Vendys

Vendys is a South Korean company that pioneered the mobile meal ticket market with its flagship service, 'Sikdae Jangbu' (Meal Ticket Ledger).

Founded in January 2014 by CEO Jung-ho Cho, the company emerged from his unique entrepreneurial journey. After studying law and preparing for the bar exam, Cho ventured into entrepreneurship. The idea for a mobile meal ticket solution was serendipitously discovered while his team was working on a contract development project for a large gaming company, aiming to digitize their paper-based gift certificate system for employees. Recognizing the widespread inefficiency of traditional paper meal vouchers and handwritten ledgers in office districts, Cho applied his existing mobile coupon technology to address this specific corporate need.

The company operates on a B2B2E (Business-to-Business-to-Employee) model, providing a comprehensive meal expense management solution for corporations. Its core product, 'Sikdae Jangbu', allows companies to issue and manage meal allowances for their employees via a smartphone app. This eliminates the cumbersome processes of printing, distributing, collecting, and manually reconciling paper vouchers. For employers, the platform offers significant administrative benefits, including real-time usage tracking, automated expense reporting, and the ability to set specific usage parameters, which can lead to cost savings by preventing misuse. Employees, in turn, gain the convenience of paying with their smartphones at a wide network of affiliated restaurants, cafes, and convenience stores, expanding their dining options beyond a designated cafeteria or a few partner restaurants. Vendys generates revenue by taking a commission on the meal transactions processed through its platform.

Over the years, Vendys has expanded its service offerings beyond meal tickets to become a broader B2E platform. Its portfolio now includes 'Bokji-daejang' (Welfare Ledger) for managing flexible benefit points, 'Baedal-daejang' (Delivery Ledger) for office food delivery, and 'Danche-seonmul-daejang' (Group Gift Ledger), among others. In November 2022, Vendys was acquired by Hyundai Easywell, a subsidiary of the Hyundai Department Store Group, for 37.1 billion KRW, a move intended to expand Hyundai's reach into the corporate welfare market.

Keywords: mobile meal ticket, corporate meal plan, employee benefits, expense management solution, B2B2E, Sikdae Jangbu, corporate welfare, food tech, Jung-ho Cho, corporate food delivery, employee cafeteria, expense automation, office catering, digital vouchers, Hyundai Easywell, corporate expense platform, meal allowance, benefits administration