The amount of the deal was not disclosed.
With the acquisition, which followed the one in GrassRoots in Spain, Up will further expand its employee engagement and incentive services in Germany.
Founded in 2010 by Patrick Loffler, CEO givve, givve provides businesses with a platform to facilitate, automate and optimize the management and distribution of employee benefits, combined with a multi-use-case payment card. This solution strengthens the bonds between a company and its employees.
In 2017, the company issued prepaid cards on behalf of 6,000 clients to almost 250,000 of its customers’ employees and generated around €42m in volume. Givve has 17 employees in its Munich office and generated around €2.5m revenues in 2017.
Catherine Coupet, President and CEO, Up group develops management, relationship and transaction platforms which contribute to connect individuals, companies and territories. The company has designed integrated solutions to facilitate access to food, culture, leisure, education, home assistance, social assistance, expense management as well as incentive and loyalty systems.
It has 3,465 employees and operations in 19 countries. In 2017, total sales amounted to €494m.