RYDES – a B2B mobility benefit platform – helps companies to offer their employees a flexible, CO₂-neutral mobility budget. With a single-card solution, the startup empowers companies to enable employees to use all means of transport, from trains to electric scooters to ride-hailing. For this purpose, individual mobility budgets are allocated that cover the needs of the respective employee. With the employee mobility market still in its infancy, RYDES has undoubtedly succeeded in standing out with its sustainable approach.
To further drive the growth of its mobility platform and increase customer satisfaction, RYDES realized the potential in product innovation. One pivot in the product development strategy was to integrate the RYDES mobility card into the app. However, the deployment of a payment card in Germany comes with some challenges:
RYDES was searching for a licensed partner that covers all regulatory requirements when it comes to offering virtual prepaid cards to customers, such as the mobility budget card, which is mandatory in Germany.
For RYDES to offer attractive employee benefits to companies competing for talent, each B2B product launched should be perfectly aligned with different mobility needs and fit seamlessly into flexible working models.
RYDES is leveraging Solaris’ banking license and tech infrastructure to issue corporate virtual prepaid cards as part of an employer benefit model. Their mobility card simplifies the use of flexible budgets and makes all means of transport (trains, cabs, cars, bike sharing, ride-hailing) accessible via the integrated virtual Visa card. The virtual card works worldwide - making traveling abroad for the business completely stress-free. What makes RYDES even more unique is the fact that the company automatically offsets all the employee mobility emissions, thus meeting today’s sustainability targets.
After a RYDES partner company completes the onboarding process on the RYDES website, the Solaris Business KYC process is initiated. Solaris' Business KYC process is an AML-compliant solution that streamlines new customer identification time and reduces the qualification procedure to less than 48 hours. After successful BKYC and KYC of the legal representatives, a virtual IBAN is created. Afterward, companies can deposit funds, which then are distributed by RYDES to the corresponding virtual prepaid card accounts. Once the funds are distributed, the employees can use the virtual mobility prepaid card at their convenience.
“The digital payment technology of Solaris has played an invaluable part in enabling us to build the mobility platform of the future. Employees use the app to book their trips, manage their budgets, and offset their CO2 footprint automatically. The support of Solaris has been crucial to the growth of our company.”
Co-Founder & CEO of RYDES