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Overview
Benepass delivers a B2B benefits platform that helps companies manage and distribute employee perks such as health programs, wellness benefits, and professional development funds. It supports both virtual and physical cards and mobile wallets so employees can access benefits anytime, with employers setting rules for contributions, eligibility, and coverage; the platform collaborates with financial partners like Celtic Bank to issue the cards. Compared with competitors, Benepass emphasizes a simple, customizable experience, a user-friendly mobile app, and responsive customer service that helps employers and employees navigate benefits quickly. The goal is to streamline benefits administration, personalize employee perks, and improve morale and productivity by making benefits easier to use and tailor to each workforce.
About Benepass
Industries
Enterprise Software
Fintech
Financial Services
Company Size
51-200
Company Stage
Series B
Total Funding
$74.3M
Headquarters
New York City, New York
Founded
2019
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Simplify's Take
What believers are saying
- Benepass raised $40 million on January 21, 2026, funding enterprise expansion and HSA development.
- Benepass said June 16, 2026, that 86% of transactions approve instantly, improving user trust.
- Benepass is hiring fintech and lifecycle roles in May-June 2026, signaling operational scale-up.
What critics are saying
- Workday, Forma, Perkbox, and Paylode crowd the same benefits wallet market in 2026.
- Benepass depends on card-issuing and payment rails; one compliance failure freezes employee funds.
- Global benefits rules and AI receipt review create audit risk that can trigger customer losses.
What makes Benepass unique
- Benepass owns card decisioning, cutting false declines and speeding approvals on June 16, 2026.
- Benepass unifies pre-tax, post-tax, card, wallet, reimbursements, and marketplace spending globally.
- Workday named Benepass a Wellness partner on August 28, 2025, validating enterprise distribution.
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Funding
Total Funding
$74.3M
Above
Industry Average
Funded Over
5 Rounds
Y CombinatorIndustry standards
Benefits
Healthcare: We pay $430 per month toward your health insurance and fully cover dental and vision. You also get membership to OneMedical, Teladoc and Talkspace
Flexible, autonomous work: We’re remote first so live where you’re most happy. We come together in-person as a team 3-4 times per year.
Benepass perks: $500 to set up your home office, $100 per month for wellness, however you define it, $150 per month for home internet and cell phone, $150 per month for co-working
Growth & Insights and Company News
6 month growth
↑ 2%1 year growth
↑ 0%2 year growth
↑ 3%Benepass introduces New consumer payment standards for employee benefits. Employees can tap, submit, and discover eligible benefits worldwide with fewer payment issues, faster reimbursements, and a more personalized experience. NEW YORK, NY (June 16, 2026) - Benepass, a global benefits capital management platform, today announced a series of product enhancements designed to bring the speed, transparency, and convenience of modern consumer payments to employee benefits. The updates improve the three ways employees use benefit dollars through Benepass: card payments, reimbursements, and personalized benefit discovery. Employees increasingly expect benefits to work as seamlessly as the financial tools they use every day. Yet many benefit experiences still rely on slow reimbursement workflows, confusing eligibility rules, and frustrating card declines. According to WTW's latest EX Intelligence Report, 84% of employees feel informed about their benefits, but only 61% are satisfied with their benefits experience. Benepass is closing that gap by delivering three flexible ways for employees to spend benefit funds globally: * The Benepass Card: Even more eligible purchases are approved in real time through Benepass' fully owned card decisioning technology, helping reduce false declines and create a smoother checkout experience. Employees can tap, swipe, or insert their card for consolidated pre- and post-tax spending on eligible purchases globally. * Near-Instant Claims Reviews: Employees submit receipts in any language and receive reimbursement decisions in as little as 3 to 5 seconds. Claims are auto-approved using AI-powered automated receipt review. Human specialists handle complex cases to ensure accuracy and compliance. * Personalized Benefits Hub: New enhancements rolling out to all customers this year will help employees discover relevant merchants and spending opportunities based on their goals. Improved search, curated content, seasonal promotions, embedded discounts, and targeted campaigns will make it easier to maximize available benefit dollars. Today, 86% of all transactions on the Benepass platform are approved instantly, through auto-substantiated card transactions and instantly approved reimbursements. These latest enhancements are expected to further increase these auto-approval rates. "We are witnessing a massive shift: employees no longer tolerate clunky corporate workarounds for benefits when the rest of their financial life happens instantly," said Mark Fischer, Co-Founder and Chief Product Officer at Benepass. "You can buy groceries in one tap or easily put a card on file to pay for a monthly subscription. Your health and wellness benefits should work exactly the same way. We're erasing the friction of false card declines and delayed payments so that modern benefits finally match modern consumer expectations." The enhancements reflect Benepass' broader vision of building a benefits platform that feels intuitive from the moment employees receive funds to the moment they spend them. By combining intelligent card approvals, near-instant claims reviews, and personalized discovery experiences, Benepass is creating a more modern and flexible way for employees around the world to use their benefits. Stay connected. Its team is committed to sharing stories that help People teams do their jobs and empower employees to get the most out of their benefits.
