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Swile raises USD 78.7 million to help employees manage corporate benefits

Tuesday 23 June 2020 09:33 CET | News

French startup Swile, the startup formerly known as Lunchr, has raised a USD 78.7 million to manage all corporate benefits and improve team building in general for businesses.

The startup first launched a payment card for buying lunch. In some countries/places, companies must contribute to employees’ lunch. Some companies offer a cafeteria, others hand out meal vouchers. Until recently, those meal vouchers were made from paper. However, meal voucher companies started offering prepaid cards that are specifically designed to work in restaurants and stores that participate in the network.

Swile took advantage of that shift to offer a card. For instance, you can associate a debit card with your account so that your debit card is used if you pay for an expensive lunch above your daily limit. There are 210,000 people using Swile across 8,000 companies, according to TechCrunch.

Furthermore, the fintech aims to turn its card into an all-in-one payment solution. Users will be able to spend your gift card budget with your Swile card. Eventually, Swile could offer more ways to manage benefits, such as the ability for companies to pay for part of public transportation subscriptions.

Furthermore, the startup wants to support corporate culture with additional features in the app. For instance, you can celebrate events, create money pots, pay back your co-workers, and create team building events from Swile.

Up next, the company plans to expand to Brazil starting with 2020. In 2021, Swile will look at other European countries for further expansions.
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Keywords: fintech, payments, card, debit card, mobile app, payments, Swile, funding, corporate benefits, P2P payments
Categories: Banking & Fintech | Payments General
Countries: France
This article is part of category

Banking & Fintech