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Swile raises $200 million for its employee benefits card and app – FiratNews

Swile raises $200 million for its employee benefits card and app – TechCrunch

French startup Swile has raised a $200 million Collection D funding spherical led by SoftBank Worldwide Group. With this funding spherical, the startup has now reached unicorn standing, which means that Swile has a valuation of $1 billion or extra. Swile supplies a cost card for worker advantages, comparable to meal vouchers, reward playing cards and sustainable mobility vouchers.

Michel Combes, SoftBank Worldwide Group’s President (pictured left), is becoming a member of Swile’s board. A number of the startup’s current traders are taking part as soon as once more, comparable to Eurazeo, Index Ventures and Bpifrance. Headline can also be investing in Swile for the primary time.

This can be a vital spherical for the corporate because it retains elevating greater rounds 12 months after 12 months. Swile raised a Collection A spherical of $17.4 million (€15 million) in 2018, a Collection B spherical of $34.7 million (€30 million) in 2019 and a Collection C spherical of $81 million (€70 million) in 2020.

Swile began as a cost card to carry your meal vouchers. In France, firms need to contribute to lunch when it’s in the midst of a piece day. Some firms supply a cafeteria with low-cost meals, others hand out meal vouchers that you may spend in eating places and bakeries.

However the expertise is a bit complicated if you’re paying for lunch. Staff typically ask whether or not a restaurant accepts meal vouchers. And if you wish to spend greater than your each day funds, you need to use two playing cards.

With Swile, workers can optionally add their private debit card to the Swile app. If you spend greater than your each day restrict, Swile robotically fees your private card. It’s a greater expertise for the top consumer.

And this product alone has been fairly profitable. Simply 4 years after launch, Swile has captured a 13% market share on meal vouchers in France. It competes with well-established firms, comparable to Edenred, UpDéjeuner, Sodexo’s Cross Restaurant and Apetiz. Swile generates income on interchange charges.

Along with small and medium firms, the startup has managed to persuade greater purchasers, comparable to grocery store chain Carrefour and its 65,000 workers in France. Different purchasers embody Doctolib, Spotify and Airbnb in France.

“Our guess with Swile — as we disclosed it 18 months in the past — is that we need to transcend lunch and handle worker advantages with the Swile card. It ought to assist you handle all of your worker advantages,” Swile founder and CEO Loïc Soubeyrand informed me.

As an example, worker representatives often supply reward playing cards for the top of the 12 months. As a substitute of handing out paper checks, the worker consultant our bodies can high up the Swile card with these reward playing cards. After that, the worker can use the identical card for lunch and for Christmas presents. Swile has acquired Sweevana for that a part of the enterprise.

Equally, Swile will quickly allow you to pay for ride-sharing, public transport subscriptions or bike rides between your house and your workplace. In France, it is a nascent market as firms must contribute to sustainable mobility spendings beginning on January 1st.

“That is what’s nice with unification. You don’t want 5 totally different playing cards to handle 5 totally different advantages,” Soubeyrand stated. And firms don’t want 5 options with 5 totally different suppliers both.

Picture Credit: Swile

From an excellent card to an excellent app

Past the Swile card and its transactional income, the startup needs to construct an app to enhance inside communications, run nameless surveys and collect suggestions from workers. This might open up some income alternatives with a software-as-a-service strategy and month-to-month subscriptions.

The corporate has been testing its app in beta for the final 12 months and it ought to be out there to Swile purchasers quickly. Swile has acquired Briq for its experience on that space.

Sooner or later, small firms may additionally think about managing their company spending from Swile. You don’t essentially want a full-fledged, separate answer to handle bills if you’re simply getting began.

Up subsequent, Swile additionally has bold worldwide objectives. Brazil is by far the most important market in terms of worker advantages. With the acquisition of Vee Benefícios, Swile now has 120 workers in São Paulo and it needs to show Brazil into its principal market.

By 2022, Swile needs to rent 500 workers — the corporate will double in measurement. There shall be extra worldwide expansions as nicely. Mexico appears like one other promising market for example. Even when these worldwide bets take time to repay, Swile continues to be simply getting began in its dwelling market. It nonetheless has a tiny market share and a whole lot of room for progress.

Picture Credit: Swile