Mednefits raises RM24m in founding round

Mednefits CEO Chris Teo said digital technologies can help companies address several business and operational challenges.

KUALA LUMPUR: Employee medical benefits platform Mednefits has raised RM24mil (S$8mil) in its Series A funding round.

In a statement issued on Tuesday, it said the funding round was led by BLoyalty Sdn Bhd, owner-operator of B Infinite, a digital engagement platform that serves merchants from various industries and businesses.

B-Infinite will also work with Mednefits to enhance and automate the medical benefits for its clients’ employees across Malaysia, amounting to RM55mil by 2021.

What Mednefits does is that it connects companies and their employees directly to medical providers, through its platform that tracks and processes employees’ claims in real-time, thereby offering automated, affordable and accessible healthcare.

To date, Mednefits 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.

Mednefits CEO Chris Teo said digital technologies can help companies address several business and operational challenges.

“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, ” he said.

Founded in 2014, Mednefits helps businesses take care of their employees with its automated, affordable, and accessible employee benefits platform.