Mednefits
Mednefits is a Singapore-headquartered employee benefits technology company operating an outpatient and flexi-benefits platform that connects corporate employers, primarily SMEs, to a cashless marketplace of 8,000+ vetted healthcare and wellness providers across Singapore and Malaysia.
- Company typePrivate
- Founded2015
- HeadquartersSingapore, Singapore
- Headcount11–50
- GTM typeB2B
- OfferingSoftware
What Mednefits does
Mednefits is a Singapore-headquartered employee benefits technology company that operates an all-in-one outpatient and flexi-benefits platform connecting corporate employers directly to a vetted marketplace of healthcare and wellness providers across Singapore and Malaysia. The platform is delivered through three role-specific portals: an HR administration portal for managing employee entitlements, policies and claims; a provider portal for panel partners handling transactions, invoicing and settlement; and a member portal where employees locate nearby providers, view real-time entitlement balances and submit claims. Core product modules include the Mednefits Platform, medFlex (a flexible benefits model allowing employees to allocate entitlement dollars across categories such as GP, dental, optical, health screenings, specialist consultations, TCM and wellness programs), country-specific medGP modules for Singapore and Malaysia, and the Bring & Better programme that positions Mednefits as a lower-cost alternative to bundled group insurance.
The company serves primarily SMEs and startups — a segment it explicitly targets because traditional bundled inpatient-plus-outpatient insurance is too costly for smaller workforces — alongside HR departments and benefits administrators at mid-market and enterprise employers. Notable customer logos include Foodpanda, Carro, China Construction Bank, Goldlion, Baker & Cook, Prism+, Viddsee, ViewQwest and WIS Holdings. Mednefits also addresses adjacent use cases, including MOM-mandated Primary Care Plan coverage for migrant workers in Singapore's CMP sectors and flexible benefit plans for Malaysia's gig and freelance workforce. The platform reports 900+ corporate customers, 180,000+ users, 8,000+ vetted providers in Singapore and 5,000+ in Malaysia across seven benefit categories, and is ISO/IEC 27001:2013 certified.
Mednefits generates revenue through a hybrid subscription and usage-based model. Employers pay platform / subscription fees plus per-use charges tied to actual employee consumption of healthcare and wellness services, with entitlement dollars (Mednefits Tokens) allocated to employee accounts and spent cashlessly at panel providers. The company also earns transaction-related fees from providers processing volume through the marketplace. The platform is positioned as a more affordable, customisable, automated alternative to traditional group insurance, with quoted savings of up to 50% versus standard walk-in reimbursement models and the ability to replace or supplement existing outpatient coverage. Mednefits Singapore Pte Ltd (UEN 201415681W) is the primary Singapore operating entity; Mednefits Sdn Bhd (Company No. 1345825-V) is the Malaysian entity. To date the company has raised an estimated ~USD 6M Series A (SGD 8M) from BLoyalty Sdn Bhd / B Infinite in November 2020, with a subsequent investment from Emissary Capital in 2023 on top of a 2015 seed round.
Mednefits firmographics
Firmographics- Name
- Mednefits
- Legal name
- Mednefits Singapore Pte Ltd
- Website
- https://mednefits.com
- Company type
- Private
- Founded year
- 2015
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Mednefits is a Singapore-headquartered employee benefits technology company operating an outpatient and flexi-benefits platform that connects corporate employers, primarily SMEs, to a cashless marketplace of 8,000+ vetted healthcare and wellness providers across Singapore and Malaysia.
- Ownership category
- akta.pro rank
Mednefits industry classification
Industry- Product category
- Employee Benefits Platform
- NAICS
- Pharmacy Benefit Management and Other Third Party Administration of Insurance and Pension Funds (524292), Health and Welfare Funds (525120)
- SIC
- Services-Health Services (8000)
- akta.pro primary industry
- Primary Care & General Medicine Virtual Care (Employer-Sponsored) (HLALADAA)
Keywords
Where Mednefits is headquartered
LocationHeadquarters
- HQ city
- Singapore
- HQ country
- Singapore
- HQ region
- Asia
Offices2 records
Markets served
Mednefits business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure
Revenue model
- Subscription / Platform Fees: Mednefits charges corporate employers a subscription or platform fee for access to the benefits administration platform and provider network. The pay-per-use system allows companies to pay according to employee usage, offering a more cost-effective alternative to bundled insurance plans. Employers allocate entitlements or tokens (Mednefits Tokens) to employee accounts, which are used to pay for services at panel providers.
