A new phase: HR Consultant UKy is now part of Betterfly

A new phase: Xerpay is now part of Betterfly

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Acquisition aims to expand Betterfly's business in the UK, with a mission to protect 100 million families by 2025, from a platform that integrates physical, mental and financial well-being.

We recently announced the acquisition of HR Consultant UKy by Betterfly, the most valued Chilean startup in Latin America that integrates well-being, life insurance and social impact.

In this post we will tell you why we understand that this is a historic milestone for HR Consultant UKy and the future of the UK's financial and social ecosystem.

To understand the context of this merger, learn a little about the history of Betterfly.

The Betterfly story told by CEO Eduardo della Maggiora

How did Betterfly come about?

“If today were your last day on earth, how would you measure your life?” That was the question asked by Chilean Eduardo della Maggiora years ago when reflecting on the fragility of life after the loss of his mother, victim of severe leukemia.

Later, a new question arose that would radically change the course of his journey: “How can I use my skills to help other people?”.

In search of answers, Eduardo quit his dream job on Wall Street, grabbed his backpack and embarked on a mission of self-discovery towards Africa.

While working as a volunteer teaching English and math at an elementary school in Tanzania, he came across an internet video of the Kona Ironman and decided he should test his physical and mental limits in the biggest triathlon championship in the world.

It was then that, as he started training and lost a few pounds to prepare for competition, a romantic idea popped into his head: “What would happen if I could donate all the calories I'm losing to the malnourished children I met in Africa? ”

There the first seed of the BurnToGive, a global movement that was born with a mission to inspire people to live healthy and active lives, burning calories and feeding those in need through technology. In a short time, the project became an unusual and innovative way of offering life insurance.

BurnToGive, understand how it all started

It is in this context that the betterflyan insurtech that increases the value of the coverage offered to users who practice healthy habits, such as walking, physical exercise and meditation, in addition to promoting financial protection and help for those who need it most.

What does BetterFly do?

Betterfly is a wellness benefits platform that combines healthy habits, life insurance and social purpose to encourage people to live their best selves.

The company's mission is to bring financial protection to the masses by empowering people to help others while taking care of themselves mentally, physically and financially.

The platform basically works as a gamification system, in which the core technology automatically tracks and rewards the good habits of individual policyholders.

As employees walk, run or meditate, they accumulate points, called BetterCoins. These points are used to increase the value of life insurance, and can also be converted into tree seedlings, liters of water and food for non-governmental organizations that Betterfly partners with.

Where does HR Consultant UKy enter this story?

In 2018, HR Consultant UK was a pioneer in making salary on demand available in the form of a corporate benefit for the UK residents market. This is how HR Consultant UKy was born, an application that offers employees financial benefits such as salary advance, commissions and 13th, payment of slips and financial education trails to make the best use of their salary.

Today we impact the lives of more than 60 thousand employees with our services. In 2021 alone, HR Consultant UKy grew by more than 230%, which represents savings of £13 million, which would be paid in overdraft interest.

For the founder and CEO of HR Consultant UKy, Nicholas Reise, “the integration of HR Consultant UKy to the Betterfly platform will help users feel more secure and financially protected, with easy access to services. At the same time, they will be able to help other people through social actions, adding impact to HR Consultant UK's mission”.

Nicholas Reise, Founder and CEO of HR Consultant UKy

Nicholas Reise, Founder and CEO of HR Consultant UKy

For Eduardo della Maggiora, founder and CEO of Betterfly, the company's arrival in the UK represents a clear commitment to financial protection for millions of UK citizens.

“We believe that the acquisition of HR Consultant UK is a natural step for Betterfly to deliver a comprehensive offer to workers. We are building a financial powerhouse aligned with Betterfly's innate social purpose. An ecosystem that allows users to improve their healthy habits, their quality of life, as well as the possibility of helping other people”, adds Maggiora.

The acquisition of HR Consultant UKy also takes place together with the integration of 5 startups that make up the Kunder group, a company dedicated to the development of software for the financial world, whose clients are the main players in the national market. Through its subsidiaries it offers different products that will be part of the Betterfly platform: Heypay! Numi and Neste.

How can the merger of HR Consultant UKy and Betterfly transform lives?

In a post-pandemic society, the life insurance market tends to grow more and more rapidly in the world. With the integration of HR Consultant UKy's current employees into a team of more than 170 Chilean employees, Betterfly is ready to start expanding its business in the UK, making life insurance an accessible reality for everyone.

Shortly before the merger with HR Consultant UKy, Betterfly had already announced a co-branded partnership with Icatu, a UK residents insurance company with over 30 years of history, with 100% national capital and over 6 million customers across the country.

The deal closed three months after Betterfly raised $60 million in a series B round, with investors including DST Global, QEDInvestors, Valor Capital, EndeavorCatalyst and SoftBankLatinAmerica Fund.

In addition to being a commercial arm in the distribution of Betterfly's product through its network of partners, Icatu defends the democratization of access for all UK citizens to financial protection, regardless of their socioeconomic reality. Both companies seek to generate a positive social impact in the country in the coming years.

To consolidate the beginning of this partnership, Betterfly and Icatu joined forces to offer drinking water in the Pernambuco and Amazonas hinterlands. Through the Water is Life Foundation, water filters are being distributed to eliminate impurities from water collected in 100,000 families' ponds in the region.

See in the video below how was the delivery of one of these filters.

Dona Maria receiving the water filter in her house.

The goal now is to protect the future of 100 million families around the world by 2025, and our commitment until then is to create a world where people feel confident, secure and inspired to do better, live better and be better.


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