A finance director can rerun this comparison on the company's own figures. On one side, a fleet of electrically assisted company bikes or pool bikes, financed under crédit-bail; on the other, what the journeys it would replace cost today: company cars or pool cars, mileage allowances, taxi or VTC (private hire vehicle) fares. Some cost items disappear and others appear, while the employer's contribution to the public transport season ticket remains. Every figure carries its source and its vintage. Wander Fleet is a business introducer: the rental payment is set by the société de crédit-bail (the French finance-lease company) that finances the deal, distinct from Wander, and not by us, so we publish no rental amount. Page current as at 10 October 2026.
A consistent comparison is made inclusive of all taxes on both sides: VAT is, as a matter of principle, recoverable neither on the rental payment and maintenance of a bike, nor on the rental of a passenger car, nor on a taxi or VTC fare. For the journeys it takes over, a bike fleet can do away with company or pool cars, together with their rental payment, fuel, parking, annual taxes and avantage en nature (benefit in kind), with mileage allowances paid at the scale rate and with taxi fares. It brings in a crédit-bail rental payment, maintenance, the battery, insurance and parking for the bikes. It does not do away with the mandatory 50% contribution to the public transport season ticket of an employee who keeps it.
The tax reduction under article 220 undecies A of the code général des impôts (the French general tax code) remains in force for costs incurred up to 31 December 2027, capped at 25% of the purchase or rental price of the fleet, a limit assessed per purchase or per rental and not every year; its application to a crédit-bail is written nowhere. The forfait mobilités durables (the French sustainable-mobility allowance) does not fund a fleet made available by the employer. For an order of magnitude on your own figures, the net monthly charge module of the calculator and the estimator on the home page are available: they are not quotes.
We publish no cost per kilometre. The cost of a company bike depends on the rental payment set by the finance house, on the term, on the residual value and on each employee's actual mileage, and we have found no public reference set that measures it for a French company fleet. A figure we could not substantiate to your expert-comptable (your French chartered accountant) would be worthless to you, and it would expose us to the charge of pratique commerciale trompeuse (misleading commercial practice under French consumer law). What we publish instead is a method: the items to compare, those that disappear, those that appear, and those that depend only on your own journeys.
The scope is bounded, and it covers two uses. The company bike is made available to an employee for journeys between home and the workplace, with private use possible. The pool bike is used during working time for business journeys, appointments, trips between the company's sites or establishments, journeys around a campus, with no private use. In both cases the comparison concerns urban journeys of a few kilometres, in Paris and the inner suburbs. We compare neither long distances, nor intercity links, nor the journeys your employees currently make together in a single vehicle: on those journeys the car or the train remains the appropriate answer, and we will tell you so before letting you waste time on a trial that could never have succeeded.
Wander Fleet introduces business and supports the rollout. The financing is provided by a société de crédit-bail, distinct from Wander: we present the file to finance houses, without being a party to the financing. Wander grants no financing, collects no funds, is neither a credit institution nor a société de financement (a licensed finance company under French monetary and financial law), is not registered with ORIAS (the French register of banking, insurance and finance intermediaries) and gives no credit advice. Our role is that of an indicateur, the mere-introducer role within the meaning of article R. 519-2, 2° of the code monétaire et financier: putting parties in touch, without advising on or costing a financing arrangement for a given client. The term, the rental payment, the guarantees, the end-of-contract conditions and acceptance of the file are matters for the finance house approached alone. We therefore publish no rental amount, and we send no costing to any given client. The calculators on this site are of another nature: self-service tools, on published and editable assumptions, whose results amount to neither an offer nor a costing addressed to anyone.
Start from the journeys: who travels, between which sites, how many times a week, over what distance. Distinguish journeys between home and the workplace, which call for a company bike, from journeys during working time, appointments and links between your establishments, which call for a pool bike.
For each current mode, record the full cost over twelve months: rental payment, fuel or charging, parking, insurance and annual taxes for company or pool cars, mileage allowances paid at the scale rate to employees who use their own car (the grey fleet), taxi and VTC expense claims. Use your invoices and your expense claims, not a national average.
As a matter of principle, VAT is recoverable neither on a bike and its maintenance, nor on a passenger car and its rental, nor on passenger transport. Comparing a bike rental payment exclusive of tax with taxi spending inclusive of all taxes distorts the result. Fuel follows deduction rules of its own, and a financial contribution by the employee towards their company bike can open up the deduction: two points to check with your expert-comptable.
