CXA Secures $25M Series C Funding Led by HSBC to Upgrade Employee Health Insurance Platform

VCBeat (WeChat Official Account: vcbeat) has learned that CXA, an employee health benefits platform, recently announced the completion of a $25 million Series C funding round. Investors in this round include HSBC, Singtel Innov8, MDI Ventures, and Sumitomo Corporation Equity Asia, among others. The raised funds will be used to upgrade the employee health benefits platform.

CXA is a health insurance platform providing employee benefits, established in 2013 and headquartered in Singapore. The company offers users a SaaS platform where they can undergo health screenings, assess lifestyle risks, and retrieve claims data. CXA has designed data-driven health and disease management programs to help employees maintain their well-being.

In addition, the company collaborates with insurance providers by implementing solutions that maximize benefits for both users and insurers, thereby negotiating lower future premiums in advance. According to the CXA website, CXA’s benefits and health platform is highly popular in Asia, particularly in Singapore and Hong Kong, China, where it holds a local market share of over 75% in Singapore.

Unlike other employee benefits platforms on the market, CXA can collect employee data to provide benefits that are better tailored to their individual needs. This means that employees who already have insurance coverage can exchange their redundant coverage for other benefits on the CXA platform. Providing employees with the benefits they truly need not only enhances employee satisfaction but also helps companies reduce costs. Furthermore, CXA’s fully digitalized platform saves businesses the time required to process paper documents. Additionally, by integrating user health data, CXA can offer personalized health recommendations.

“We thank our investors for their continued support of CXA. We will continue to break new ground and deliver better services to our users. CXA believes that, through the joint efforts of the government, investors, and users, the healthcare industry will continue to improve, and people’s standard of living will keep rising,” said Rosaline Koo, Founder and CEO of CXA.

HSBC is a subsidiary of HSBC Holdings plc, headquartered in London, United Kingdom, and was established in 1991. HSBC is one of the largest banking and financial services organizations in the world. With deep-rooted business foundations and an international network spanning the globe, HSBC operates approximately 7,500 offices across 87 countries and territories in Europe, Hong Kong, other parts of the Asia-Pacific region, the Middle East, North America, and Latin America. HSBC primarily markets its products and services to two main customer segments (Personal Banking and Commercial Banking) and two global businesses (Global Banking and Markets and Global Private Banking).

Singtel Innov8 is the venture capital arm of the Singtel Group. Established in 2010 and headquartered in Singapore, it primarily invests in innovative enterprises and companies in high-growth stages.

MDI Ventures is a venture capital firm headquartered in Jakarta, Indonesia, established in August 2015. The firm primarily operates in Singapore and Silicon Valley.

Sumitomo Corporation Equity Asia is a venture capital firm established in Hong Kong in 2002. The firm primarily invests in startups and innovative companies.

(Compiled by Hu Xuan)