in general. Index Ventures is leading the round, Bpifrance and Idinvest are likewise getting involved. Index Ventures already led the company’s Series B round.
The business first launched a payment card for your lunch. In France, companies have to contribute to lunch when it’s in the middle of a workday. Some companies use a snack bar with inexpensive meals, others hand out meal coupons.
Till just recently, those meal coupons were constructed of paper. The vast bulk of dining establishments accept those vouchers as a payment approach. Tradition meal voucher business started providing pre-paid cards that are particularly designed to work in restaurants and shops that participate in the network.
With today’s funding round, the company plans to broaden to another popular kind of benefits for French companies– present cards. Every year, employee representatives receive a spending plan from the company. They can choose to support workers in various methods, including by offering gift cards prior to the holidays.
Swile wishes to turn its card into an all-in-one payment service for those particular usage cases. You’ll be able to spend your gift card budget with your Swile card. Eventually, Swile could use more methods to manage advantages, such as the ability for business to spend for part of mass transit subscriptions.
In addition to those fintech services, the company is making the most of the fact that 100% of staff members have a Swile account as it is part of the benefits plan.
The startup wishes to improve corporate culture with extra features in the app. For instance, you can celebrate occasions, produce cash pots, pay back your co-workers and create group structure occasions from Swile. Those functions must enhance retention as Swile is expanding beyond an energy app.
Up next, the company prepares to broaden to Brazil beginning this year. In 2021, Swile will take a look at other European countries for more growths.
Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.
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