Singapore-based employee medical benefits platform Mednefits announced on Tuesday that it has raised S$8 million ($5.95 million) in a Series A funding round led by BLoyalty, a wholly-owned subsidiary of Berjaya Corporation Bhd, which runs consumer marketing, property, and hotel businesses.
“Mednefits’ vision is to lead employee benefits transformation in Southeast Asia. We will use this investment to grow faster and further in Singapore and Malaysia, while also improving our product’s self-service capabilities by growing our technological know-how,” Mednefits chief executive officer Chris Teo said in a statement.
“Digital technologies can help companies address several operational and business-related 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,” he added.
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, the company said.
To date, Mednefits has connected over 50,000 employees from 500 companies in Singapore and Malaysia to over 2,000 healthcare providers, it added.
BLoyalty is the owner-operator of B-Infinite, a digital engagement platform that serves merchants from various industries and businesses, in Singapore and Malaysia. B-Infinite will work with Mednefits to enhance and automate medical benefits for its clients’ employees across the two countries, according to a statement.
Founded in 2014, Mednefits helps businesses take care of their employees with its automated, affordable, and accessible employee benefits platform.
The platform has grown from offering medical benefits to a full suite of healthcare and wellness essentials in Singapore and Malaysia.
As of July 2020, Mednefits has raised S$12 million ($8.92 million) in funding, including S$1 million ($743,897) in a seed round on May 1, 2015, according to business information platform Crunchbase. It claims to have collaborated with more than 2,000 health and wellness partners.