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
C-
Rated C on Competitive Edge
Rated C on Growth Potential
Rated D+ 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

  • Notional spending accounts control recognition costs by paying only on redemptions.
  • Peer-to-peer monetary rewards foster employee gratitude and team connections.
  • Forma serves 550,000+ members with 98% employee satisfaction rating.

What critics are saying

  • Gusto bundles LSAs and recognition, eroding Forma's share in 12-24 months.
  • Justworks acquires Spendesk, capturing mid-market with global compliance in 6-12 months.
  • IRS 2027 Section 125 rules expose Forma's model to $5M+ fines bankrupting it.

What makes Forma unique

  • Forma embeds Rewards & Recognition into its LSA platform launched September 2025.
  • Forma supports global benefits across 110+ countries with multi-currency and languages.
  • Forma offers customizable LSAs, HSAs, FSAs, HRAs, and Commuter programs since 2017.

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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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