In the latest episode of the Negócios com Impacto videocast, a partnership between CATÓLICA-LISBON and Rádio Renascença, we discover the story of a Portuguese startup that is transforming the way companies and their employees manage workplace benefits. Coverflex, co-founded by Rui Carvalho, a CATÓLICA-LISBON alumnus, has already gained the trust of over 10,000 companies and 200,000 users.
Although Rui Carvalho began his career in consulting, it was during his academic journey that he started to envision a future more aligned with entrepreneurship. “I actually started dreaming about it at CATÓLICA-LISBON. It was the first time I had been exposed to entrepreneurship. I took part in a startup programme and eventually secured funding”, he recalls. While his first venture did not succeed, it laid the groundwork for the founding of Coverflex in 2019, alongside four co-founders.
Coverflex’s initial concept focused on B2B insurance management, but it quickly evolved into a more comprehensive solution. “We realised that insurance was just one piece of the puzzle, and it made sense to create a more complete platform. There was a widespread dissatisfaction with the existing solutions, particularly among SMEs”, he explains.
The solution was to develop a flexible platform that allows companies to define the benefits they offer, such as meal allowances, health insurance, retirement savings plans, or childcare vouchers, and enables employees to tailor these benefits to their individual needs. “Our platform allows compensation to be personalised according to each user’s interests, making the experience more relevant”, he emphasises.
The challenges of managing Coverflex have been constant, from the regulatory complexity of operating in international markets like Italy and Spain to demanding investment rounds, some exceeding 20 million euros. Rui Carvalho notes: “You need to convince investors that the business is viable and that we are the right team to execute it. We think the hard part is closing a funding round, but then we realise that the real challenge is delivering on the goals we presented”. Still, he sees these obstacles as opportunities for growth.
More recently, the startup has been investing in Artificial Intelligence as a driver of innovation. With the launch of Coverflex AI, the company created a dedicated area focused on financial literacy, where users can ask questions such as “Which retirement savings plan should I invest in?” or “Where should I spend my benefits?” and receive personalised answers based on their profile and comparative data. This technology enables the company to scale a level of support that previously required individual interactions. A recent example is their IRS simulation tool, launched during tax season.
For Rui Carvalho, Coverflex is more than a tech product. It is a business with impact. “We believe we are operating in a critical area for people: their finances and how they are compensated. By introducing more freedom and transparency into this process and promoting financial literacy, we are playing an important role in reshaping the market”, he affirms.
The fifth episode of the Negócios com Impacto videocast is now available to watch and listen to on Spotify and CATÓLICA-LISBON’s YouTube channel.