Coverflex

Coverflex, a Portuguese start-up, offers a comprehensive solution for employee benefits management. The platform allows companies to design bespoke employee benefits packages, including health insurance, meal allowances, fringe benefits, and discounts, by aggregating offerings from multiple providers. Companies can set the amount for each benefit, which is then immediately available for employees to utilize. The platform provides centralized tracking of invoices, spending records, and reimbursement requests, as well as access to payroll and accounting reports. Coverflex operates on a subscription-based business model, with plans starting at EUR 7 per month per user.

Key customers and partnerships

As of February 2023, Coverflex claims to have 3,600 clients and 70,000 active users, who use the platform more than eight times a month on average. Its clients include Santander, Natixis, Revolut, and Bolt.

Funding and financials

In February 2023 , Coverflex received a EUR 15 million (~USD 16 million) Series A funding round led by SCOR Ventures. The funds were allocated to expand the company's product-market fit in Portugal and pursue an expansion into Italy.