Singapore-based health technology startup CXA Group, which offers an employee benefits and wellness marketplace platform, announced it has raised fresh funding from Thai human resource company Humanica and HSBC, a commercial banking company.
In addition to the funding, CXA Group has signed a Memorandum of Understanding (MoU) with Humanica to integrate its Human Capital Management platform with CXA Group’s platform in Thailand. The MoU between the two companies will result in business and technology integration between Humanica’s leading Human Capital Management solutions and the CXA Group’s platform in Thailand.
The collaboration brings a combined digital HR payroll and employee benefits offering to better serve Humanica’s 3,000 local enterprise customers and their 700,000 employees.
This latest funding will help CXA Group further customize its platform from a software engineering perspective, which can then be white-labelled and used separately by each bank in the Asia region and offered to their base of commercial banking clients.
By white-labelling the startup’s one-stop, self-service platform, employees of the regional banks’ clients will have access to a range of health, wealth and wellness offerings that are personalized based on the individual’s health and life-stage data, via a mobile application. Employees can purchase offerings by drawing down on existing insurance policies provided by their employers and using funds that are then released into the platform’s eWallet to make transactions.
THE LARGER TREND
Last July, CXA Group established the CXA Tech Hub in Vietnam, as a part of the expansion of its technical capabilities to support its growing multi-product capabilities including its proprietary HealthTech ecosystem. In March 2019, CXA Group raised $25M in funding for its regional expansion plans, MobilHealthNews reported. Back in 2017, the startup also secured $25M in Series B funding in a round led by B Capital Group and EDBI.
ON THE RECORD
“The follow-on investment reflects Humanica and HSBC Life’s confidence in CXA’s long-term growth opportunity. It also further backs our unique ability to shift healthcare spend from treatment to prevention, while keeping costs under control. We continue to see overwhelming interest from strategic investors who are excited to work with us to advance our vision of enabling healthier living across Asia and will have more developments to announce in the coming months,” said Rosaline Chow Koo, Founder and Chief Executive Officer, CXA Group.