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After arriving in Mexico, Colombia and Ecuador, now the Chilean unicorn Betterfly starts operations in Spain. All this after the insurance startup bought the Valencian fintech Flexoh, a company dedicated to “flexible retribution,” as the model in which employees voluntarily choose to receive part of their salary in products and benefits is known.
The amount of the transaction was not disclosed. However, Betterfly’s arrival in Europe is part of the startup’s expansion plan, which aims to reach more than 100 million people by 2025 and which Lucas Melman, the company’s country manager for Mexico, told Contxto a few weeks ago.
How will the acquisition of Flexoh benefit the company?
It is an M&A (Mergers and Acquisitions) transaction, the first Betterfly has executed in Europe, and is subject to confirmation by the regulatory bodies.
“Adding Flexoh to our ecosystem is a major milestone, where in addition to entering the flexible benefits market, we take our first step in Europe,” said Eduardo della Maggiora, CEO and founder of Betterfly in a statement.
This type of operation had already been carried out by the company in Latin America, where it acquired five startups in Chile and one in Brazil, leveraging its growth by 20x.
Betterfly provides companies with life insurance for their workers, whose coverage grows as they register greater healthy habits. They must do this through an app that offers them telemedicine, psychology, nutritionist, fitness, and other benefits. They can also transform healthy activities into donations to social causes. Companies can analyze their team’s data, create shared goals, and use other global features.
With the acquisition of Flexoh, the Chilean company is looking to add other benefits and services that will facilitate some of its financial operations for large, medium, and small companies.
According to its expansion plan, Betterfly will reach Peru, Argentina, Costa Rica, Panama, and the United States in 2022 and 2023.