White label human resource and healthcare platform CXA Group (CXA) announced that it has raised bridge round of funding from Thai HR solutions provider Humanica and HSBC Life, an indirect wholly-owned subsidiary of HSBC.
Humanica has doubled its investment in CXA as a continuation of last year’s convertible note bridge financing.
The company will use the funding to further develop its platform.
In addition to the funding, CXA also signed a Memorandum of Understanding (MOU) with Humanica to integrate its human capital management platform with CXA’s platform in Thailand.
CXA provides a white-label, one-stop, self-service mobile platform that will enable employees to have personalised offerings on health, wealth, and wellness.
Employees can purchase offerings by drawing down on existing insurance policies provided by their employers; they can also use funds that are then released into the platform’s e-wallet to make transactions.
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In the long run, this can help employers to significantly reduce healthcare costs.
CXA Group was founded in 2013 with the mission of transforming the delivery of employee benefits through digitisation and prevention-oriented measures.
It had previously raised US$58 million in total funding from Series A, Series B, and a convertible note round in 2015, 2017 and 2019, respectively.
CXA also offered its brokerage services and health ecosystem platform to build these technical capabilities partnering with ThoughtWorks in January 2019 and established a technology hub in Vietnam for software engineering in July 2019.
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