Technology

Swile, new French unicorn

The French start-up Swile announces a new fundraising of 175 million euros from Softbank. This fundraiser (series D) aims to develop its activities beyond salary benefits (including food stamps) and to expand internationally.

Swile is one of the protagonists of the dematerialization of food stamps. Swile claims that it captures 13% of the market for salary benefits for companies in France. The company was launched in 2018 in Montpellier, under the name Lunchr.

Swile raised a Series A round of $ 17.4 million (€ 15 million) in 2018, a Series B round of $ 34.7 million (€ 30 million) in 2019, and a Series C round of $ 81 million (70 million euros) in 2020. The total amount of funds raised is 290 million euros.

French unicorn

This new fundraising assures Swile the status of a French unicorn, that is, its valuation is estimated at more than a billion dollars. Swile is the 19th unicorn produced by the French startup ecosystem.

Swile states that he is working on two new products: an employee pay card and an app dedicated to the employee experience. “Going beyond the lunch break to focus on the day-to-day life of the employees as a whole” is the goal now set for the Montpellier start-up, launched by the former founder of Teads, Loïc Soubeyrand .

“We have become convinced that using technology to bring teams together is the mission that drives us deeply. And that this mission should not be carried out only during the lunch break, but in the daily life of the employees as a whole, from morning to night ”, mentions the company, which today has more than 7,500 client companies, that is to say. a group of 200,000 employees.

Swile plans to double its workforce by hiring 500 people by the end of 2022.

Swile plans to double its workforce by hiring 500 people by the end of 2022, particularly in France, Mexico and Brazil.

“This company is in the process of reinventing the relationship between companies and their employees through the issue of employee benefits,” explains SoftBank’s Michel Combes, who joins Swile’s board of directors. After demonstrating their ability to gain significant market share in France, we are going to help them establish a foothold in Brazil and Mexico, the other two main markets. “

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