I am very happy with this newsletter’s reach. I had no idea it would be such a huge success. For me it is special because I feel each week that I am indeed helping foster the LatAm Tech ecosystem. On one end, founders that are under the radar get the spotlight and funds from across the globe get to know what they are doing. On the other, these funds are able to contact the founders with the help of my newsletter! There is also another positive outcome: established companies that like the story, reach out for a partnership (as seen twice last week). It is a win-win!
Luckily, I continue to receive a good amount of interesting early stage companies to share here. So, even though I said “every other Wednesday” on the first edition, I will send another one today (and every week I feel there is a startup worth sharing with you) but the rule is on a bi-weekly basis here, and a weekly basis for the usual LatAm Tech Weekly 😊
As you know by now, this series is dedicated to very early stage startups that are under the radar – and have a good story to tell. The basic criteria is a company that is not on the media/spotlight and is NOT actively raising proceeds. There is also no bias – apart from the fact that I like the story. I am not an investor or get any financial compensation to promote startups featured. This is intended for informational purposes only, using my solid base of subscribers to share intel of good people doing cool things. If you read this, and want to get to know the founder - feel free to respond and I will happily connect you!
ben.up: a benefits marketplace that aims to help HR engage their employees, without increasing costs and reducing the operational burden.
A benefits startup that presents itself as a fintech and facilitates access to credit and financial services with the best market conditions. ben.up also is a HRTech that delivers an extensive benefits portfolio to employees and operates, at no cost to HR’s, the automation of benefits management and process.
Business Overview:
ben.up is a digital marketplace that offers to their clients’ employees benefits that in turn helps them with personal financial organization, products and services acquisitions, future planning, assets protection and wellness.
The access to the platform is free of charge, and through there employess can purchase the benefits of choice, at any time. The platform is 100% digital and users can access it through multiple channels, according to their preferences.
ben.up created a financial and wellness journey concept: from –100 to +100. The person who is at -100 is the one who has an unconscious debt, which means, they do not know how much they owe, to whom they owe and how to pay off the debt. The person who is at +100 is the one who has its financial life organized and has even managed to guarantee savings during their retirement.
The platform has its products organized into 4 pillars: your pocket (financial products), your future (pension and investment), your dream (house financing and consortia) and your day by day (education products and products that promote wellness).
In addition to the more than 12 benefits available, distributed through more than 20 partners, ben.up platform intends to go further in 2023. The idea is to bring mandatory benefits management into the marketplace, facilitating payroll and benefits operation for the clients. The main goal is to offer more than 20 benefits integrated into HR systems.
Another highlight for next year is the financial journey gamification. The user will be encouraged to go beyond their current financial situation and earn points for doing so. With each new step reached, the employees can exchange their point for discounts on benefits, and dive even deeper into financial awareness, increasing their engagement on the journey from –100 to +100.
In a scenario where more than 78% of Brazilians are indebted, bringing light to the financial journey is a great differential for ben.up. Users can also count on a specialized team to contact via WhatsApp, where they are guided about products and the best option for exchanging debts.
Benefits available on Ben.up:
Payroll loans
Anticipation of FGTS (Brazilian Worker Guarantee Fund) birthday withdrawal
Discount coupons
English Language School
Home insurance
Car insurance
Mortgage
Home equity
Health Assistance
Retirement plan
Car Consortium
House consortium
Key metrics: in just over 10 months of operation, ben.up has already reached the milestone of 100K active users. The balance between a good communication strategy and a relevant set of benefits has generated more than 30% adherence by their clients’ employees in less than 60 days, a higher figure when compared to companies that operate only with payroll loans. This combination has led ben.up to an average monthly growth of 36% in credit origination, with 26% real growth; which means ben.up grows faster than the clients’ employee base.
Management Team:
Manoel Jardim, CEO (Executive Director)
Lucas Mendonça, COO (Director of Marketing and Operations)
Parent companies:
Ben.up is a JV creates by two leading companies in their sectors:
Wiz Co – a complete insurance and financial products business ecosystem that includes channels distribution, management, and operation and focus itself on the creation of flexible and innovative solutions for the sector. Wiz Co generated in 2022 (until 2Q22) more than BRL 1.3 Bi at Insurance Premiums and more than BRL 5.2 Bi at commercialized credit.
LG lugar de gente – In the market for 37 years, LG lugar de gente is the largest Brazilian company specialized in tech solutions for HR. It offers a complete and integrated journey to Human Capital Management. Operating throughout the Brazilian territory, LG lugar de gente has a portfolio of more than 1.8k direct and indirect clients (companies).
I found that the products ofered by Ben.up does not concet with the proposal that is writen at the beggining " ben.up created a financial and wellness journey " and " more than 78% of Brazilians are indebted " There is only one product for saving money all the others are to get into debt. Poducts for saving are missing !!!
Excelente empresa! 😉