Singapore-based employee healthcare platform, Mednefits has raised US$ 5.95M in a Series A funding round held in November 2020, led by Malaysian company BLoyalty.
Proceeds from the funding round will be used by the startup for expanding within Singapore and Malaysia along with improving the technological solutions available on its platform by automating them.
Mednefits was founded in 2014 and is a B2B platform that helps businesses pay attention to the health needs of their employees with its automated, reasonable employee benefits platform. Initially, it offered only medical benefits but has now expanded itself to offer an exclusive range of healthcare and wellness essentials in Singapore and Malaysia. The startup claims to have connected over 50K workforces from 500 companies to over 2k healthcare providers across Singapore and Malaysia.
BLoyalty, with the help of its digital engagement platform B Infinite, will work with Mednefits to improve and automate medical benefits for its clients’ employees across Singapore and Malaysia. According to a press note released by the startup, these benefits will be equal to US$ 13.38M by 2021.
Multiple features offered by the Mednefits’ solution include:
- -Flexible benefits arrangements tailored to the company’s HR policy.
- -Automated healthcare claims for employees and HR with an easy-to-use platform.
- -Easy to manage as real-time data on employee benefits usage and consolidated invoices is given.
- -Convenient access to a full range of health and wellness providers.
CEO of Mednefits Chris Teo said digital technologies can help enterprises tackle business and functional challenges. Mednefits’s cloud-driven platform has numerous businesses of all sizes and a wide network of panel clinics, because of which they are able to offer competitive and flexible corporate healthcare plans while streamlining and automating compensations. He further added that Mednefits’s aim is to lead the employee benefits revolution in Southeast Asia and will utilize the latest investment to grow faster in Singapore and Malaysia, while also enhancing the product’s self-service competences by growing its technological expertise.
Previously, the startup raised US$ 7.4M in funding.
About BLoyalty
BLoyalty is Malaysia’s lifestyle and brand-focused loyalty program that offers customers a range of lifestyle options, products and services. It strives to understand its customers better and provide value-added products and services that distinguish themselves from others in the industry. BLoyalty has its very own BCARD, a loyalty card that gives you BCARD Points (“BPoints”) when you spend or redeem them at any BCARD participating outlet countrywide. You can simply make a purchase, swipe and gather your BPoints, then redeem them for products instantly at over 1200 BCARD participating outlets.
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