Medical benefits platform Mednefits raises S$8m led by B Infinite owner

MEDNEFITS, an employee medical benefits platform, has raised S$8 million in Series A funding led by BLoyalty Sdn Bhd, the owner-operator of B Infinite, a digital engagement platform that serves merchants from various industries and businesses in Singapore and Malaysia.

The latest round brings the startup's total funding raised to S$12 million.

B Infinite will also work with Mednefits to enhance and automate the medical benefits for its clients' employees across the two countries. Mednefits said the benefits will amount to S$18 million by 2021.

The startup, which is based in Singapore, connects companies and their employees to medical providers. Its platform tracks and processes employees' claims in real time. To date, Mednefits said it has connected over 50,000 employees from 500 companies in Singapore and Malaysia, including 7-Eleven, Fish & Co and ViewQwest, to over 2,000 healthcare providers.

The company noted the concern of rising cost of employee benefits among businesses. Conventional employer-sponsored health insurance tends to bundle inpatient and outpatient insurance together, while healthcare administrators, employers and employees routinely submit and process paper-based claims, inflating administrative costs.

Chris Teo, chief executive of Mednefits, said: "By having businesses of all sizes on Mednefits' cloud-based platform, and an expansive network of panel clinics, we are able to offer competitive and flexible corporate healthcare plans while simplifying and automating reimbursements."

The startup plans to have over 2,500 panel providers across Singapore and Malaysia by Q1 of 2021.