CXA Group announces funding
CXA Group, “Asia’s first employee ecosystem platform for better health, wealth and wellness choices,” announced that it has raised a new round of funding from Humanica, Thailand’s leading HR solutions provider, and HSBC Life (International) Limited, an indirect wholly-owned subsidiary of HSBC Holdings plc. In addition to the funding, CXA has signed a memorandum of understanding with Humanica to integrate its Human Capital Management platform with CXA’s platform in Thailand.
Founded in 2013, CXA achieved revenue growth of 50% in 2019 and it has raised $58 million prior to this most recent round of funding. The CXA and Humanica MOU will result in business and technology integration between Humanica’s Human Capital Management solutions and the CXA platform in Thailand. The collaboration brings a combined digital HR payroll and employee benefits offering to better serve Humanica’s 3,000 local enterprise customers and their 700,000 employees. Through the aggregation, anonymization and analysis of digitized health, life-stage and payroll data, the offering from CXA and Humanica helps employers get to the root cause of their workforces’ health issues and design specific interventions. This can include corporate wellness and disease management initiatives that will have a significant impact on cost and health improvement and reduce future spending on chronic diseases.
“The follow-on investment reflects Humanica and HSBC Life’s confidence in CXA’s long-term growth opportunity. It also further backs our unique ability to shift healthcare spend from treatment to prevention, while keeping costs under control. We continue to see overwhelming interest from strategic investors who are excited to work with us to advance our vision of enabling healthier living across Asia and will have more developments to announce in the coming months.” – Rosaline Chow Koo, founder and CEO of CXA Group.
“CXA’s innovative use of analytics helps our enterprise clients effectively manage their healthcare costs and promote their employees’ well-being. This combined payroll, employee benefits and health ecosystem platform offering will be an essential part of HR and employee experience transformation for our corporate and SME customers in Thailand, and we believe it will be the first of more value-adding integrations involving CXA.” – Soontorn Dentham, CEO, Humanica.
