UP COOP

UP COOP is a French cooperative group focused on employee benefits, payment instruments and services for employers, public authorities, employees and affiliated merchants. The organization was founded in 1964 and was originally known as Groupe Chèque Déjeuner, reflecting its historic role in issuing meal vouchers. It later adopted the Groupe Up identity before becoming known as Upcoop. The group’s principal activity is the design, issuance and administration of benefit vouchers and related payment products. Its best-known French offerings include UpDéjeuner, a meal-voucher solution, and UpCadhoc, a gift-card and gift-voucher platform. These products allow employers and public-sector organizations to provide regulated or earmarked benefits while giving employees purchasing options through participating merchant networks. The business has progressively incorporated digital payment capabilities and employee-benefit technology alongside traditional voucher formats. UP COOP operates as a Société coopérative et participative, or SCOP. Its capital is held by employee-members rather than by outside shareholders or investment funds. This ownership model is central to the group’s identity and differentiates it from investor-owned competitors in the employee-benefits and payment-services market. The cooperative reportedly heads a group of 88 entities and became France’s first mission-driven SCOP in January 2023, formally connecting its commercial activity with stated social and societal objectives. International expansion began with entry into Spain in 1992. From 1995 onward, the group expanded into Eastern Europe, and it later established operations in Latin America, including Mexico in 2013 and Brazil in 2015. The group now reports operations in 26 countries across four continents, with a presence spanning Europe, the Americas, Africa and Asia. Its international portfolio includes employee-benefit, prepaid-card and related payment activities adapted to local regulatory and commercial environments. A significant step in the group’s technology and international development came in August 2018, when it acquired givve GmbH, a Munich-based fintech specializing in employee benefits and prepaid payment cards. The transaction strengthened UP COOP’s digital and card-based capabilities and broadened its exposure to technology-enabled benefit solutions. UP COOP competes principally with large employee-benefits and payment-services companies such as Edenred and Sodexo. Unlike those companies, its cooperative governance and employee ownership are prominent parts of its positioning. In 2024, the group reported consolidated revenue of €843 million and approximately 3,210 employees across 26 countries. UP COOP therefore combines a historically French voucher business with an international group structure serving employers, public institutions, employees and merchants.

UP COOP was founded in France in 1964 as Groupe Chèque Déjeuner. Its original business was centered on meal vouchers, an employee-benefit instrument that enables organizations to support food-related spending while using an administered voucher network. The company’s early identity and growth were therefore closely connected with the French meal-voucher market and with services for employers and public authorities. Over time, the organization broadened its offer beyond meal vouchers. Gift vouchers, gift cards and other employee-benefit mechanisms became part of its portfolio, allowing the group to serve a wider range of employer-sponsored benefits. The business also developed capabilities connected with payment processing, merchant acceptance and digital administration. This expansion supported a transition from a single-product voucher issuer to a broader employee-benefits and payment-services group. The company’s internationalization began in Spain in 1992. From 1995, it extended its footprint into Eastern Europe. It subsequently entered Latin American markets, including Mexico in 2013 and Brazil in 2015. The group’s international network later expanded across Europe, the Americas, Africa and Asia, with operations reported in 26 countries and across four continents. The organization changed its identity from Groupe Chèque Déjeuner to Groupe Up and later adopted the Upcoop name. Although the branding evolved, the cooperative structure remained a defining feature. UP COOP operates as a Société coopérative et participative, with employee-members owning the cooperative and no external shareholders or investment funds. The group reportedly oversees 88 entities, combining the central cooperative with operating companies in different markets and business areas. Technology and prepaid payment capabilities became increasingly important to the group’s development. In August 2018, Groupe Up acquired givve GmbH, a Munich-based fintech focused on employee benefits and prepaid payment cards. The acquisition added specialist digital and card-based capabilities to the group and supported its broader move toward technology-enabled employee-benefit solutions. The reported transaction value was approximately €20 million. In January 2023, UP COOP became France’s first mission-driven SCOP. This change formalized a set of social and societal commitments within the company’s governance and corporate purpose, while preserving its cooperative ownership model. It also reinforced the distinction between UP COOP and investor-owned competitors in the employee-benefits sector. The group currently combines French roots with international operations. Its named products include UpDéjeuner, a meal-voucher offering, and UpCadhoc, a gift-card and gift-voucher platform. Through these and related services, UP COOP serves employers, public bodies, employees and merchants. In 2024, the group reported consolidated revenue of €843 million and approximately 3,210 employees in 26 countries. Its principal competitors include Edenred and Sodexo.

