The specific payment voucher market accounts for around €16 billion in issuance volume in France, yet the VSE and SME segment remains under-equipped, with an estimated penetration rate of 10%. This shortfall masks a paradox : While corporate accounts face head-on competition on margins, small and medium-sized enterprises now represent the primary growth driver. The performance of listed players illustrates the market’s potential. “Corporate accounts are a saturated market. The real heart of the matter is SMEs,” underlines Christophe Doré.
Pluxee, spun off from Sodexo’s employee benefits division, recorded total revenue of €1.28 billion for its 2025 financial year, up 10.6% in organic growth, with a recurring EBITDA of €471 million and a margin of 36.6%. The HR lever is significant : The combination of available schemes (meal vouchers, sustainable mobility, CESU (universal employment service voucher), employee savings, etc.) can represent up to €8,000 in additional tax-free income per employee per year.
Since 1 January 2025, the value-sharing law requires SMEs with 11 to 49 employees generating a regular net taxable profit to implement a sharing scheme : incentive scheme, statutory profit-sharing or value-sharing bonus. Like past regulatory developments in the financial sector, this constraint opens up a significant equipment market for integrated solutions.
Worklife launches a universal card
The main fault line between players relates to product architecture. While the ambition of a one-stop shop is shared, models diverge on the medium and the philosophy of convergence.
Worklife, acquired by Crédit Agricole in September 2023 with €3 million in ARR (annual recurring revenue), ended the 2025 financial year with €16 million in ARR, €200 million in transaction volume and more than 1,000 corporate clients.