Raising $ 200 million pushes Swile over $ 1 billion in valuation, barely three years after its inception. After a start in dematerialized meal vouchers, the company now wants to expand its activities around improving daily life in business.
Barely three years, and already the ambition to conquer Latin America. Swile, a French company specializing in dematerialized meal vouchers and other corporate financial benefits, has just raised $ 200 million with the ambition of establishing itself in Brazil and Mexico.
She thus joins the club of French unicorns, these companies which exceed a valuation of one billion dollars. Swile also intends to expand its services, to offer a “super app” for employees. Here is what you need to know about this company.
Swile, born under the name Lunchr, was launched in early 2018 by Loïc Soubeyrand. The company offers a Mastercard smart card which enables meal vouchers to be dematerialized and payment at all payment terminals, without any specific prior configuration. With one promise: this card works everywhere.
Since then, the offer has widened by opening up to gift vouchers, mobility aids and soon to holiday tickets. It also allows companies to pay profit-sharing bonuses. Finally, the Swile card makes it possible to associate a bank card on which it will collect the complement for a payment if the sum to be paid exceeds the balance of the Swile account.
Swile also relies on an application, which aims to offer employees many features that keep up to date with daily life in the company: an HR survey service, a messaging service, an online fundraising service, a calendar of corporate events, a reimbursement service between colleagues, etc.
Swile now claims 13,000 corporate clients and 500,000 employees using its services. Its business volume is expected to reach some 850 million euros in 2021. The start-up thus represents 13% of the market in France, dominated by the four historic issuers Endenred, Sodexo, Up and Natixis, condemned in 2019 for cartel.
Last big blow to date, Swile landed his first contract with a CAC 40 company last January. It thus replaces Edenred at Carrefour and is used by the 62,000 employees of the largest private employer in France.
For its first international opening, Swile has chosen the two major global markets in the dematerialized meal voucher market: Brazil and Mexico. To conquer the first Latin American country, it has already bought Vee Benefícios, a Brazilian company that also offers dematerialized payment solutions for employees.
Swile has promised to invest 30 million euros over three years in the Brazilian company which has 90 employees and 750 client companies. It must also double its workforce to bring them to 1,000 employees in order to have the human resources to conquer these new markets.
The social network LinkedIn France has ranked Swile second (behind the insurer Alan) of “the most dynamic young shoots in France”, “capable of attracting the best candidates”. To establish this ranking, it relies on its data, in particular those concerning the interest of job seekers, interactions with the company on the social network or the place occupied by start-ups in the employee transfer window. of choice.
In addition to the professional opportunities offered by this growing company, Swile can highlight that a third of its employees are permanently teleworked, especially among the technical teams. It also highlights its rating of 4.75 / 5 on the Glassdoor site, which allows employees and ex-employees of a company to evaluate it.
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