• 2024

  Reported international scale

  [1]Upcoopen.wikipedia.org

  The group reported €843 million in consolidated revenue, 3,210 employees and operations in 26 countries.

• 2023

  Adoption of mission-driven cooperative status

  [1]Upcoopen.wikipedia.org

  UP COOP became France’s first mission-driven SCOP, embedding social and societal objectives into its corporate framework.

• 2018

  Acquisition of givve GmbH

  [1]Upcoopen.wikipedia.org

  Groupe Up acquired Munich-based fintech givve, adding employee-benefit and prepaid-card technology to its portfolio.

• 2015

  Entry into Brazil

  [1]Upcoopen.wikipedia.org

  The group established operations in Brazil as part of its Latin American expansion.

• 2013

  Entry into Mexico

  [1]Upcoopen.wikipedia.org

  UP COOP expanded its Latin American presence with an implantation in Mexico.

• 1995

  Expansion into Eastern Europe

  [1]Upcoopen.wikipedia.org

  The group began extending its presence across Eastern European markets.

• 1992

  First international expansion into Spain

  [1]Upcoopen.wikipedia.org

  The group began its international development by establishing operations in Spain.

• 1964

  Company founded as Groupe Chèque Déjeuner

  [1]Upcoopen.wikipedia.org

  The French cooperative that became UP COOP was established, initially focusing on meal vouchers for employers and public authorities.

An employee-owned, mission-driven cooperative provider of meal vouchers, gift cards and digital employee-benefit payment solutions.

• Meal vouchers

  UpDéjeuner

  UpDéjeuner is UP COOP’s meal-voucher offering. It is designed for employers and public-sector organizations that provide employees or beneficiaries with an administered food-related benefit. The offering belongs to the group’s historic meal-voucher business and is part of its broader transition toward digitally managed employee-benefit payment instruments.

• Gift cards and gift vouchers

  UpCadhoc

  UpCadhoc is a gift-card and gift-voucher platform for employer-provided benefits. It gives organizations a way to distribute purchasing benefits for occasions or programs while allowing recipients to spend through participating merchants. The product extends UP COOP’s offer beyond meal benefits into more general employee recognition and incentive use cases.

• Prepaid employee-benefit payment solutions

  givve solutions

  givve provides employee-benefit and prepaid payment-card capabilities within the UP COOP group. The Munich-based fintech became part of the group through the 2018 acquisition and represents UP COOP’s technology-oriented approach to benefit distribution, prepaid payments and digitally administered employee services.

• 2023

  Adoption of mission-driven SCOP statusStrategy

  Background

  UP COOP used its cooperative governance model to formalize broader social and societal commitments.

  Action taken

  In January 2023, the organization became an entreprise à mission, making it France’s first mission-driven SCOP.

  Aftermath

  The change reinforced the group’s cooperative positioning and distinguished it from investor-owned employee-benefit competitors.

  Source

• 2018

  Acquisition of givve GmbHM&A

  Background

  The group sought to strengthen its employee-benefit technology and prepaid payment capabilities through the purchase of a specialist fintech.

  Action taken

  Groupe Up acquired Munich-based givve GmbH in August 2018. The transaction was reported at approximately €20 million and was advised by corporate finance firm Clipperton.

  Aftermath

  givve became part of the group’s international portfolio and expanded its digital and card-based employee-benefit capabilities.

  Reported transaction value. Approximately €20 million transaction value (August 2018)

  Source

1. 1Upcoopen.wikipedia.org