- Usage-Based Billing: Companies pay per actual employee usage of healthcare and wellness services rather than flat insurance premiums. Human resource departments deal with a pay-per-use system paying according to employee usage. Token/credit-based entitlement system where employer allocates credits to employees who use them at panel providers.
- Transaction Fee from Providers: Healthcare providers join the platform network, and Mednefits earns fees from the transactions processed through its marketplace of vetted providers.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Freemium | Pay-as-you-go | Free / Starter Tier |
| Hybrid | Annual | Custom Enterprise Plans |
| Usage-based | Pay-as-you-go | Usage-Based Entitlement Model |
Go-to-market motion1 record
Distribution channels5 records
Marketing channels8 records
Mednefits product offering
Product offeringCore offering
Mednefits operates an all-in-one employee benefits platform that connects corporate employers in Singapore and Malaysia to a vetted network of over 8,000 healthcare and wellness providers across seven benefit categories (GP, dental, optical, health screenings, specialist consultations, TCM, wellness). Employers fund employee entitlements via a token/credit system and pay only for actual usage, eliminating traditional insurance premiums. The platform provides real-time entitlement tracking, automated claims submission and reimbursement, cashless access at panel providers, and policy customisation tools for HR and benefits administrators.
Product overview
Mednefits is a unified employee benefits platform consisting of a core platform with integrated modules. The main Mednefits Platform serves as the all-in-one solution for employee medical and wellness benefits, connecting employers with vetted healthcare providers across Southeast Asia. Supporting modules include medFlex (flexible benefits management allowing employees to customize their entitlements), medGP Malaysia and medGP Singapore (dedicated GP consultation benefits for each country), and the Bring & Better Programme (cost optimization for outpatient GP coverage). The platform provides benefits administration tools, real-time utilization tracking, and cashless access across 7 benefits categories.
Differentiator
Problem solved
Functional benefit
Brands
- medFlex: Flexible employee benefits platform allowing employees to customize their healthcare entitlements across multiple categories including GP visits, dental, optical, health screenings, specialist consultations, TCM, and wellness programs.
- medGP Malaysia
- medGP Singapore
Products and services
- Mednefits Platform
Quantifiable outcome
- Companies can save up to 50% on healthcare costs by accessing corporate rates with providers rather than paying standard walk-in rates through reimbursement models
- +3 more outcomes
Companies that use Mednefits
Customer profileNamed customers9 records
Segments5 records
Ideal customer profiles3 records
Mednefits technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature5 records
Mednefits partnerships and signals
Strategic signalPartnerships
Four partnerships are on record, tiered core and minor.
- Fitness FirstcoreFitness First joined the Mednefits panel as a wellness provider, expanding access to fitness and gym services for Mednefits members as part of the wellness benefits category.
- NTUC Health DenticarecoreNTUC Health Denticare joined the Mednefits panel as a dental healthcare provider, expanding the range of dental services available to Mednefits members in Singapore.
- SATA CommHealthcoreSATA CommHealth, a charitable healthcare provider established in 1947 in Singapore, joined the Mednefits panel as a healthcare provider. They serve approximately 200,000 patients annually across 6 medical centres (Ang Mo Kio, Bedok, Jurong, Potong Pasir, Tampines, and Woodlands), offering GP consultations, statutory health screening, preventive healthcare, diagnostic imaging, teleconsultation, and mobile medical onsite services for corporate clients. Mednefits members can access these services from November 1, 2021.
- Mednefits / Anchor Operators (PCP Programme)minorMednefits supports employers with migrant workers in navigating the MOM-mandated Primary Care Plan (PCP) programme, working with 6 Anchor Operators appointed by the Ministry of Manpower: StarMed Specialist Centre, SATA CommHealth, Fullerton Healthcare Group, and St Andrew's Mission Hospital. These AOs manage sectors for migrant worker primary care coverage.
