Forma

Forma

Flexible benefits platform for HR teams

Overview

Forma provides a flexible benefits platform for employers and HR teams to offer and manage a range of employee benefits, especially for remote and hybrid work. It works by giving companies access to a platform where benefits can be tailored to individual employees, making it easier for staff to learn about and access offerings, which boosts utilization and engagement. The platform also includes tools to monitor risk and compliance, helping companies stay compliant with regulations. Forma differentiates itself by prioritizing flexibility, easy accessibility, and ongoing compliance monitoring, addressing the common problem of underutilized benefits. Its goal is to improve benefits utilization and workforce health while simplifying benefits administration for organizations.

About Forma

Simplify's Rating
Why Forma is rated
B-
Rated B on Competitive Edge
Rated B on Growth Potential
Rated C on Differentiation

Industries

Enterprise Software

Fintech

Company Size

201-500

Company Stage

Series B

Total Funding

$40M

Headquarters

San Francisco, California

Founded

2017

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Simplify's Take

What believers are saying

  • Forma launched Rewards & Recognition on September 18, 2025, broadening wallet share.
  • TIME, Forbes, and HR.com awards in 2026 strengthen recruiting and enterprise credibility.
  • Benchmark insights on 110+ countries and 300 employers deepen its sales narrative.

What critics are saying

  • Benepass, Compt, and Rippling pressure Forma on features and enterprise distribution.
  • Forma publishes no pricing or supported-country figure, slowing procurement against transparent rivals.
  • If curated benefits commoditize, employers shift to cheaper payroll-native suites like Gusto or Paycom.

What makes Forma unique

  • Forma unifies LSAs, HRAs, pre-tax accounts, and Rewards & Recognition.
  • Forma’s 2026 benchmark drew data from 300 employers and nearly one million employees.
  • Forma reports global flexibility across 110+ countries and a curated vendor marketplace.

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Funding

Total Funding

$40M

Above

Industry Average

Funded Over

1 Rounds

Series B funding is typically for startups that have proven their business model and need more funding to expand rapidly—often by entering new markets or adding more products. Investors are usually venture capital firms that specialize in later-stage investments.
Series B Funding Comparison
Above Average

Industry standards

$35M
$40M
Forma
$45M
Linktree
$65M
Substack
$100M
ClickUp

Benefits

Remote Work Options

Health Insurance

Dental Insurance

Vision Insurance

Wellness Program

Home Office Stipend

401(k) Retirement Plan

Unlimited Paid Time Off

Parental Leave

Growth & Insights and Company News

Headcount

6 month growth

-1%

1 year growth

0%

2 year growth

1%
PR Newswire
Sep 18th, 2025
Forma Launches Rewards & Recognition, Bringing Employee Appreciation into a Cohesive Personalized Benefits Experience

FREMONT, Calif., Sept. 18, 2025 /PRNewswire/ - Forma, the flexible benefits platform that makes it easy for companies to customize and scale employee spending accounts, today announced the official launch of its newest product, Rewards & Recognition.

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