Swile, Scale-Up specialized in salaried advantages, experienced a large-scale strategic change in two years. During the tightening of the capital market in 2022, the company chose to acquire Bimplica subsidiary of the group BPCEby using a less conventional approach: the deprivation of Reverses Merger (Prem). This choice has profoundly changed its financial dimensions and its positioning on the market.
Before this operation, Swile displayed rapid organic growth, carried by an offer of dematerialized restaurants for SMEs, but remained in deficit with a turnover of less than 50 million euros. The acquisition of bimpli allowed him to cross a decisive course. As early as 2023, the group’s operational turnover reached 153 million euros, a multiplication by four, mainly distributed between the restaurant titles (€ 96.5 million), gift vouchers (€ 38.2 million) and interchange and mobility services (€ 13 million). The client portfolio has expanded to 85,000 companies, including now strategic references such as France Work, the Ministry of Economy and Finance, and SNCF, won on public tenders, with contracts up to eight years for some.
The effects of this transformation confirmed in early 2024. On the first half, Swile displayed a positive ebitda of 23 million eurosagainst an operational loss of 11 million a year earlier. The net profit is also ironed in positive 8 million euros. These results are explained by the effect of immediate scale linked to the integration of bimpli, the increase in the volume of transactions on its multi-disposal cards, and a progressive rationalization of operating expenses.
The technical integration of bimpli required the unification of payment platforms and the gradual migration of customer databases, without interruption of existing services. Swile has also harmonized its reserved fund management processes, representing near 593 million euros At the end of 2023, in accordance with the regulatory obligations applying in particular to the restaurant titles issued under the aegis of the National Commission for Restaurant Titles. This consolidation made it possible to optimize the margins on Interchange, while maintaining a strict control of the risks linked to fiduciary management.
The diversification engaged with the acquisition of Okarito, a specialist in the management of professional travel, also contributes to expanding the group’s activity base. In 2023, Okarito recorded a turnover of 37.6 million euros, up 51 % over one year. Its intermediation structure allows it to display a theoretical gross margin of 100 %, without exposure to the risk of stock. Despite a significant reduction in its losses (EBITDA at -300 K € against -4.26 million € in 2022), the company remains slightly in deficit, with negative equity and a significant working capital need.
However, several elements call for careful analysis. If the progression of the EBITDA constitutes an encouraging signal, it is essentially based on the mechanical effect of the PREM. Purely organic growth, excluding acquisition effects, remains modest and difficult to isolate, especially on new segments such as business trip. In addition, the weight of fixed charges remains high: staff costs have represented nearly 99 million euros In 2023, a level that required continuous turnover growth to be sustainable in the medium term.
Exposure to the Brazilian market is another source of attention. Representing approximately 5 % of the consolidated turnoveractivity in Brazil is faced with increasing regulatory uncertainty. A recently mentioned reform project proposes to replace the restaurant titles with direct monetary payments, which could weaken the local economic model of Swile.
Finally, the capital structure resulting from the rapprochement with BPCE, with 22 % of the capital detained And a convertible loan, raises the question of the strategic autonomy of the group in the medium term, in particular with a view to an IPO or a new fundraising.
In a market historically dominated by Edenred, Pluxee (ex-Sodexo Benefits & Rewards) and Upcoop, swile dynamics modify the balances. The acquisition of bimpli allowed him to accelerate his passage from the SME segment to that of the large accounts, on which the competition is more structured and the expectations in terms of reliability and higher compliance. Edenred, whose capitalization exceeds 6 billion euros, retains a significant advance, particularly in terms of international coverage and operational efficiency. Pluxee, recently introduced on the stock market, also continues its transformation by expanding its digital offer. Faced with these historical players, Swile focuses on its technological innovation capacity, a more fluid user approach, and a diversification of its services to differentiate itself. Its medium -term success will depend on its ability to support this dynamic of innovation while reaching profitability and execution standards comparable to those of its more mature competitors.
Since its creation in 2018, the company has raised approximately 300 million euros. After finance to start 2.5 million eurosfollowed by a Series A of 11 million euros in 2019 and a B series of 30 million euros In 2020, she strengthened her means in early 2021 by a C series of 70 million euros. The change of scale intervened in the fall of 2021 with a series D of 200 million dollarsled by Softbankaccompanied by Eurazeo, index Ventures, Bpifrance Large Venture and Headline.
Swile addresses a new phase of its development. Operation Bimpli offered him the opportunity to strengthen his position, expand his customer portfolio and improve his financial fundamentals. The company’s ability to maintain sustainable profitability, to continue its diversification and to rigorously manage its external risks will constitute the determining issue of the period 2025-2026.