Scale indicators6 records
Recent moves6 records
Expansion highlights6 records
Mednefits competitors and assessment
Company assessmentDirect peers
- CXA Group: Singapore-headquartered employee benefits and wellness platform serving employers across Asia with a marketplace model connecting corporates to healthcare providers. Closely comparable to Mednefits in target customer (employers), business model (benefits marketplace/administration), and geography (SEA).
- Plum: Digital employee health insurance platform operating in India and Singapore, providing group health and wellness benefits to employers via a tech-driven admin layer. Comparable to Mednefits in serving SMEs and enterprises with flexible, app-based benefits administration.
- Boost Health (Boost Berhad): Malaysian fintech-adjacent health and wellness benefits programme offering employer-sponsored access to healthcare providers. Comparable as a regional benefits platform targeting Malaysian employers with similar pay-per-use mechanics to Mednefits.
- MyBenefits.sg: Singapore-focused SME employee benefits platform. Closely comparable to Mednefits in serving small and medium Singapore employers with tech-enabled benefits administration.
Emerging players
- Doctor Anywhere: Singapore-headquartered telehealth and digital health platform with employer-sponsored care programs across SEA. Comparable as an SEA-based digital health player targeting employer-paid care, though focused more on virtual consultations than benefits marketplace administration.
- Speedoc: Singapore-based on-demand and home-based healthcare platform with corporate and insurer partnerships. Comparable as an SEA digital health provider serving employer/insurer customers, though overlapping only partially with Mednefits' benefits administration scope.
- Wellteq Digital Health: Asia-Pacific corporate wellness and digital health platform with employer clients across the region. Comparable as a digital health player targeting employer wellness budgets, though focused on wellbeing programmes rather than benefits marketplace administration.
Broad incumbents
- AIA Group: Pan-Asian life and health insurer with a large employee benefits business in SG and MY. Comparable as an incumbent provider of employer health benefits in the same geographies, though Mednefits positions itself as an alternative to bundled AIA products.
- Great Eastern Life: Major Singapore-based life and health insurer with significant group employee benefits distribution in SG and MY. Comparable as an established incumbent selling bundled outpatient+inpatient corporate insurance to the same SME and enterprise segments Mednefits targets.
- Prudential Singapore: Major insurer in SG and MY with extensive group health and employee benefits business. Comparable as a broad incumbent competing for the same employer benefits wallet, especially with bundled outpatient+inpatient products.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Mednefits social profiles
Digital presenceMednefits compliance and trust
Trust signalCompliance1 record
Mednefits financial estimates
Financial estimateRevenue estimate
Valuation estimate
Mednefits leadership team
Management profileNumber of profiles
Profiles3 records
Mednefits funding detail
Funding detailFunding overview
Funding rounds3 records
Investors2 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Mednefits M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Mednefits
What does Mednefits do?
Mednefits operates an all-in-one employee benefits platform that connects corporate employers in Singapore and Malaysia to a vetted network of over 8,000 healthcare and wellness providers across seven benefit categories (GP, dental, optical, health screenings, specialist consultations, TCM, wellness). Employers fund employee entitlements via a token/credit system and pay only for actual usage, eliminating traditional insurance premiums. The platform provides real-time entitlement tracking, automated claims submission and reimbursement, cashless access at panel providers, and policy customisation tools for HR and benefits administrators.
Is Mednefits a public or private company?
Mednefits is a private company. It is classified as venture growth investor backed and is currently operating.
When was Mednefits founded?
Mednefits was founded in 2015. It employs 11 to 50 people.
Where is Mednefits based?
Mednefits is headquartered in Singapore, Singapore, in the Asia region.
How does Mednefits make money?
Three revenue lines are on record. Subscription / Platform Fees are the primary driver. The others are usage-Based Billing and transaction Fee from Providers.
Who are Mednefits's main competitors?
Direct peers on record are CXA Group, Plum, Boost Health (Boost Berhad) and MyBenefits.sg. Emerging players are Doctor Anywhere, Speedoc and Wellteq Digital Health. Broad incumbents are AIA Group, Great Eastern Life and Prudential Singapore.
Does Mednefits have an API?
No public API is recorded for Mednefits.
What industry is Mednefits in?
Mednefits's product category is Employee Benefits Platform. Its primary akta.pro industry code is HLALADAA, Primary Care & General Medicine Virtual Care (Employer-Sponsored). Its NAICS code is 524292 and its SIC code is 8000.