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Development 12 May 2014

Edenred pursues its geographic development by expanding into the United Arab Emirates

Edenred announced today that it has acquired a 50% interest in C3 CARD, a payroll card company in the United Arab Emirates. With this transaction, Edenred is expanding its operations into the Gulf region and opening a new country market – its 41st to date.

The acquisition of C3 CARD reflects Edenred’s strategic commitment to speeding its development in the expense management market. 

A key player in the payroll card market in the United Arab Emirates, C3 CARD manages solutions for more than 2,000 clients (businesses and financial institutions). C3 CARD’s payroll cards offer a simple, secure solution for paying employees who do not have a bank account, while allowing client businesses to comply with the local Wage Protection System, which requires wages traceability. Founded in 2007, C3 CARD has enjoyed very fast growth, recording business volume of more than €1 billion and revenue of nearly €5 million in 2013. 

With this transaction, Edenred is expanding into a market with strong growth potential. C3 CARD should benefit from the region’s dynamic economic environment – especially in construction, which is the main employer of unbanked workers – as well as from the planned extension of the Wage Protection System across all of the United Arab Emirates. C3 CARD also intends to enhance the payroll card’s business model by offering additional services to beneficiaries, while designing new solutions for clients in the areas of expense management and incentive and rewards. 

We are pleased to join in the development of C3 CARD, a pioneer in payroll cards in the United Arab Emirates, and to work with teams who are recognized experts in this area” commented Bernard Rongvaux, COO Northern Europe, Middle-East and Africa of Edenred. “The acquisition of C3 CARD will also allow us to consider new growth opportunities in this region, in terms of both new solutions and new country markets.” 

This partnership represents an excellent opportunity to combine our local expertise with Edenred’s international know-how,” declared Anas Zaidan the CEO of C3 CARD. “We are convinced that this collaboration will help us grow at a faster pace and diversify our range of solutions” added Rabih Sfeir, the COO of C3 CARD. 

With this move, Edenred is pursuing its strategy of developing expense management solutions, which are targeted to account for over 20% of consolidated issue volume in 2016. The transaction also fits in with the Group’s geographic development plan, which calls for the opening of three new country markets by 2016.


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.

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