Singapore healthcare benefits startup Mednefits raises nearly $6m in series A funding

Employee medical benefits platform Mednefits said it has raised S$8 million (US$5.95 million) in a series A round led by BLoyalty, the operator of digital engagement platform B Infinite.

In addition to the capital infusion, B Infinite will be working with Mednefits to enhance and automate the medical benefits for its clients’ employees across Singapore and Malaysia, according to a statement.

The Mednefits team / Photo credit: Mednefits

Founded in 2014, the Singapore-based Mednefits connects corporations and their employees directly to medical providers through its platform. It tracks and processes medical claims in real time, offering a full suite of healthcare and wellness essentials.

“We will use this investment to grow faster and further in Singapore and Malaysia, while also improving the product’s self-service capabilities by growing our technological know-how,” said Mednefits CEO Chris Teo.

According to a recent Willis Towers Watson survey report, about 69% of employers across Asia Pacific find the rising cost of employee benefits to be a key challenge. Mednefits said it found that conventional employer-sponsored health insurance usually bundles inpatient and outpatient policies together, increasing the cost to employers.

“Digital technologies can help companies address several business and operational challenges,” said Teo. Helping with this is the recently announced Digital Resilience Bonus, a cash grant of up to S$10,000 by the Infocomm Media Development Authority of Singapore that aims to accelerate the digital transformation of local businesses.

To date, Mednefits claims it has connected over 50,000 employees from 500 companies in Singapore and Malaysia to over 2,000 healthcare providers.