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Swile raises €70 million to conquer new markets

Published August 24, 2020 - 2 mins reading time
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Previously known as Lunchr, Swile, the specialist in dematerializing luncheon vouchers, recently announced a €70 million Series C round of financing to expand its offering to include gift and mobility vouchers, followed by vacation vouchers.

A volume of 400 million euros

Swile entered the meal voucher market in 2018 under the name Lunchr. In concrete terms, the fintech offers employees a payment card accepted in over 220,000 restaurants, bakeries and supermarkets with no time constraints. A personal card can be linked to the Swile account, enabling payment to be made in a single gesture above the daily limit of 19 euros. This feature is notably compatible with Apple Pay and Google Pay.

Less than 3 years after its launch, Swile has already won over more than 8,000 companies and manages meal vouchers for 210,000 employees on a daily basis. It now processes an issue volume of around 400 million euros, corresponding to 7% of a market dominated by four major players: Edenred, Sodexo, UP and Natixis.

Launch of an application dedicated to team life

In a press release published on March 4, 2020, Swile announced the launch of the first app for simply managing life moments between colleagues. Several features are on offer, including: notification of upcoming birthdays, the creation of free online kitty pools, instant reimbursement between colleagues or even group ordering for lunch with several people.

"Modern companies have understood the importance of offering a strong employee experience. Swile is part of this dynamic, helping to strengthen the culture of sharing and cohesion between colleagues," explains its founder and CEO.

Positioning ourselves as the benchmark for employee benefits management

Swile has raised 70 million euros in Series C funding from Index Ventures, Idinvest and Bpifrance to become the must-have application for employees. This round of financing brings the total raised by the startup since its creation to 115 million euros.

Thanks to the funds raised, Swile intends to pursue its development in terms of geographical expansion, starting with Brazil, which represents the world's biggest employee benefits market (15 million employees hold meal vouchers). Above all, the young start-up aims to become the first payment card to bring together all employee benefits. Gift vouchers will be brought on board in September, and mobility vouchers by the end of the year. Employees will then be able to spend these benefits via a single Swile payment card.