HR tech startup, Swingvy has announced its expansion plans to Taiwan as well as a newly launched payroll product for the market.
The expansion comes after the startup’s $7 million Series A funding last year, led by Samsung Venture Investment Corporation (Samsung Ventures).
Chief executive officer and co-founder, Jin Choeh said, “We are excited to officially launch Swingvy in Taiwan, and help even more SMEs solve their HR problems with our solution. Taiwan has great market potential for us, with more than 1.4 million SMEs employing about 80% of the workforce, and 100,000 new SMEs emerging yearly — we want to capitalise on this and become the market leader in Taiwan.”
According to Swingvy, the new payroll product is also completely compliant with the island nation’s Labour Laws since payroll taxes, deductions and claims are automatically calculated via seamless integration with Swingvy’s existing HR Hub.
“This means employers can run payroll and issue payslips instantly and accurately to their employees, calculated according to employee details found on HR Hub, minimising manual pay miscalculation errors,” he said.
The startup has also announced plans to rapidly increase headcount by actively hiring employees throughout the year, and across all three markets – Singapore, Malaysia and Taiwan – the HR tech startup also aims to double overall headcount in the coming months with a focus on R&D, sales and marketing.
Swingvy has experienced a 300 percent year-on-year growth for the past two years, with its projected growth rate for 2020 expected to remain steady.
With over 8,000 clients in its portfolio, the startup has recorded a 20 percent increase from 6,500 clients 5 months ago. It aims to increase its customer base to 10,000 clients by the end of 2020.
Amid the Covid-19 pandemic, Swingvy has also launched a 6-month Free Access Initiative to support SMEs in their switch to telecommuting.
The tech startup is further looking to expand to new markets across the APAC region in 2021.