Benjamin Tan 4 May, 2018
Online HR platform, Swingvy, has finalized a bridge financing round via Aviva Ventures, the venture capital arm of global insurer Aviva PLC.
This is Aviva Ventures' 3rd investment in Asia, paving its way to enhance the insurance industry by investing in transformational companies.
As a Software-as-a-Service company that connects and automates Human Resource, payroll and employee benefits on one platform, Swingvy allows businesses to manage these tasks with greater flexibility, with significant savings in cost and time.
The platform is designed to be simple and user friendly for everyone, particularly for small-and-medium enterprises (SMEs) in Asia, which is a stark contrast to legacy systems and manual processes currently used in many traditional businesses.
Swingvy's platform operates on a freemium business model.
The core HR module is free to use, and advance features such as payroll and employee benefits management can be unlocked through a pay-as-you-use subscription.
Predominantly favoured by SMEs, Swingvy currently serves over 2,500 businesses and 60,000 users across Singapore, Malaysia and Korea.
"At Swingvy, we believe people are the most important asset of any business, and do their best work when they feel empowered. Southeast Asia holds tremendous opportunity for us as many of its 70 million SMEs have strong demand for a cost and time efficient HR solution that is easy to use. Our vision is to enable all SME business owners to put their people first with the help of Swingvy's integrated and seamless HR and benefits solution. We are thrilled to have Aviva's support and look forward to tapping their expertise in digital customer experience and insurance as we continue to improve our offering.", mentioned Jin Choeh, Co-Founder and CEO at Swingvy
Beyond this investment round, Swingvy is seeking to extend its partnership with Aviva to further enhance its offering and develop new propositions to its Singapore-based enterprise users by redefining the convergence between HR Tech and InsurTech.
"Swingvy has created a compelling and scalable platform that helps business owners and entrepreneurs accelerate their transition into the digital economy. I believe this investment and future collaboration with Aviva will strengthen Swingvy's market position in a region where HR Tech and InsurTech are still nascent." says Fernand Lendoye, Managing Director at Aviva Ventures.