Edenred announces the takeover of C3 CARD in the United Arab Emirates

Edenred continues its geographical expansion with the acquisition of a 50% share of C3 CARD in the United Arab Emirates and opens its 41st country.

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C3 CARD is a key player on the employee payroll cards market in the United Arab Emirates, offering cards to more than 2,000 clients (enterprises and financial institutions) that can be used to simply and securely pay employees who do not have a bank account.

Demand for this type of solution, which meets client enterprises' needs to comply with local regulations on the traceability of wages, is particularly strong in the building industry. Founded in 2007, C3 CARD employs 40 people and posted more than €1 billion in business volume in 2013.
This acquisition opens up Edenred's 41st country and allows the group to break into the Gulf region, which has a high potential for growth. Thanks to Edenred's expertise, C3 CARD will be able to enrich the economic model of its payroll cards, by providing beneficiaries with additional services, and develop new solutions for its clients in the realms of Expense management and Incentive and rewards.

This acquisition is in line with the Group's ambitions to consolidate its sources of future growth by stepping up the development of Expense management solutions, which are expected to account for over 20% of total issue volume by 2016.

About

Edenred is a leading digital platform for services and payments and the everyday companion for people at work, connecting more than 52 million users and 2 million partner merchants in 45 countries via close to 1 million corporate clients.

Edenred offers specific-purpose payment solutions for food (such as meal benefits), incentives (such as gift cards, employee engagement platforms), mobility (such as multi-energy, maintenance, toll, parking and commuter solutions) and corporate payments (such as virtual cards).

True to the Group’s purpose, “Enrich connections. For good.”, these solutions enhance users’ well-being and purchasing power. They improve companies’ attractiveness and efficiency, and vitalize the employment market and the local economy. They also foster access to healthier food, more environmentally friendly products and softer mobility.

Edenred’s 10,000 employees are committed to making the world of work a connected ecosystem that is safer, more efficient and more responsible every day.
In 2022, thanks to its global technology assets, the Group managed some €38 billion in business volume, primarily carried out via mobile applications, online platforms and cards.

Edenred is listed on the Euronext Paris stock exchange and included in the following indices: CAC 40 ESG, CAC Next 20, CAC Large 60, Euronext 100, FTSE4Good and MSCI Europe.