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Swile raises $200 million with Softbank and reaches unicorn status

French scaleup Swile, founded in 2018 by Loïc Soubeyrand, announced today its fourth round of funding (series D) in 4 years for $200 million. The worktech is gaining traction not only by becoming the 2nd* fastest French tech company to reach this status, but also surfacing as one of the only French unicorns rooted outside the capital city of Paris.

This series was led by Softbank, the world's largest Tech fund (Uber, WeWork, Revolut, Slack etc.) and Michel Combes, chairman of Softbank International Group and former chairman of Alcatel-Lucent and SFR-Numericable.
Previous Swile investors Eurazeo, Index Ventures, Bpifrance Large Venture, as well as newcomer Headline, also participated.

This ambitious fundraising aims to focus on Swile's technological advancement and further international expansion.

“The fact that Swile has become our 19th unicorn is a shining symbol as to how far French Tech has come. In just a few years, startups have been engines for growth and job creation across the country, like Swile in Montpellier. In 2017, the French Tech ecosystem had just 3 unicorns. Now it has 19 and is expected to exceed €10 billion in funds raised in 2021. These exceptional results are in large part due to the creativity of our entrepreneurs and also the constant support from the Government towards these strategic technological advances and the French economy. The success of Loïc Soubeyrand and his team, in the space of a few years and in a sector that was essentially closed to new players, embodies the spirit of innovation and boldness that are at the heart of entrepreneurship,"

said Cédric O, Minister of State for Digital Transition and Electronic Communication

Swile to become the global leader in employee experience 

In just 4 years, Swile managed to conquer 13% of the French corporate benefits market. After having first integrated its services with well-established tech companies such as Doctolib, Spotify, and Airbnb, Swile now provides benefits to companies of all sectors and sizes, ranging from small businesses to the largest private company in France, Carrefour.

Swile is now looking to expand its scope beyond corporate benefits by continuing to launch new digital solutions with 2 main products:

  • Swile Card: the all-in-one payment solution
    Swile Card is a smartcard that manages all corporate benefits (meal vouchers, gift vouchers, mobility, etc.). Other benefits will be added in the coming months (holiday vouchers, salary advances, etc.), with the goal to make Swile Card the go-to card for employees to manage all corporate expenses (benefits, business expenses and payments between colleagues).

  • Swile App: the employee super-app
    After being in beta for the last 12 months, Swile will soon officially launch Swile App, a super-app dedicated to the employee experience. Swile App features focus on team building and cohesion with internal communication, recognition and praises between colleagues. There are also measuring tools and insights for companies, such as anonymous surveys and feedback.

    These are all decision-making tools that will be supplemented in the months to come by indicators monitoring the social performance of organizations, an increasingly important element in the ESG rating ofcompanies

    Latin America, Swile's top market by 2024

    In early 2021, Swile acquired the startup Vee Beneficios for its launch in Brazil, the world's largest market for employee benefits. There are now 120 Swile employees operating in Sao Paulo. With nearly 50 million employees eligible for benefits and a digitizationrate nearing 100%, Brazil represents an exponential growth opportunity for Swile.

    For its Series D round, Swile was looking for a global investment fund with a deep understanding of Latin America, and specifically the employee benefits market. Softbank was at the top of the list. 

"Softbank has just announced a new $3 billion fundingdedicated to Latin America in addition to the already existing $5 billion. This new fund lets us continue and expand our investments in this geography. We are delighted to help Swile become the global leader it aims to be in the coming years by accelerating its development in Latin America."

said Michel Combes, President of SoftBank Group International (SBGI).

1 000 employees by the end of 2022

To reach this goal, Swile will continue to seek out top talent and recruit 500 employees by the end of 2022 in Brazil and France, doubling the size of the company.

"With this $200 million round of funding, we have acquired additional resources and a first-class partner to continue to disrupt established models and bring our ambitious mission to life: creating a fulfilling world of work.”

Loïc Soubeyrand, CEO of Swile

These recruitments 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. Swile's local roots in the southern French region of Occitania have already created 150 jobs and contribute to both attractiveness and development in the area.

Swile in a nutshell:

  • Swile is a worktechcompany launched in 2018 by Loïc Soubeyrand (co-founder and ex-CEO of Teads, sold to Altice in 2017).
  • The company raised €15 million (seed/series A) in 2018, €30 million (series B) in 2019, €70 million (series C) in 2020 and €175 million (series D) in 2021.
  • Swile offers an all-in-one card that brings together employee benefits (meal vouchers, gift vouchers, mobility benefits, etc.) and an app dedicated to employee engagement.
  • The company operates in two countries (France and Brazil) and has 500 employees, 500,000 users and 15,000 corporate clients (including Carrefour, Le Monde, PSG, Airbnb, Spotify, Red Bull and TikTok).

