Swingvy raises Series A bridge round as it expands into insurtech
By Karamjit Singh May 4, 2018
- Funding from venture arm of global insurance company Aviva plc
- Serves over 2,500 businesses and 60,000 users in Singapore, Malaysia, Korea
MALAYSIAN based SaaS (software-as-a-service) HR company, Swingvy, with offices in Kuala Lumpur, Singapore and Seoul, announced yesterday it has raised a Series A bridge financing round (it did not disclose the amount) from Aviva Ventures, the corporate venture capital arm of international insurer Aviva plc. The latest funding follows its April 2017 raised seed round of US$1.1 million (RM4.33 million).
Aviva Ventures’ investment into Swingvy, a HR focused platform until now, comes as the startup expands its services into corporate insurance. This synchs with Aviva Ventures’ mandate as a fund that is looking to partner with companies that can transform the insurance industry.
Swingvy cofounder, Tho Kit Hoong tells DNA that is has just launched on Monday, an Employee Insurance Benefits Management feature for customers in Singapore with the Malaysian launch in a few months with some insurance companies as partners. “Unlike most startups that only focus on purchasing or being aggregators, our key value is automating the entire group plan insurance processes seamlessly for HR admin ease and where employees can submit their claim and view their insurance package. No more paperwork to insurance agent/brokers nor the need of medical card for hospital administration. All this now run within our platform and apps.”
Swingvy’s approach to offering corporate insurance to Small and Medium Corporations (SMEs) is consistent with its objectives as a SaaS company that seamlessly connects and automates HR, payroll and employee benefits on one platform. The company believes this allows businesses to manage the three functions independently with greater flexibility, convenience, and significant savings in cost and time.
Focused on a mobile-first offering, Swingvy has developed a mobile app to ensure users have access to its platform anytime, anywhere, while on the go. This is in stark contrast to manual processes and legacy systems currently used in many SMEs’ HR function and implies strong potential for its platform.
Operating on a freemium model its HR module is free. Clients only need to subscribe to a pay-as-you-use fee for advance features such as payroll and employee benefits management. Swingvy currently serves over 2,500 businesses and 60,000 users across Singapore, Malaysia and Korea.
Tho’s cofounder, Jin Choeh, a Korea, who is also the CEO is excited about their market potential among SMEs, especially in Southeast Asia. “Southeast Asia holds tremendous opportunity for us as many of its 70 million SMEs have strong demand for a cost and time efficient HR solution that is easy to use. Our vision is to enable all SME business owners to put their people first with the help of Swingvy’s integrated and seamless HR and benefits solution. We are thrilled to have Aviva’s support and look forward to tapping their expertise in digital customer experience and insurance as we continue to improve our offering.”
Explaining what attracted them to Swingvy, Fernand Lendoye, managing director at Aviva Ventures, says: “Swingvy has created a compelling and scalable platform that helps business owners and entrepreneurs accelerate their transition into the digital economy. I believe this investment and future collaboration with Aviva will strengthen Swingvy’s market position in a region where HR Tech and InsurTech are still nascent.”
Swingvy is looking to extend its partnership with Aviva beyond this investment. Future collaboration will focus on creating new propositions for its business users in Singapore as Swingvy continues to evolve and redefine the convergence between HR Tech and InsurTech.