Sodexo, the multinational company in the food services sector, selected Mexico as the starting point for its foray into the fintech sector, using the country as a testing ground to assess the effectiveness of its solution: Pluxee.
This fintech goes beyond simple payments, aiming to consolidate its model as a comprehensive provider of corporate solutions, covering financial, incentive, and administrative aspects.
Adopting a business-to-business-to-consumer (B2B2C) strategy, the company, known for its meal vouchers, has redefined its ‘Benefits and Incentives’ business segment under the name Pluxee.
This modification is part of the global strategy of the French parent company announced in April, aiming to strengthen the offering of employee benefits for its clients’ employees in 31 countries through the digitization of the Sodexo brand.
In August, it obtained authorization to operate as a fintech in Mexico under IFPE (Electronic Payment Funds Institution).
The wallet license will provide more excellent tracking of user transactions, although Jakub Roubal, Director of Innovation and Fintech at Pluxee Mexico, clarifies that the vision encompasses more diverse services.
The foray into the fintech field is accompanied by the launch of two products: one aimed at providing and controlling allowances for workers and Pluxee Flexible, allowing companies to customize employee benefits or incentives, regardless of the industry.
Commencing operations in Mexico this month, Pluxee aims to manage approximately 17,000 corporate trips in its fiscal year 2024 as an indicator of the effectiveness of its local strategy.
Handling the distribution of travel expenses, the company seeks to simplify accounting tasks and ensure that money is used following corporate regulations.
With a presence in 53 countries and 500,000 client companies representing 36 million users, Grupo Sodexo supports the fintech venture.
The company plans to incorporate a credit marketplace in partnership with an undisclosed company before the end of the year.
Opportunities in the Mexican credit market and the support of the French group suggest that Pluxee could achieve rapid expansion.
The company plans to invest 10% of its annual turnover in technology until 2025 and hire over 1,000 talents globally.
Additionally, it plans to spin off the fintech vertical in the first half of 2024 and list it on the Euronext stock exchange in France.