Betterway, a pioneer in corporate mobility passes, has opened its capital to Edenred, the world leader in earmarked payment solutions. The two companies have been business partners since September 2022. This new alliance will consolidate their strategic vision. At the same time, Betterway also raised €4 million in funding from Edenred to accelerate its development in the employee benefits market.
Founded in 2019, Betterway is a French fintech that developed the first employee mobility account. Betterway allows companies to help fund their employees’ travel (whether by bike, subway, car-pooling or scooter) with the aim of making sustainable mobility accessible to all. With Betterway, each employee has a physical and a virtual card that is accepted by mobility vendors across France, including more than 8,000 bicycle stores, public transit operators and shared mobility providers.
Thanks to the new funding, Betterway will be able to broaden its business by allowing employers a simple way to fund employees’ electric vehicle charging or energy. Betterway will also be able to deploy “mobility credit” solutions to employees as an alternative to a take-home vehicle. Moreover, Betterway will be able to draw on Edenred's sales and marketing resources to quickly reach tens of thousands of corporate clients in France.
By contributing to Betterway’s development, Edenred is strengthening its leadership position in the employee benefits market. The joint Edenred-Betterway mobility offering will provide the Group’s clients with the most comprehensive and innovative corporate solution in France.
In addition, the alliance between Betterway and Edenred will allow both companies to build on their existing platforms, including through a wider acceptance network, systematic network updates through the community and the option to split expenses among several users.
Ilan Ouanounou, General Manager of Edenred France, said: “This alliance with Betterway will make our existing partnership with the sustainable mobility pioneer stronger and more durable. At Edenred, we firmly believe that mobility issues will be of considerable importance in the future. As a leader in employee benefits, we have a duty to offer both workers and employers the widest possible range of solutions. That’s precisely our goal with Betterway.”
Denis Saada and Alain Mady-Fetherstone, Co-Founders of Betterway, said: “Employee travel has become a fundamental issue for companies’ recruitment, management and CSR strategies. With this new funding, we will be able to work with Edenred to offer a wide range of eco- and budget-friendly mobility solutions – from France’s sustainable mobility allowance to commuting grants and mileage allowances. This alliance also opens up international possibilities, as Edenred operates in more than 45 countries.”
The Betterway-Edenred alliance was formed amid high inflation and a renewed need to save energy, which make employee benefit and green mobility solutions all the more attractive. These benefits address economic and management issues that are fundamental to corporate social responsibility. With 30% of corporate CO2 emissions currently generated by commuting and business travel, companies and their employees need new, efficient and practical alternatives.
