Crédit Agricole, the French multinational banking group, announced the acquisition of French fintech startup Worklife on Wednesday. The move is part of the bank's strategic plan to position itself as a leader in the employee benefits sector in France.
Worklife, established in 2020, has developed an application that consolidates various employee benefits such as meal vouchers, sustainable mobility packages, and transport passes into one platform. It also provides a unified payment card that combines these benefits. This innovative approach complements Crédit Agricole's existing offerings related to employee savings, retirement, and group health insurance.
Crédit Agricole stated that this acquisition will allow it to better assist companies in managing their compensation policies. This comes at a time when small and medium-sized enterprises (SMEs) are grappling with recruitment challenges, with 37% of them receiving no applications for their job vacancies this year. In this context, comprehensive employee benefits have become a key factor for attracting and retaining staff.
The financial terms of the deal between Crédit Agricole and Worklife were not disclosed. This merger aims to create a more complete vision of employee benefits and enhance the bank's ability to support businesses with their compensation strategies.
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