Swedish Startup Space

Benify turn over $26 million with its app for handling company cars and gym cards

Written by on October 6, 2015

Swedish Benify keeps growing its cloud-service handling staff-privileges for companies. The goal for co-founder and CEO Markus Kullendorff is to conquer Europe.

Imagine the following: An employee at a company has paid $60 for massage with a part of his or her healthcare subsidy. Next day, said co-worker submits the receipt to the CEO who doesn’t have any greater experience with accounting for employee benefits. The CEO accepts the receipt, sighs and googles the phrase “accounting healthcare subsidy”.

Benify, formerly Flexpay, have specialized in unburdening companies from handling, for instance pensions and healthcare. The companies who are customers at Benify are aided in producing subsidy offers, which later can be reached through Benify’s app or site.

The model has proven successful. The founders have – without making much noise within Stockholm’s internet industry – built up a company which last year turned over $21 million – a growth of 23 percent from last year.

Markus Kullendorff is counting on sales increasing additionally to $26 million this year.

“We are growing because companies think it is important to feature as an attractive employer, why they need to show a professional package with pensions, gym-cards, share-saving programs and whatever it might be. We can fix all those tedious things. Many minor companies don’t even have a HR manager, and lack special knowledge related to this. That’s why they feel it is a relief not having to deal with it”, he says.

Benify has 300 employees and are active in seven countries. Markus Kullendorff says that the next step is to become largest in Europe.

“We think that we have come further in Germany in one and a half year than we have during five in Holland. It has a lot to do with gaining reference clients, in order to have something to show. It becomes a thousand times easier to grow”, the Benify-founder says.

The company has been self-financed since the start and made a profit of $600.000 last year.

Markus Kullendorff is not ruling out external venture capital in the future.

“We are looking at possibilities to throttle up some more. We will see what happens”, he says.

Subscribe to our mailing list