Xurpas-backed PH startup Storm Benefits to kick off SE Asia expansion with Indonesia

Philippine tech startup Storm Benefits Inc has said it is expanding into Southeast Asia as it began groundwork for an Indonesia-based entity that it soon plans to operate.

A pioneer developer of a proprietary platform that enables an employee to avail of flexible benefits, Storm Benefits raised up to $4 million (P190 million) in its recent deal with local listed startup Xurpas Inc, which acquired a 51 per cent controlling stake in the company. Storm Benefits is now using the investments as drypowder (or reserves to meet future needs) for both domestic and regional expansion.

The success of its FlexBen platform in the Philippines has driven Storm Benefits to branch out into Indonesia. Only last August, the company set up a local hub in Cebu City.

PH startup Xurpas acquires second tech firm Storm Flex Sys for $4.3m

“The working population of Indonesia is bigger than the whole population of the Philippines. We see its massive manufacturing workforce as a prime market for our system,” said Storm Benefits CEO Peter Cauton.

Storm Benefits’ platform gives customer employees the option to convert unused sick or vacation leaves into “Flexpoints” that can then be used to purchase various items ranging from gadgets, investments, and services from partners and retailers who are part of the programme.

Cauton noted FlexBen has grown to become an effective way for companies to incentivise and engage employees.

Also read: Xurpas buys 51% stake in Globe Telecom’s tech solutions firm Yondu for $19.2m

“The introduction of a flexible benefits programme helps attract great talent, improves retention rates, and increases personnel motivation,” Cauton said.

Unlike the Philippines, however, Indonesia brings a new challenge to Storm Benefits which is the language barrier, as it requires
that they set up the platform in Bahasa, which is Indonesia’s national dialect.

Also read: Accenture acquires former PH startup Cloud Sherpas

“Similar to what we already offer in the Philippines, we want to provide the Indonesian market with flexible benefits that answer their varying lifestyles,” Cauton said. “Ultimately, the benefit goes directly back to the employees, as they are given the option to tailorfit their rewards to their needs.”

Founded two years ago, Storm Benefits’ employee clients in the Philippines have surpassed 15,000 who are mostly from local leading conglomerates, BPOs, and fast-moving consumer goods or FMCG companies both in Manila and Metro Cebu.

Also read:

Xurpas acquires 70% of Seer Technologies

PH startup Partyphile plans SEA expansion backed by 500 Startups

PH startup TheKard raises $373k in funding, to expand MobKard app

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.