Swile raises $200 million
French startup Swile has raised a $200 million Series D round from SoftBank. The round values the startup at over $1 billion.
Swile began its journey as Lunchr, which featured a Mastercard and mobile app to replace meal vouchers provided by companies to their employees in the form of booklets in coupons. In 2020, Lunchr rebranded to Swile in order to expand its product offering. Today, Swile allows companies to also incorporate gift and mobility vouchers into the card.
The Swile card comes with an app and employees can choose to link their personal debit cards to the app. This allows employees to use just one card when ordering lunch as Swile automatically charges their personal cards if they spend more than the daily limit.
Last month we covered Benepass, a US-based startup that offers a similar concept. Benepass allows companies to give employees cash allowances for different benefits using a Visa card.