Employee benefits are changing quickly, and the French firm Swile is leading the way. With a payment card for employee benefits that is revolutionizing the way businesses give rewards to their employees, the company has become a big player in the market in just a few short years. Recent news about Swile has included its merging with the Bimpli division of BPCE and a successful Series D fundraising round. This essay will examine Swile’s development as a startup and its outlook on employee benefits.
Loic Soubeyrand launched Swile in 2018 with the intention of streamlining employee benefits. The primary offering of the business is a payment card for employee benefits like lunch coupons, which are mandated by French law. Swile’s card enables staff to pay for meals at eateries and bakeries as well as other benefits like gift certificates. Employees can simply manage their benefits and keep track of their expenditures thanks to the card’s connection to an app.
Swile’s innovative approach quickly caught the attention of investors, and the company raised €200 million in a Series D funding round in 2021, led by SoftBank Group International. This infusion of capital allowed Swile to continue to gain market share and expand its offerings.
Since its inception, Swile’s revenue has been constantly rising. Together with Bimpli’s income, the company earned €138 million in 2022. Swile’s losses increased to €72 million in the same year, though. This was caused in part by the significant investment round the business had just finished. Despite the losses, Swile anticipates beginning the following quarter with an EBITDA profit. The business is at a turning point and is ready to expand.
Swile currently handles €3 billion in transaction volume per year, making it one of the largest players in the meal voucher industry in France. The company has 5 million users in France and 500,000 in Brazil. Swile’s market share is expected to continue to grow as more companies switch from paper vouchers to payment cards. The company is also looking to expand its offerings beyond employee benefits.
Swile has been testing a corporate travel booking platform since its acquisition of Okarito in 2021. The platform, now rebranded as Swile Travel, is currently available in beta. Swile plans to tap into its existing user base of 85,000 companies to launch this new product. Swile Travel will compete with established players like American Express and Egencia, as well as newer entrants like Navan and TravelPerk.
Swile is also planning to add expense management to its suite of products. This move will position the company to become a major player in the travel and expenses industry. Swile’s goal is to diversify its revenue streams beyond employee benefits, with travel and expenses accounting for at least 25% of its revenue within five years.
Swile’s vision for the future is ambitious and far-reaching. The company aims to revolutionize the way companies provide employee benefits, making it easier and more convenient for both employers and employees. Swile’s payment card and app are just the beginning of this vision. The company is constantly looking for new ways to improve and expand its offerings, with a focus on innovation and technology.
Swile’s founder and CEO, Loic Soubeyrand, is optimistic about the company’s future. He believes that Swile has the potential to become a global leader in the employee benefits industry, with a strong presence in both Europe and South America. Soubeyrand is committed to empowering technological landscapes with diversity and global reach, and he sees Swile as a pioneering change-maker in this regard.
Swile is a startup that is disrupting the employee benefits industry with its innovative payment card and app. The company has already established itself as a major player in France and Brazil, with plans to expand further into the travel and expenses industry. Swile’s vision for the future is one of innovation, technology, and global reach, and the company is well-positioned to achieve its goals. As Swile continues to grow and evolve, it will undoubtedly continue to make waves in the world of employee benefits.
First reported by TechCrunch.
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