Swingvy raises $1.1M to offer HR workers in Southeast Asia a break from paperwork
Human sources paperwork is rarely enjoyable to handle—particularly if it’s actually on paper. Swingvy co-founder Jin Choeh says that in Southeast Asia, many small companies are nonetheless caught with bodily spreadsheets and piles of varieties. Swingvy desires to assist them with inexpensive cloud-based HR software program. The South Korea and Malaysia-based startup simply raised $1.1 million in seed funding to develop its buyer base.
The spherical’s lead traders are Large Basin Capital and Walden Worldwide. Swingvy has a full set of options, together with onboarding new workers, managing depart requests and processing payroll and expense studies.
The corporate launched its software-as-a-service in October in Malaysia and Singapore and plans to enter Indonesia subsequent. It claims over 1,000 corporations have signed up thus far.
Earlier than co-founding Swingvy, Choeh was a technical gross sales supervisor in Southeast Asia for AhnLab, a South Korean safety software program firm. Throughout that point, he noticed that many small companies nonetheless depend on legacy software program or bodily spreadsheets to deal with HR duties.
For instance, if workers need to apply for days off, they typically need to fill out paper varieties that are then signed by their supervisor. Which means that if a supervisor is on trip, they may have to attend till she or he returns to have their depart granted. Payroll administration will be contracted out to third-party brokers, however then it will possibly take as much as 5 enterprise days earlier than paychecks are issued.
It’s tough for a lot of companies to afford on-premises software program, so Swingvy’s aim is to supply them a less expensive various that’s accessible on cell gadgets. Swingvy makes use of a freemium mannequin—its core HR software program is free and employers pay a subscription payment for options like automated payroll, financial institution integration and advantages administration.
Choeh says that the SaaS market is rising at a a lot sooner charge in Southeast Asia than it’s in america.
“The unit economics is smaller because we usually charge less than in the U.S., but we found that the growth rate is quite fast,” he provides.