Press contacts:

Franck Pasquier – fpasquier@image7.fr – +33 6 73 62 57 99

Charlotte Mouraret – cmouraret@image7.fr – +33 6 89 87 62 17

After France, Swile launches in Brazil by acquiring the start-up Vee Beneficios

  • Swile invests 15 million euros (BRL 100M) for the acquisition of Vee and the development of its services in Brazil.
  • As a newcomer in a market that is 82% dominated by incumbent players such as Alelo, Edenred and Sodexo, Swile's ambition today is to duplicate its successes in France to bring new dynamic into the world's largest market for luncheon and meal vouchers.
  • 90 employees join Swile’s workforce and 400,000 employees worldwide now use Swile services.
  • Since June 2020’s €70M fund raising, this is Swile's third external growth operation after the acquisition of Sweevana (offer for work councils) and Briq (employee advocacy).

    Created in 2018 by Rafael Machioni, Eduardo Haidar et Marcelo Ramos, Vee employs 90 people and offers dematerialized meal voucher services to active Brazilian workers. Among the 750 companies that selected Vee, Whirlpool, Burger King, Ambev, Boticario or IPG are a few examples.

    Vee, a company in hyper growth (+17% in 2020), quickly attracted Swile’s attention, after its fund raising of €70M in June 2020, and in its desire to extend services internationally.

    The €15 million agreement was finalized in January 2021 and let Swile acquire Vee, develop its services, accelerate the technological development and recruit new staff in order to reach a leading position into the Brazilian market.

    Already present in France (the world's second largest market for luncheon vouchers) and thanks to this operation, Swile is making its entry into the world's largest market. With nearly 50 million active workers, Brazil is a playground where employee benefits, particularly those concerning food/meal and luncheon vouchers that are 100% dematerialized.

    Swile's expertise and its success in France will therefore help boost this market in which mainly incumbent players were active for decades (82% market share compared to 18% for newcomers including Vee).

    After gaining a 10% market share in France and winning one out of every two dematerialization contracts lately, Swile is fulfilling its international ambition and achieving one of the objectives set at the time of its third round of funding of €70M in June 2020.

    The merger of the two companies will take place throughout the year 2021, which will also represent for Swile the first year of profitability, only 3 years after its creation. 

    In 2021, the company should therefore reach a €1 billion volume of transactions in the field of employee benefits and will continue to develop the second set of offers regarding employee advocacy.

    Having joined the Next 40 a few days ago and after two acquisitions in September and November 2020, Swile thus continues its dynamic of development.

“Our recent fund-raising has enabled us to achieve two of our strategic objectives: external growth and international expansion. I am delighted today to announce that Vee is joining Swile and let us launch services in Brazil. As the world's largest market for luncheon vouchers, Brazil offers Swile significant development potential and exciting possibilities to write a new page in the company's adventure”

Loïc Soubeyrand, Founder and CEO - Swile.

"Vee Beneficios and Swile share the same values linked to corporate culture and the same objective of building a very complete and innovative product, in the Brazilian market but also throughout the world. Over the next three years and hand in hand with the Swile teams, we will put all our efforts to improve the lives of employees, users and customers ”

Raphael Machioni, co-fondateur et CEO - Vee Beneficios.

Swile in a nutshell:

  • Swile is a start-up launched in 2018 by Loïc Soubeyrand (co-founder and ex-CEO of Teads, sold to Altice in 2017).
  • The company raised €11M (Series A) in 2018, €30M (Series B) in 2019 and
    €70M (Series C) in 2020.
  • Swile is a card that brings together employee benefits (meal vouchers and gift vouchers) and an application dedicated to employee engagement.
  • The company has over 400 employees, 400,000 users and 12,000 corporate customers (including Carrefour, Le Monde, PSG, Airbnb France, Spotify, Red Bull and TikTok).

The Brazil meal voucher market in a few numbers:

  • The world's largest market for meal vouchers: 50 million active workers, 270,000 companies are part of the government's food program (and thus offer benefits to 6 million employees).
  • Average amount of vouchers: 50 BRL or €7.60.
  • Average price of a lunch: 35 BRL or €5.32.
  • 100% of the market is dematerialized because the meal voucher works in the form of receipts.
  • No daily spending limit, the credit is made per month and employees spend them how they want (within the limits of the food and meal restrictions and regulation in place).
  • Donations on this credit are allowed.
  • Economic figures for the Brazilian food industry: in 2017, €19.7 billion. In 2020, €23.4 billion (including €12.9 billion for restaurant/meal/food vouchers).
  • Market shares: Alelo (29%), Edenred (27%), Sodexo (26%) and newcomers such as Vee, Flash and Caju complete the market (18%).

Press contacts:
Franck Pasquier – fpasquier@image7.fr – +33 6 73 62 57 99
Charlotte Mouraret – cmouraret@image7.fr – +33 6 89 87 62 17

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