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Swile Startup Gains Unicorn Status by Raising US$ 200 Million; This Could Mean More Jobs in Brazil’s IT Sector in the Coming Years
The human resources startup, Swile, has achieved unicorn status after raising US$ 200 million in its Series D funding round, increasing the company’s valuation to over US$ 1 billion. In Brazil, this investment is expected to translate into more jobs. “Our expectation is to expand the company’s workforce to a total of 700 employees in Latin America by 2022,” says Soubeyrand.
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Swile started as Lunchr, which offered a Mastercard and a mobile app to replace meal vouchers given by companies to their employees in the form of coupons. In 2020, Lunchr changed its name to Swile to expand its product offering. Today, Swile also allows companies to incorporate gift and mobility vouchers into their cards.
In the past 4 years, the company claims to have gained 13% market share in France’s corporate benefits sector. After integrating its services with well-established tech companies such as Doctolib, Spotify, and Airbnb, Swile now offers benefits to companies of all sizes and sectors – from small businesses to France’s largest private company, Carrefour.
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Currently, the company operates in France and the Brazilian market with approximately 500 employees, 500,000 users, and 15,000 corporate clients, including Carrefour, Le Monde, PSG, Airbnb, Spotify, Red Bull, and TikTok.
Funding Received Will Be Invested in Cutting-Edge Technologies
The startup states that the revenue from this round will help advance its technology and expand internationally. Swile will also launch new digital solutions with its two main products, including the Swile card – the all-in-one payment solution and the Swile app – the “superapp,” initially just for employees. The Swile Card is a smart card that manages all corporate benefits, such as meal vouchers, gift vouchers, mobility, and more.
The company states that other benefits like vacation vouchers, salary advances, and more will be added in the coming months with the aim of making the Swile Card the preferred card for employees who wish to manage their corporate expenses.
After being in beta for the last 12 months, the company promised to officially launch the Swile App, an application dedicated to employee experience, soon. The app’s features focus on training and team cohesion, with internal communication, recognition, and praise among team members.
1,000 New Employees by the End of 2022
To expand internationally and further accelerate growth, Swile startup emphasized that it will continue to seek the best talent and intends to recruit 500 employees by the end of 2022, in Brazil and France, doubling the size of the company.
These new talents will help maintain Swile’s organization, which has a workforce distributed throughout France – 25% in Paris, 25% in Montpellier, 25% remote, and another 25% in Brazil. The company claims that its local roots in the Occitanie region in southern France have already created 150 jobs and contribute to the appeal and development of the region.
“The fact that Swile has become our 19th unicorn is a shining symbol of how far French technology has come. In just a few years, startups have been engines of growth and job creation throughout the country. In 2017, the French tech ecosystem had only 3 major startups. Now it has 19,” highlighted Cédric, Secretary of State for Digital Affairs.
Recent Investments in Brazil
At the beginning of 2021, Swile acquired the startup Vee Beneficios for its launch in Brazil, the world’s largest employee benefits market. Currently, there are 120 Swile employees operating in São Paulo.
With nearly 50 million employees eligible for benefits and a digitization rate of almost 100%, Brazil represents an exponential growth opportunity for the startup, and the promise is that by the end of 2022, 700 new job opportunities will be generated.
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