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Press release

Development 08 January 2020

Edenred strengthens its leadership position in the United Arab Emirates payroll cards market

Edenred is acquiring the payroll card portfolio of Mint, the second-largest operator specializing in pay distribution and management for under- or unbanked workers in the United Arab Emirates. The transaction will strengthen Edenred’s leadership position in the UAE market, where its C3 solution already boasts more than a million users. The Group will facilitate the daily lives of nearly 600,000 employees currently holding Mint payroll cards by giving them simple and secure access to the range of value-added services offered via the C3 card and its myC3card mobile application.

In the United Arab Emirates, where nearly 60% of the working population is outside the current financial system, Edenred offers an innovative solution that facilitates the financial inclusion of countless workers, while allowing companies to comply with local regulations that require that wages be traceable. 

For companies, Edenred’s C3 digital solution is an easy way to manage the payment of wages for all or part of their employees via a secure online portal, especially in sectors that need large workforces, such as construction and facility management. 

The C3 card is a guarantee that employees will receive their pay regularly and securely. They can then make withdrawals from ATMs, or make physical and online payments. The myC3card mobile app linked to the C3 card also gives access to an extensive suite of value-added services that facilitate employees’ daily lives, including mobile phone top-ups, secure international money transfers at favorable rates and real-time consultation of their account balance and transaction history. These differentiating services, constantly improving, generate new sources of revenue for the Group. 

Mint’s payroll card activity, which mostly serves clients based in Abu Dhabi, recorded strong revenue growth in 2019. The acquisition will enable Edenred, until now mainly present in Dubai, to round out its geographic footprint and significantly increase its visibility in this market. With a combined total of more than 1.6 million users, Edenred will benefit from substantial scale effects linked to its B2B2C intermediation platform model and its global technology assets. 

The deal will increase the Group’s EBIT from 2020.

Arnaud Erulin, Chief Operating Officer, Europe, Middle East and Africa, said: “Edenred is improving the daily lives of under- and unbanked workers residing in the United Arab Emirates via a mobile app that each year adds new functionalities to closely match their needs. Edenred’s commercial and technological know-how currently allows over 1 million employees to benefit from this unique suite of services in the United Arab Emirates, up from 400,000 five years ago. And we are now delighted to be extending access to nearly 600,000 Mint card holders.

About

Edenred is a leading digital platform for services and payments and the everyday companion for people at work, connecting more than 60 million users and more than 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), engagement (such as gift cards and engagement platforms), mobility (such as multi-energy solutions, including EV charging, maintenance, toll and parking) 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 sustainable mobility.

Edenred’s 12,000 employees are committed to making the world of work a connected ecosystem that is safer, more efficient and more responsible every day.

In 2023, thanks to its global technology assets, the Group managed €41 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, CAC 40 ESG, CAC Large 60, Euronext 100, Euronext Tech Leaders, FTSE4Good and MSCI Europe.

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