The crédit-bail rental payment, preventive maintenance, the battery and its replacement at end of life, theft insurance, premises or parking spaces for the bikes, and the time it takes to get to grips with them. These items are not marginal: a comparison that leaves them out mechanically favours the bike.
The 50% contribution to the public transport season ticket remains due to an employee who keeps it, and a bike does not end it on its own. Count as savings only the season tickets an employee actually gives up, and the cars actually handed back.
The net monthly charge module of the lease calculator deducts from the rental payment the company cars handed back and the transport season tickets given up, then applies impôt sur les sociétés (French corporate income tax) to the net charge. The estimator on the home page gives a first order of magnitude. It is you who operate these tools, on your own assumptions: their results are indicative and non-contractual, produced outside any financing offer, and constitute neither an offer, nor a proposal, nor a promise of financing. We do not cost a monthly payment on your behalf: the term, the rental payment, the guarantees and acceptance of the file are set by the société de crédit-bail that finances the deal, distinct from Wander.
For each item, the table sets what you pay today against what a bike fleet would cost, and names the point to check in your own situation before concluding.
| Item | Today: cars, allowances, taxis | Fleet of company or pool bikes | What you must check |
|---|---|---|---|
| Vehicle rental payment | Rental payment for a company car or pool car. VAT not recoverable in principle on a passenger car, nor on its rental | Crédit-bail rental payment set by the finance house. VAT not recoverable in principle on the rental payment, nor on the maintenance of a cycle: the rental payment is counted inclusive of all taxes | The term, the residual value and the nature of the contract, simple rental or crédit-bail |
| Tax cap on the deduction of rental payments | For a véhicule de tourisme (the French tax category of passenger vehicles) taken on rental, the portion of the rental payment corresponding to the depreciation charged by the lessor on the part of the price exceeding the caps of article 39, 4 of the code général des impôts, from 9,900 to 30,000 euros depending on the emission figure, is added back | Not applicable: a cycle is not a véhicule de tourisme, and its rental payments come under ordinary rules | Your cars' emission figure and the price at which the lessor acquired them |
| Taxes annuelles sur l'affectation des véhicules (annual taxes on the use of vehicles) | Their scope covers véhicules de tourisme used for business purposes, under article L. 421-94 of the code des impositions sur les biens et services | Outside the scope: a cycle falls within none of the taxable categories. The reasoning runs on the vehicle's category, not on the absence of registration | The exact category of your vehicles and the size of your fleet, the incentive tax targeting fleets of at least one hundred vehicles |
| Fuel or energy | Diesel at 235.55 euro cents a litre including all taxes in the price survey of 2 October 2026, up 45.3% over a year | Electric charging. An item we do not cost, for want of a verifiable reference set | Your actual consumption in town, and your right to deduct VAT on fuel |
| Mileage allowances | Paid to an employee who uses their own car for business journeys, exempt from social security contributions within the limit of the tax scale: 0.636 euros per kilometre up to 5,000 kilometres a year for a car rated 5 CV (French fiscal horsepower) | Disappear for the journeys transferred to a pool bike | The kilometres actually travelled and their supporting evidence, journey by journey |
| Taxi and VTC | Fares paid inclusive of all taxes, VAT not deductible on passenger transport. Paris taxi on tariff A in 2026: 3.00 euros pick-up charge, 1.30 euros per kilometre, 8 euros minimum per fare | Disappear for the journeys transferred | Your actual expense claims over twelve months, and the journeys a bike cannot take over |
| Parking | Parking space. In a public car park in the 8th arrondissement, 290 euros a month for a car in an unreserved space, at the tariff of 15 April 2026 | 10 euros a month for a bike in the same car park, 20 euros for a cargo bike. Or a bike room on your own premises | Your available floor area, your lease, and the category in which a car park classes your bikes |
| Avantage en nature | Private use of a car made available on a permanent basis constitutes an avantage en nature, which enters the base for social security contributions and levies | Company bike: value of the benefit disregarded by concession since 1 June 2026. Pool bike: no benefit if private use is prohibited in writing | The written document prohibiting private use of a pool bike, and what happens to the benefit of an employee who hands back their car |
| Public transport season ticket | Mandatory contribution of 50% of the ticket, i.e. 45.40 euros a month for a Navigo Mois all-zones pass at 90.80 euros | Remains due to an employee who keeps their season ticket: a bike does not extinguish it on its own | Only the employees who actually give up their season ticket |
