Mednefits Secured Series A Fund, Targets 1,500 Panel Clinics in Malaysia

Date : 17-Nov-2020
Location: Kuala Lumpur


Mednefits, an employee medical benefits platform. 

Key Takeaways:

  • Mednefits announced the raise of RM24 million (SGD8 million) in its Series A funding round, led by BLoyalty Sdn Bhd, owner-operator of B Infinite, a digital engagement platform that serves merchants from various industries and businesses.
  • B-Infinite will also work with Mednefits to enhance and automate the medical benefits for its clients’ employees across Malaysia, amounting to RM55 million by 2021.


  • Mednefits connects companies and their employees directly to medical providers, through its platform that tracks and processes employees’ claims in real-time, thereby offering automated, affordable and accessible healthcare.
  • Merchants provide competitive and flexible corporate healthcare plans through the platform, due to the economies of scale.
  • Digitized and automated processes result in lower administrative costs throughout the healthcare value chain.
  • The offerings will also cover corporate medical insurance.
  • The sign-up fee is FOC currently. 

Employee medical benefits platform
employee medical benefits platform



Chris Teo, Chief Executive Officer, Mednefits said,the platform brings together both enterprise users and providers at large scale,resulting in both cost saving and economies of scale for all parties.

Chris Teo, Mednefits
Chris Teo, Mednefits

  • To date, Mednefits has connected over 50,000 employees from 500 companies in Singapore and Malaysia — including 7-Eleven, Fish & Co, and ViewQwest — to over 2,000 healthcare providers.
  • The Malaysian government unveiled support for businesses to automate and digitalise operations during the recent 2021 Budget announcement, with the aim of promoting long-term productivity. Measures include topping up the SME Digitalization Grant Scheme and the Automation Grant by up to RM150 million, as well as extending the Industrial Digitalization Transformation Scheme, valued at RM1 billion, till 2023.

Editor's comments:

  • The offerings target companies of all sizes.
  • It is a platform of empowering companies to have more choices and less vendor lock-in when it comes to providing health benefits to employees.
  • Without using such platform, internal HR team needs to meticulously manage different merchants and paper-works; on the other hand, the platform allows employee health benefits processes to be streamlined with industrial standards and workflows, so that the process can be easily followed-up and continued when there is a change of the HR teams.
  • The investment by Malaysian-based investor will also translate to more market penetration in Malaysia.