Swile offers an all-in-one benefits card

Swile has entered into a partnership with Enfuce, a Banking-as-a-Service company. The French unicorn will take advantage of Enfuce's solution to offer an all-in-one card for employee benefits. This card is a real advantage for companies, which will be able to meet the needs of their employees, as well as for Swile, which wants to stand out in an expanding market.

FACTS

• Swile has teamed up with Enfuce to offer a more comprehensive benefits card.
• Thanks to the technology developed by the Finnish scale-up, Swile's new universal card will integrate functions such as :
• Management of luncheon vouchers, as previously;
• Gift voucher management;
• Travel expense management;
• Enfuce's all-in-one card is highly controllable. Employers can configure cards to suit their individual needs, and thus offer their employees a payment solution tailored to their activities.
• The card settings can be used directly to approve or reject transactions according to location, day or other criteria, as is already the case with restaurant cards, fuel cards, etc.
• Like a payment card, the cards offered can be physical or virtual, work online and in stores, and are compatible with digital wallets.

CHALLENGES

• A product tailored to expense management: Swile's solution provides a global view of card and funds usage by the employee. The application offers reporting directly linked to the account, enabling the employee to check that funds are being withdrawn from the right registers.
• An advantage for companies: The subject of employee benefits is becoming increasingly important within companies. Employees are demanding more and more, but companies are finding it hard to make the most of all the benefits they already offer their staff. This type of product is therefore a good way of ensuring that benefits are fully utilized. It's also a powerful argument for companies when recruiting and retaining talent.

MARKET PERSPECTIVE

• Swile and its competitors still have plenty of room for growth. In fact, according to fintech, the global market for employee benefits, luncheon vouchers and the like, will grow from $232 billion today to $407 billion by 2032. This partnership shows that Swile wants to make a difference now, by consolidating its offering and providing solutions that are easy to use, secure and comprehensive.
• However, Swile is not the first company on the market to offer this type of innovation. L'Atout, a French start-up that recently entered the market, offers a similar service aimed at enhancing the value of employee benefits within companies.
• On the international front, Benepass raised 20 million euros in the United States in February to further develop its universal benefits card solution. In particular, the start-up wanted to develop AI within its offering.