| Maintenance | Mechanical servicing, tyres, contrôle technique (the French roadworthiness test) | Preventive maintenance to be scheduled, carried out by a third-party provider, never by Wander | The exact scope of the contract, its term, and who performs it |
| Battery | Not applicable for a combustion-engine car | An item specific to the bike: charge cycles, replacement at end of life, warranty conditions | The length of the warranty and whether it covers professional use |
| Insurance | Motor insurance for each car | Theft and third-party liability insurance, depending on your policies | What your existing policies already cover, and what the finance house requires |
| Accounting treatment of the rental payment | According to the ownership arrangement chosen | Crédit-bail payments on movable property booked as expenses of the period, in account 6122 of the plan comptable général (the French general chart of accounts); the asset is carried on the balance sheet only if and when the purchase option is exercised | The nature of the contract offered by the société de crédit-bail, simple rental or crédit-bail: the regimes differ |
| Journey time | 9.6 km/h average traffic speed for cars in Paris intra-muros (inner Paris) in 2025 | Riding on cycle infrastructure | The time actually spent on your own routes. We publish no quantified time saving |
This table is a checklist and contains no costing. The amounts cited carry their vintage: diesel from the price survey of Friday 2 October 2026, mileage scale published on 9 April 2026, Paris taxi fares set on 21 January 2026, parking tariffs as at 15 April 2026, 2026 Navigo pass, traffic speed taken from the bilan des déplacements 2025 updated on 15 July 2026. No Wander rental payment appears in it: that depends on the finance house approached, on the term and on the equipment.
The journeys a bike takes over are urban journeys of a few kilometres, within Paris and the inner suburbs, between a home and a workplace, between two of the company's sites, or to an appointment. The ones it does not take over are long journeys, intercity links, journeys made by several people together, and those of employees for whom cycling is not practicable. A pool car may remain necessary for some of those journeys, and the fleet to cost is then a mixed one.
Nor does it replace an obligation. The employer's contribution of 50% of public transport season tickets, provided for in article L. 3261-2 of the code du travail (the French labour code) and quantified in article R. 3261-1, remains due to an employee who takes out a season ticket for journeys between home and the workplace. Handing over a company bike does not extinguish that right: only the employee giving up their season ticket removes the expense. That is why the calculator counts as savings only the season tickets actually given up.
On journey time, we publish no quantified saving. The available work concerns other cities, other uses and other vintages, and its transfer to your journeys is not demonstrated. What is established, recent and specific to the Paris region is structural: the average annual traffic speed for cars in Paris intra-muros fell to 9.6 kilometres per hour in 2025, below the ten kilometres per hour mark for the first time, according to the bilan des déplacements of the Ville de Paris, in its version updated on 15 July 2026. The rest is measured on your own routes.
Handing back a company car is not a simple saving either. Its private use constitutes an avantage en nature, which the Bulletin officiel de la sécurité sociale treats as an element of the employee's remuneration, included in the base for contributions. Withdrawing that benefit is an employment law question to be examined with your adviser before any saving is entered in a budget.
Article 220 undecies A of the code général des impôts, in force, gives companies subject to impôt sur les sociétés a tax reduction equal to the costs incurred, up to 31 December 2027, in making a fleet of bikes available free of charge to their employees for their journeys between home and the workplace. Those costs are taken into account up to a limit of 25 per cent of the purchase or rental price of that fleet. The 25 per cent rate is therefore not applied to the costs: it is a cap based on the price of the fleet. The version of the article consulted on 10 October 2026 contains no extension beyond 2027.
Two points decide the actual amount. The doctrine published on 8 January 2025 states that the 25 per cent limit is assessed per purchase or per rental, and not per financial year: announcing 25 per cent every year would overstate the tax saving. The price is understood inclusive of all taxes, companies subject to impôt sur le revenu (French personal income tax) are excluded, and any fraction not set off is neither refundable nor capable of being carried forward. Where the fleet is rented, the three-year minimum term of the contract is not a requirement of administrative doctrine: it is written into the statute, in the second paragraph of I of article 220 undecies A of the code général des impôts.
