Singapore Startups 2019: In the dizzying world of technology startups, it is easy to get lost in the promotion of hot trends like AI, blockchain, VR / AR and machine learning. What is often forgotten is that some of the best startups in the world solve the simplest of problems.
HR Tech Firm Worth $100 Million Is Ready To Conquer Asia
This is exactly the approach Pascal Henry, who is the CEO and cofounder of HREZilly, when he identified the basic needs of fast-growing SMEs to manage their human resources more efficiently.
Henry launched his Singapore-based HR firm as a software-as-a-service (SaaS) business in late 2015, using technology to streamline traditional processes such as payroll processing, leave management and expense claims. By enabling companies to increase productivity.
“When I was running my first startup in Singapore, I had to do a lot of the processes myself. "I felt the pain and its groove," Henry explains. "When I am focused on building my business, I was spending a lot of my time and energy."
Improve productivity and efficiency
Singapore Startups 2019: HReasily's mission is simple: to make HR new and automated worldwide. As one of the fastest growing cloud-based HR SaaS companies in the region, their simple modules and features automate many of the legacy HR processes to transform and make them accessible anytime and anywhere. The company currently offers seven modules including payroll, staff leave, employee contracts and attendance. As HReasily grows, it continues to rapidly add product lines aimed at empowering companies.
Previously, many businesses used solutions that looked after a particular silo of each HR department. So you will have one system to manage your payroll calculations, one for vacation and one system for other tasks.
"What happened was that you had to log in and out of many different systems, and these systems cost a huge amount," says Henry. "All we have done is a solution that is very affordable that is integrated with all functions on a unified platform."
A simple but elegant business model
Singapore Startups 2019: HReasily runs a subscription-based revenue model. Starting with payroll, which is at the core of every traditional HR office, the company offers premium editions that run on a monthly or annual subscription, with add-on modules available such as staff leave and time attendance. Last summer at the RISE 2019 conference in Hong Kong, Henry and his team unveiled their latest benefit management module that will soon allow customers to receive group-level insurance, healthcare and even credit card or loan Will allow to apply for
HReasily says that its competitive advantage lies in its customer base, which is mostly SMEs. Initially focusing on the basic needs of this particular segment, the company has earned the support of large banking and government agencies and is known as the "SME Champion", not surprising, as the company has grown. The latter has said that it has started attracting. Large corporations, publicly listed companies, multinational corporations and even payroll outsourcing firms.
"We gained a more diverse customer base when we grew up," says Henry, "because a lot of big companies are tired of old and expensive solutions because they need to be founded on the basis of rules and regulations." According to them they require a refresher every year. Change."
Partnership is the key to rapid development
Singapore Startups 2019: Being based in Singapore, HReasily has allowed it to capitalize on rapid growth in Southeast Asia. According to data from the Asia-Pacific Economic Cooperation (APEC), SMEs account for 97% of all enterprises in the region, and half of the workforce. HReasily's growth is nothing short of impressive. With around 30,000 companies on its platform and more than 100 new companies every day, HReasily is growing rapidly in Singapore, Hong Kong, Malaysia, Indonesia, Philippines, Thailand, Cambodia and Vietnam.
Some of HReasily's notable clients include Love Bonito (in Singapore, Indonesia, Malaysia and Hong Kong), Sambat Finance (Cambodia), OnlinePajak (Indonesia) and TechInAsia. As the company looks to complete its coverage of Asia, they are mainland China after Taiwan, Japan, Myanmar and Australia to deal with the next major market.
Investors have also noted the growth of the company. Fresh from the pre-series, a $ 5 million funding round from Annie Capital, HReasily currently has an estimated value of over 100 million. Henry admits that the company's rapid growth in the region has only been possible with the initial support of their key strategic partners.
Singapore Startups 2019: HReasily is working with Citibank, Mazars and Stripe. The partnership with Mazars, which was a major investor for the startup's first round of funding, gives them access to a global audit, advisory and payroll outsourcing firm with 300 offices in 100 countries. Henry says that this allows HReasily to localize its solution to each individual market.
"Today, building a solid ecosystem of strategic partners is very important because you come from different angles, but you all serve a customer, who is an SME or business," Henry says. “By coming together, we collectively create a great end-to-end experience for them. There is strength in numbers. "