EDENRED (EPA:EDEN) - Edenred: Edenred strengthens its leadership position in the United Arab Emirates payroll cards market

Transparency directive : regulatory news

08/01/2020 08:45

Press release
January 8, 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."

Edenred is the everyday companion for people at work. Its leading
intermediation platform connects 50 million employees and 2 million partner
merchants via 830,000 corporate clients, across 46 countries. Thanks to its
global technology assets, the Group managed 2.5 billion specific purpose
payment transactions in 2018, primarily carried out via mobile applications,
online platforms and cards, and representing nearly EUR30 billion in business
volume.

Edenred's 10,000 staff are driven by a commitment to improving employees'
quality of life, increasing companies' efficiency and boosting merchants'
revenues. They achieve this through three business lines:
- Employee Benefits (food, meals, well-being, leisure, culture and human
services)
- Fleet & Mobility Solutions (fuel, tolls, maintenance and business travel)
- Complementary Solutions, including Corporate Payment Services (virtual
payment cards, identified wire transfers and supplier payments), Incentive &
Rewards (gift cards and platforms, and incentive programs), and Public Social
Programs.

For more information: www.edenred.com

The logos and other trademarks mentioned and featured in this press release are
registered trademarks of Edenred S.A., its subsidiaries or third parties. They
may not be used for commercial purposes without prior written consent from
their owners.

CONTACTS

Communications Department

Marie-Laurence Bouchon
+33 (0)1 86 67 20 08
marie-laurence.bouchon@edenred.com

Media Relations

Matthieu Santalucia
+33 (0)1 86 67 22 63
matthieu.santalucia@edenred.com

Investor Relations

Solène Zammito
+33 (0)1 86 67 23 13
solene.zammito@edenred.com

Loïc Da Silva
+33 (0)1 86 67 20 67
loic.dasilva@edenred.com

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EDENRED (EPA:EDEN) - Edenred: Edenred strengthens its leadership position in the United Arab Emirates payroll cards market

Transparency directive : regulatory news

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