The text refers to journeys between home and the workplace. A company bike used for those journeys falls within its purpose. A fleet of pool bikes confined to business journeys during working time does not, on the letter of the text: the doctrine requires the company to be able to show that its employees use the bikes for their home-to-work journey, while allowing other journeys as well. So we do not present the reduction as secured for such a fleet.
The case of crédit-bail remains unsettled. The doctrine mentions neither crédit-bail nor location avec option d'achat (a French lease carrying a purchase option), neither to include them nor to exclude them: it speaks only of a rental contract taken out with a rental company. So we do not assert that a crédit-bail on movable property satisfies the statutory three-year condition. The point deserves to be settled with your expert-comptable, if need be by a rescrit (a binding advance ruling from the French tax authorities) on the basis of article L. 80 B of the livre des procédures fiscales, before you take any investment decision based on this advantage.
On VAT, the 6° of 2 of IV of article 206 of annexe II to the code général des impôts excludes from the right of deduction vehicles or machines designed to carry people or for mixed use, and the 10° extends the exclusion to the services relating to them, rental included. Administrative doctrine expressly places cycles, electrically assisted or not, within that exclusion. The VAT on the rental payment and on the maintenance of a company or pool bike is therefore not recoverable as a matter of principle: we cost inclusive of all taxes, which is consistent with the 25 per cent cap that is likewise assessed inclusive of all taxes. A financial contribution by the employee towards their company bike can open up the deduction: according to rescrit BOI-RES-TVA-000161 of 30 April 2025, making a vehicle available to an employee, for both business and private use, in return for a stipulated consideration is a supply of services subject to the tax, and the tax charged on the acquisition of a vehicle intended from the outset for such permanent provision is not excluded from the right of deduction. The rescrit mentions neither cycles nor crédit-bail, and a pool bike reserved for business use does not fit that pattern: the point is to be confirmed with your expert-comptable. The same exclusion applies to the rental of a passenger car, and the 5° of the same article excludes passenger transport services, the category to which a taxi or VTC fare belongs. We never announce a combination of the tax reduction and a VAT deduction: the contribution that can open up the latter forfeits the former.
On timing, the transfer of the legislative provisions on VAT into the code des impositions sur les biens et services, effected by ordonnance n° 2025-1247 of 17 December 2025 as amended by ordonnance n° 2026-671 of 27 July 2026, takes effect on 1 January 2027. According to the rescrit published by the tax administration, the regulatory provisions of annexe II to the code général des impôts, including article 206, are not, as matters stand, affected by that transfer and remain applicable until they are taken up in the regulatory part of that code.
On the social security side, the Bulletin officiel de la sécurité sociale provides, in paragraph 945 of its Avantages en nature section in force since 1 June 2026, that the value of the benefit constituted by a bike made available to an employee on a permanent basis is disregarded, whether the bike is bought or rented by the employer. Crédit-bail is not named there: its inclusion is likely, but it is not written. For a pool bike, the general rules on vehicles apply: no avantage en nature where private use is prohibited in writing, or where the employer states in a document that a vehicle shared between several employees is reserved for business use. The detail is set out in our page on the avantage en nature of the company bike.
The forfait mobilités durables, lastly, does not enter into the calculation. It compensates an employee who incurs costs using their own means, and the ministry responsible for transport lists company bikes and vehicles among the ineligible modes. A fleet you make available therefore gives rise to no entitlement under it and produces no saving on that account.
These elements constitute neither tax advice nor social security advice. The version in force of article 39 of the code général des impôts shows an end of version on 1 January 2027, and the tax reduction covers costs incurred up to 31 December 2027; no extension can be presented as secured. They will be reviewed on publication of the loi de finances (the annual French budget act) for 2027 and on 1 January 2027.
The word leasing is a market term, not a category of French law. The transaction we introduce is a crédit-bail within the meaning of article L. 313-7 of the code monétaire et financier: a société de crédit-bail buys the bikes, rents them to you for a fixed term, and the contract carries a purchase option that you remain free to exercise or not at maturity.
The purchase option is what separates crédit-bail from simple rental, and it carries its own accounting and tax consequences, to be examined with your expert-comptable. Leasing is the everyday word; crédit-bail is the term used wherever the legal characterisation matters.
