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July 21, 2014

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.

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.

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