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Swile raises $78.7 million for its corporate lunch card and benefits app

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Swile raises $78.7 million for its corporate lunch card and benefits app

French startup Swile, the startup previously often known as Lunchr, raised a $78.7 million (€70 million) Series C spherical a number of months in the past. The startup needs to handle all of your company advantages and enhance group constructing basically.

Index Ventures is main the spherical, Bpifrance and Idinvest are additionally collaborating. Index Ventures already led the corporate’s Series B spherical.

The firm first launched a fee card in your lunch. In France, corporations should contribute to lunch when it’s in the course of a workday. Some corporations provide a cafeteria with low cost meals, others hand out meal vouchers.

Until lately, these meal vouchers had been made out of paper. The overwhelming majority of eating places settle for these vouchers as a fee technique. Legacy meal voucher corporations began providing pay as you go playing cards which can be particularly designed to work in eating places and shops that take part within the community.

Swile took benefit of that shift to supply a card that works higher than what legacy gamers provide. For occasion, you possibly can affiliate a debit card along with your account in order that your debit card is used in the event you pay for an costly lunch above your every day restrict. There are 210,000 individuals utilizing Swile throughout 8,000 corporations.

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With as we speak’s funding spherical, the corporate plans to increase to a different widespread kind of advantages for French corporations — reward playing cards. Every yr, worker representatives obtain a funds from the corporate. They can select to assist staff in numerous methods, together with by providing reward playing cards earlier than the vacations.

Swile needs to show its card into an all-in-one fee answer for these particular use circumstances. You’ll be capable of spend your reward card funds along with your Swile card. Eventually, Swile might provide extra methods to handle advantages, resembling the flexibility for corporations to pay for a part of public transportation subscriptions.

In addition to these fintech providers, the corporate is benefiting from the truth that 100% of staff have a Swile account as it’s a part of the advantages package deal.

The startup needs to enhance company tradition with extra options within the app. For occasion, you possibly can have a good time occasions, create cash pots, pay again your co-workers and create group constructing occasions from Swile. Those options ought to enhance retention as Swile is increasing past a utility app.

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Up subsequent, the corporate plans to increase to Brazil beginning this yr. In 2021, Swile will take a look at different European international locations for additional expansions.

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