The forfait mobilités durables produces no saving for a company fleet. The allowance compensates an employee who travels by their own means, and the ministry responsible for transport expressly lists company bikes among the ineligible modes. It is moreover a sum the employer pays, never a sum it receives. A sales pitch that books the allowance as income for a company fleet has the wrong scheme.
Nor is the tax reduction worth 25% a year. The 25 per cent limit is assessed per purchase or per rental, and not per financial year, and it caps costs actually incurred: it is not renewed every year on the price of the fleet. Its application to a crédit-bail, which no text settles, is not announced either.
We quote no rental payment and offer no proof by example. Wander Fleet is a business introducer: the rental payment, the term, the guarantees and acceptance of the file are matters for the société de crédit-bail that finances the deal, distinct from Wander, and we therefore publish no amount. Nor do we send you a personalised costing: our role as indicateur within the meaning of article R. 519-2, 2° of the code monétaire et financier stops at the introduction. The calculators on the site are of another nature, self-service on published and editable assumptions. We publish no client case study, no figure for a deployed fleet and no saving presented as achieved: the method set out above can be checked line by line.
Wander SAS operates Wander Fleet and acts as a business introducer to Île-de-France companies that equip their employees with electrically assisted company or pool bikes. The financing is provided by a société de crédit-bail, distinct from Wander, chosen by you from among the institutions we point you to. Wander presents the file to those institutions without being a party to the financing. Wander grants no financing, is neither a credit institution nor a société de financement, is not an intermédiaire en opérations de banque et en services de paiement (a French banking and payment services intermediary), is not registered with ORIAS and gives no credit advice. Our involvement is that of the mere indicateur referred to in 2° of article R. 519-2 of the code monétaire et financier. Acceptance of the file, the term, the amount of the rental payment, the guarantees and the end-of-contract conditions are matters for the finance house alone.
On the cost of your fleet, we do not keep your accounts, we cost no monthly payment for you and we secure neither your tax position nor your social security position. What we bring lies upstream: the study of your journeys, the choice of machines, the sizing of the fleet in the light of your journeys and your sites, the introduction to one or more finance houses, and the introduction to a third-party maintenance provider. Maintenance is never carried out by Wander.
These elements are given for general information and constitute neither legal advice, nor tax advice, nor social security advice. Every amount must be checked again at the date of your decision with your expert-comptable or your adviser.
It depends on the journeys it actually takes over, and we publish no cost per kilometre. What can be verified is the items that disappear for the journeys transferred, such as a car's rental payment, fuel, parking, annual taxes and avantage en nature, mileage allowances paid at the scale rate or taxi fares, and the items that appear, such as the crédit-bail rental payment, maintenance, the battery, insurance and parking for the bikes. The comparison is made inclusive of all taxes on both sides, and on your own invoices. For a first order of magnitude, the net monthly charge module of the calculator and the estimator on the home page are available, with no value as a quote.
Because we do not set it, and that refusal to cost is deliberate. Wander Fleet is a business introducer and supports the rollout: the financing is provided by a société de crédit-bail, distinct from Wander, and we present the file to finance houses without being a party to the financing. Wander grants no financing, collects no funds, is neither a credit institution nor a société de financement, is not registered with ORIAS and gives no credit advice. Our role is that of an indicateur within the meaning of article R. 519-2, 2° of the code monétaire et financier: putting parties in touch, without advising on or costing a financing arrangement for a given client. What we do is a usage and equipment study, on your actual journeys, your actual sites and your actual parking constraints, then the presentation of your file to finance houses. The term, the rental payment, the guarantees, the end-of-contract conditions and acceptance of the file are matters for the finance house approached alone. The lease calculator on this site is a tool you operate yourself: its results are indicative and non-contractual, produced outside any financing offer, and constitute neither an offer, nor a proposal, nor a promise of financing.
No, as a matter of principle. Vehicles or machines designed to carry people or for mixed use are excluded from the right of deduction, the exclusion extends to the services relating to them, rental included, and administrative doctrine expressly places cycles, electrically assisted or not, within it. The VAT on the rental payment and on the maintenance of a company or pool bike therefore remains a cost to you, as does the VAT on the rental of a passenger car and on a taxi fare. A financial contribution by the employee towards their company bike can open up the deduction, according to rescrit BOI-RES-TVA-000161 of 30 April 2025, which covers a vehicle made available to an employee in return for consideration without mentioning cycles or crédit-bail: the point is to be confirmed with your expert-comptable, and such a contribution forfeits the tax reduction under article 220 undecies A. We cost inclusive of all taxes, which is consistent with the cap on the tax reduction, which is likewise assessed inclusive of all taxes.
