Announced in November 2020, the employee medical benefits platform, Mednefits, raised Series A funding round of SGD 8 million, led by BLoyalty Sdn Bhd, owner-operator of B Infinite.
Founded in 2014, Mednefits provides businesses with employee medical benefits platforms to take care of their employees’ medical benefits with its automated, affordable, and accessible platform. Working to build the future infrastructure of employee benefits, the Mednefits platform has grown from offering medical benefits to now a full suite of healthcare and wellness essentials in Singapore and Malaysia.
In an announcement in November 2020, Mednefits shared that it has successfully raised SGD 8 million for its Series A funding round. This funding round was led by BLoyalty Sdn Bhd, owner-operator of B Infinite, a digital engagement platform that serves merchants from various industries and businesses, both in Singapore and Malaysia. B-Infinite will also work with Mednefits to enhance and automate the medical benefits for its clients’ employees across the two countries, amounting to SGD 18 million by 2021.
Employers across Asia Pacific have long found the rising cost of employee benefits to be a key challenge, with 69 percent of them citing it as the top challenge faced. In particular, conventional employer-sponsored health insurance tends to bundle inpatient and outpatient insurance together, thereby increasing the cost to employers. Additionally, healthcare administrators, employers and employees routinely submit and process paper-based claims, inflating administrative costs throughout the healthcare value chain.
Mednefits connects companies and their employees directly to medical providers, through its platform that tracks and processes employees’ claims in real-time, thereby offering automated, affordable and accessible healthcare. To date, Mednefits has connected over 50,000 employees from 500 companies in Singapore and Malaysia — including 7-Eleven, Fish & Co, and ViewQwest — to over 2,000 healthcare providers.
Chris Teo, Chief Executive Officer, Mednefits said, “Digital technologies can help companies address several business and operational challenges. By having businesses of all sizes on Mednefits’ cloud-based platform, and an expansive network of panel clinics, we are able to offer competitive and flexible corporate healthcare plans, while simplifying and automating reimbursements.”
A Digital Resilience Bonus was announced, as part of the Fortitude Budget, earlier this year, to help subsidise the cost of adopting digital solutions for local businesses. Starting with the retail and F&B sectors, businesses can receive up to SGD 10,000 in pay-outs to accelerate their digital transformation, including digitalising their HR and payroll processes.
“Mednefits’ vision is to lead the employee benefits transformation in Southeast Asia. We will use this investment to grow faster and further in Singapore and Malaysia, while also improving the product’s self-service capabilities by growing our technological know-how,” Mr Teo concluded.