Benepass, a benefits capital management platform founded in 2019, has raised $40 million in Series B funding led by Centana Growth Partners. Future of Work Partners, Portage Ventures and Threshold Ventures also participated. The company helps employers manage benefits spending whilst simplifying access for employees. Built on a financial ledger system, Benepass handles pre- and post-tax benefits across multiple currencies, automating fund distribution and integrating with payroll and HR software. Benepass now serves over 250 employers globally, managing more than $900 million in benefits funding and processing 4.5 million transactions. The company's revenue has more than doubled since early 2025. The funding will support expansion into enterprise customers and development of specialised health and financial benefits, including Health Savings Accounts.
The alleywatch startup daily funding report: 12/8/2025. The latest venture capital, seed, pre-seed, and angel deals for NYC startups for 12/8/2025 featuring funding details for Cotto, Ply, and much more. This page will be updated throughout the day to reflect any new fundings. Benepass - $40M. Benepass, an all-in-one flexible benefits platform, has raised $40M in funding according to a recent SEC filing. The filing indicates that the round comes from five investors. Founded by Jaclyn Chen, Kabir Soorya, and Mark Fischer in 2019, Benepass has now raised a total of $74.7M in reported equity funding. Phia - $30M. Phia, an AI-powered agentic shopping platform, has raised $30M in Venture funding led by Notable Capital, Kleiner Perkins, and Khosla Ventures. Founded by Sophia Kianni and Phoebe Gates in 2022, Phia has now raised a total of $40.1M in reported equity funding. Opentrons - $20.1M. Opentrons, a robotic automation company for the life sciences industry, has raised $20.1M in funding according to a recent SEC filing. The filing indicates that the total offering is for $56.6M and there were two investors in this close. Founded by Eva Boratto, Nicholas Wagner, and Will Canine in 2014, Opentrons has now raised a total of $260.2M in reported equity funding. AlleyWatch is NYC's leading source of tech and startup news, reaching the city's most active founders, investors, and tech leaders. Advertise today Percapita - $15M. Percapita, a digital banking and money management platform for non traditional earners, has raised $15M in funding according to a recent SEC filing. The filing indicates that the total offering is for $24.5M and there were thirteen investors in this close. Founded by Alex Ehrlich in 2020, Percapita has now raised a total of $44.7M in reported equity funding. Marketing Evolution - $13.9M. Marketing Evolution, a marketing measurement and optimization platform, has raised $13.9M in funding according to a recent SEC filing. The filing indicates that the round comes from six investors. Founded by Rex Briggs in 2000, Marketing Evolution has now raised a total of $76.6M in reported equity funding. You are seconds away from signing up for the hottest list in NYC tech! Ply - $8.5M. Ply, an inventory and procurement platform built for the building trades, has raised $8.5M in Venture funding led by Ferguson Ventures. Founded by Dave Wigder and Darion Miller in 2022, Ply has now raised a total of $14.2M in reported equity funding. Antioch - $4.25M. Antioch, a platform for testing and validating autonomous robotics systems, has raised $4.25M in Pre-Seed funding led by A*. Antioch was founded by Harry Mellsop, Alex Langshur, Colton Swingle, and Collin Schlager in 2025. Medicovestor - $3.2M. Medicovestor, a biotech company focused on antibodies to develop precision medicine, has raised $3.2M in funding according to a recent SEC filing. The filing indicates that the total offering is for $4.1M and there were sixty investors in this close. Medicovestor was founded by Seah Lim in 2021. AlleyWatch is NYC's leading source of tech and startup news, reaching the city's most active founders, investors, and tech leaders. Advertise today MONSE - $1.75M. MONSE, a women's fashion brand, has raised $1.75M in funding according to a recent SEC filing. The filing indicates that the total offering is for $3M and there were six investors in this close. MONSE was founded by Fernando Garcia and Laura Kim in 2015. Cotto - $250K. Cotto, a cottage cheese dip brand, has raised $250K in funding according to a recent SEC filing. The filing indicates that the total offering is for $500K and there were four investors in this close. Cotto was founded by Kendall Kransdorf in 2025.
Webinar | navigating the OBBB: key insights with Newfront. San Francisco - Oct. 21, 2025 - Newfront Lead Benefits Counsel Brian Gilmore joined Employee Benefit News (EBN) and Megan Burns, Lead Benefits Solutions Consultant from Benepass, to discuss how the One Big Beautiful Bill is transforming benefits administration for employers, HR teams, and consultants. The webinar covers topics such as DCFSA, HSA, educational assistance, and Trump Accounts. The information provided here is of a general nature only and is not intended to provide advice. For more detail about how this information may be treated, see its General Terms of Use.
Workday (NASDAQ: WDAY) has announced a strategic partnership with Benepass, making the spending accounts administrator a Workday Wellness partner for financial benefits.
Benepass is Hiring for 12 Jobs on Simplify!
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About Benepass
Industries
Enterprise Software
Fintech
Financial Services
Company Size
51-200
Company Stage
Series B
Total Funding
$74.3M
Headquarters
New York City, New York
Founded
2019
Benepass is Hiring for 12 Jobs on Simplify!
Find jobs on Simplify and start your career today