No, and this is the most frequent mistake about this scheme. Article 220 undecies A of the code général des impôts grants a tax reduction equal to the costs incurred in making a fleet of bikes available free of charge to employees for their home-to-work journeys, those costs being taken into account up to a limit of 25 per cent of the purchase or rental price of the fleet, that price being understood inclusive of all taxes. The doctrine published on 8 January 2025 states that this limit is assessed per purchase or per rental, and not per financial year. The scheme is reserved for companies subject to the impôt sur les sociétés and covers costs incurred up to 31 December 2027. Where the fleet is rented, the statute itself requires a contract taken out for a minimum term of three years: the condition is in the article, not in the doctrine. A fleet of pool bikes reserved for journeys during working time does not, on the letter of the text, fall within its purpose.
No. The employer's contribution of 50% of public transport season tickets is mandatory, under articles L. 3261-2 and R. 3261-1 of the code du travail, for an employee who takes out a season ticket for journeys between home and the workplace. A company bike does not end that right: the expense disappears only if the employee gives up their season ticket. The Bulletin officiel de la sécurité sociale indeed provides that its concession on the value of the benefit constituted by the bike can be combined with the employer's contribution to the transport ticket. In 2026, the contribution towards a Navigo Mois all-zones pass at 90.80 euros represents 45.40 euros per month per employee.
No. The forfait mobilités durables, provided for in article L. 3261-3-1 of the code du travail, is an optional contribution towards the costs an employee incurs for journeys between home and the workplace using their own means, and the ministry responsible for transport lists company bikes and vehicles among the ineligible modes. A fleet you make available gives rise to no entitlement under it. It is moreover a sum the employer pays, never a sum it receives: it cannot appear as income in a comparison.
No, and we will not do it for you. Since 1 January 2025, the traffic restrictions of the zone à faibles émissions (low-emission zone) of the Métropole du Grand Paris have been extended to vehicles classified Crit'Air 3, Monday to Friday from 8am to 8pm for light vehicles. But the Métropole has extended an educational period from 1 January to 31 December 2026, during which no penalty is applied and checks are occasional and informative. The Métropole nonetheless states that the absence of a Crit'Air sticker is punishable, even during that period. The abolition of low-emission zones written into the loi de simplification de la vie économique has not come into force: the Conseil constitutionnel struck it down in its décision n° 2026-903 DC of 21 May 2026, on procedural grounds, without ruling on the substance. For what comes next, arrêté n° AP/2025/501 of 16 December 2025 instructs the competent authorities to organise penalties from 1 January 2027, instead of 1 January 2026: that date has already been moved once by a simple arrêté, and organising penalties does not guarantee that they will be effective on that day. The item to investigate is therefore the use value of a car subject to the restrictions, whose access to the zone may be penalised from 2027, rather than the fine. The detail is set out in our page on the Paris ZFE and Crit'Air rules for company cars.
Every item of data is tied to its source and to the date on which we checked it. Figures for which we have not found an openable source are not included. Texts change: if you spot a discrepancy, write to us and we will correct it.
Tell us about your journeys, your sites and your teams. What we then carry out is a usage and equipment study: sizing, choice of machines, storage, maintenance and familiarisation training. We then present your file to finance houses, without being a party to the financing. We address no costing to any given client: the offer, the monthly payment, the term, the guarantees and acceptance of the file are matters for the société de crédit-bail approached, distinct from Wander. Our role is that of an indicateur within the meaning of article R. 519-2, 2° of the code monétaire et financier, and Wander is not registered with ORIAS. The lease calculator on the site remains available and you operate it yourself, on your own assumptions: its results are indicative and non-contractual, produced outside any financing offer, and constitute neither an offer, nor a proposal, nor a promise of financing.
Request a studyWander SAS acts as a business introducer and service partner. Financing is provided by a société de crédit-bail, what the market calls a leasing company, distinct from Wander: Wander is not the finance provider, is not a party to the financing contract, collects no funds and provides no banking or payment services intermediation.