the stickiness, and we'd like that network effect that we can build upon over time. I wouldn't say that there's any one thing that we feel like, oh, we have to go buy this.
As we go through that process, we will evolve, some of which we're gonna continue to build and some of which we will buy like we have historically. Robert, I know you're excited about the cross-selling capability.
I am. This is one of the things that I think many of us are most excited about. We had done some, you know, early winning in 2021 with some tests or pilots around bringing a value proposition from one of the lines of business to another line of business, and we've done that from a corporate payments to fleet. We've done it from a health to fleet, and we've had some very good success. You saw a few of those represented in the content earlier today. As a result of that, and really coming together as one WEX, we started to talk to our customers about this one WEX approach and how because our relationships are so deep today, it gives us an insight much greater than to just their line of business.
As a result of that, we're in a unique position where we can bring a high degree of confidence and trust into a relationship and help them solve problems from operational all the way through to the needs around their people. As we know, those are two very big important areas for an organization as they're continuing to grow themselves. What we've done is we've worked together as a team to identify, you know, playbooks early on. We're using a high degree of data, which is allowing us to be very data-driven in our approach so that we can really target the right solutions to the right customers at the right time. As we continue to bring more of those into the mix, we'll be able to add that into our overall rhythm.
We have made some adjustments into the teams where we've started to actually bring functions together. We wanna make the engagement with customers even better and more simplified so they know where to go very easily to get access to everything. We're making available. Let's take a solution specialist as an example or an industry specialist being able to be part of a more general account management team that will really allow them to engage and talk about these in depth with the respective functions across our customers' accounts. Those are just a few of the things we're doing. We're very early on. We're very excited about moving forward. We'll have more for you as we continue to develop this, and I don't know if anybody has any other comments.
Karen, go ahead.
The only thing I would say is David and I are also investing in data and technology definitely because of this.
Yeah.
As we look at what the needs are to cross-sell, and David started this, you know, a year or two ago, we're building out the data platform, so we have better data to target, better data to make recommendations that are right for the customers. We are investing in tools, whether those that we build or additional personalization and tools for our sales force to help tee up the right products at the right time, know which prospects are ready for that conversation. We're investing differently in the back end to enable the cross-sell opportunity.
Great. I think we have time for one more question from Darrin Peller at Wolfe Research. Please, Darrin. Darrin, are you there? No? All right. Well, we'll go to Ken Suchoski then from Autonomous Research. Ken, are you there?
Hey, Steve. Thanks for squeezing me in again. I think Jay mentioned in his presentation that the net interchange rate might change as the volume mix between travel and corporate payments changes. I just wanted to dig into that mix a bit. When we add the standalone WEX travel volume in 2019 to the eNett and Optal volume during that period, we get to around, call it, low $50 billion in travel volume pre-COVID. I was just wondering if you could talk about when you expect that travel volume to return to those 2019 levels of, you know, low $50 billion in volume. I believe the OTA partners, if I'm not mistaken, receive more rebates as they push more volume to WEX.
Do you expect the travel take rate to decline from where it is today as that volume rebounds? Just trying to get a better handle on the moving parts there.
Great. I can go ahead and take a first shot at this. Thanks for the question, Ken. I think we all wish we knew when travel will rebound the way that it looked like in 2019. Let's just start there. You know, we hope that we're in the tail end of the pandemic, but none of us have a crystal ball as to how it will turn out. I would say our model, as I mentioned before, is highly exposed to cross-border travel. It's a business we really like. We are confident that it will rebound here at some point. It probably will not rebound, you know, in 2022. I hope it rebounds, you know, by the mid-2020s. I also mentioned, you know, we have this great privilege of serving just the top OTAs in the world.
We'll continue to serve them at scale. As they increase through their pricing tables, there may be some degradation in the keep rate. That being said, you know, we've talked about this multiple times in the past couple of quarters and through today's session. We have really geared this business to drive not only revenue, but drive margin. You know, we expect to return back to the pre-pandemic operating margin levels here sometime in the near to mid-term, you know, as we see that volume recover.
Well, excellent. That's all the time we have for Q&A right now. I'm gonna turn it over to Melissa for some, just some brief closing comments.
Sure. Well, thank you. Thank you so much for joining us this morning. As you heard today, we're very proud of what we've accomplished. As I said, just really proud. I think that the future for WEX is incredibly bright. I am so privileged to be here today with this amazing team of talented people. We together are confident about our ability to succeed in the future. It's really based on a few foundational items. You know, first, we're in this very large growing markets. We've got a history of performance in those markets. We've got leadership positions in the industries that we serve, and that's a place that we just gonna build upon. We've got a recurring, highly profitable, highly cash generative model.
80% of our revenue right now is recurring in nature, and that's a place that we're just gonna continue to build upon. Everything that we do, we've built with the idea of a network effect. As we add product functionality, and Karen was talking about this just with Flume, but like, as we add incremental product, we're doing that in a way that's shareable across the base. There's a network effect that comes from the more than 600,000 customers that we have, and as we continue to build product into that customer set, there's just more that we can offer. All of that's delivered with the amazing people that work at WEX that are highly focused on our customers each and every day. I am incredibly excited about the future.
I'm very grateful for the fact that you spent this time with us today, and I look forward to speaking with you again very soon.