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

French startup Swile Raised $ 200 million in a Series D funding round led by SoftBank International Group. In this round of funding, the startup has reached unicorn status. That means Swile has a valuation of over $ 1 billion. Swile offers payment cards for employee benefits such as meal vouchers, gift cards and sustainable mobility vouchers.

Michelle Conves (left), president of SoftBank International Group, has joined Sweil’s board of directors. Some of the startup’s existing investors, such as Eurazeo, Index Ventures and Bpifrance, are back in action. Headline is also investing in Swile for the first time.

This is an important round for the company, and we continue to make big rounds year by year. Swile will be $ 17.4 million (€ 15 million) in a Series A round in 2018, $ 34.7 million (€ 30 million) in a Series B round in 2019, and $ 81 million (€ 70 million) in a Series C round in 2020. Was procured.

Swile started out as a payment card for holding meal vouchers. In France, when lunch is in the middle of work, businesses have to contribute to lunch. Some companies offer cafeterias where you can eat cheaply, while others offer meal vouchers that you can use at restaurants and bakeries.

However, the experience of paying for lunch is a bit confusing. Employees often ask if the restaurant accepts meal vouchers. Also, if you want to spend more than your daily budget, you need to use two cards.

Swile allows employees to optionally add their personal debit card to the Swile app. If you use it beyond the daily limit, Swile will automatically charge your personal card. This is a better experience for end users.

And this product alone is quite successful. Only four years after its launch, Swile gained a 13% market share in French food vouchers. It competes with well-established companies such as Edenred, Up Déjeuner, Sodexo’s Pass Restaurant and Apetiz. Swile makes money with interchange fees.

In addition to small businesses, the startup has succeeded in persuading large clients such as the supermarket chain Carrefour and France’s 65,000 employees. Other clients include France’s Doctolib, Spotify and Airbnb.

“As we disclosed 18 months ago, our bet on Swile is that we want to use Swile cards to manage employee benefits beyond lunch. Manage all employee benefits. It should help you, “Swile founder and CEO Loïc Soubeyrand told me.

For example, employee representatives usually offer gift cards at the end of the year. Instead of handing out paper checks, employee delegations can add those gift cards to their Swile cards. Employees can then use the same card for lunch and Christmas gifts. Acquired by Swile Sweebana For that part of the business.

Similarly, Swile will soon be able to carpool between home and office, subscribe to public transport, and pay for bicycles. In France, this is an early market as companies need to contribute to sustainable mobility spending from January 1st.

“This is the great thing about unification. You don’t need five different cards to manage the five different benefits,” Soubeyrand said. Enterprises also don’t need five solutions with five different suppliers.

Image credit: Swile

From super card to super app

In addition to Swile Cards and their transaction revenue, startups want to improve internal communication, perform anonymous surveys, and build apps to collect feedback from employees. This has the potential to open up some revenue opportunities with a software approach as a service and monthly subscriptions.

The company has been testing the app in beta for the past 12 months and should soon be available to Swile clients. Swile has acquired Briq with expertise in the field.

In the future, you can imagine small businesses also managing corporate spending from Swile. You don’t necessarily need a full-fledged individual solution to manage your expenses when you’re just getting started.

Second, Swile also has ambitious international goals. Brazil is by far the largest market for employee benefits. With the acquisition of Vee Benefícios, Swile now has 120 employees in São Paulo and wants to turn Brazil into a major market.

By 2022, Swile wants to hire 500 employees. The size of the company will be doubled. There is also more international expansion. Mexico, for example, looks like another promising market. Even if these international bets take time to pay off, Swile is still in its infancy in the domestic market. It still has a lot of small market share and room for growth.

Image credit: Swile

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

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