Benefide Changes its Name to Umbrella, Expands the Coverage of "Employee Benefits" Solutions

Shift work management since the pandemic from offline ke online, jack up SaaS company performance in Indonesia. The high enthusiasm made Fast8 to do rebranding one of the services under it, namely Benefide which is now a Umbrella.

The choice of the name Payuung is due to describe the platform's mission, which is to help the welfare of the Indonesian people by providing various financial solutions that are affordable, easy to understand, accessible and purchased digitally.

In a separate interview together DailySocial, Fast8 CEO Afia Fitriati explained that Payuung was first initiated through a trial for the employee loan module on the Gadjian platform around 2018. This was followed by more in-depth market research, and the first iteration of the Payuung platform was launched in early 2020 yesterday.

The result of the launch of Umbrella, able to grow beyond the product Existing on Fast8. Afia detailed the company's SaaS business grew by 200% last year, while Payuung grew by 1000%. This significant growth occurred as the company expanded its range of products and services, working with various financial service institutions.

Some of these partners are CoinWorks, Capital Life, Prudential, and Sinarmas Insurance. As a result, there are employee loan products, insurance, pension guarantees, and investments that can be accessed by Payuung users.

Umbrella's proposition is different from most platforms employee benefits others in the SaaS industry. Payuung has integrated data automatically with the Gadjian and Presentr platforms. So for users of the two platforms, it will make transactions and transaction data management easier. "For the businesses For us, this integration makes the products offered on the platform more targeted.”

In the future, Payuung will be equipped with more solutions financial wellness for employees. "We will also continue to add variants of financial products that are presented on the platform. We hope that this development of the platform will be represented in the change of name from Benefide to Payuung.”

Regarding fresh fundraising such as previously reported, Afia only said that the process is still ongoing and has succeeded in attracting several investors. “Because of the interest in the issue financial wellness continues to increase during this pandemic," he concluded.

The last round of fresh funds announced by the company occurred in 2016. At that time, Gadjian got early stage funding led by Golden Gate Ventures, followed by Maloekoe Ventures with undisclosed value.