Why we invested in Swile
Swile reinvents the corporate lunch time experience.
“In our active life, we spend 70% of our time with our colleagues. It’s more than with our friends and family, so thanks to the technology, we are recreating links between us in order to bring conviviality that is mandatory to be happy and more productive” said Loïc Soubeyrand, founder of Swile.
Meal vouchers are distributed in 35 countries, accounting for a €55B market worldwide. Today in France, 50% of lunches are paid through Luncheon vouchers. Aside, the lunch card market is beginning to structure itself in Anglo-Saxon countries, offering meals to employees. This, when companies want to give the same type of benefits as the big tech companies, but cannot afford an internal canteen.
Paper vouchers make up for 85% of the lunch voucher market in France, and these have a daily repeat, a high lifetime value and low churn levels. 4 million people are expected to switch to a digital version in the coming 3 years. In this market, Edenred, Sodexo, Chèque Déjeuner and Natixis are the main incumbents, and even though they are all big, they are slow and far from offering an up-to-date, digitised value proposition suited for small companies. Swile challenges this market through its engaging app and card, giving employees the lunch experience they deserve!
The latest news is its new name: SWILE that is the contraction of smile at work, with the M swopped in W for work. Swile is the MUST-HAVE app that every company should partner with for employee happiness. In fact, on top of what they already proposed, they had many new services aimed to develop the relationship between employee, such as birthday pots, sport sessions, afterwork organisation, refunds between colleagues….the list is very long, so you better contact them to have more info — just sayin’!
So let’s smile at work!