Overview

Ben provides a platform that simplifies the management of employee benefits for businesses. It primarily serves HR departments, benefits providers, and employees by offering a user-friendly system to access various benefits like health, life, dental, and income protection through the Ben Card. This card allows employees to choose benefits that suit their needs at preferred rates. Ben operates on a Software as a Service (SaaS) model, charging subscription fees for its services while also earning through its broker network, which helps secure better rates for clients. Key features of the platform include automated benefits administration and self-serve enrollment, which save time for HR teams and enhance employee engagement. The goal of Ben is to transform employee benefits management by providing a flexible and efficient solution that meets the diverse needs of the workforce.

Simplify's Take

What believers are saying

• Ben raised $16 million to enhance its software and payments technology.
• Increased demand for flexible benefits platforms due to remote work trends.
• Growing interest in financial wellness programs as part of employee benefits.

What critics are saying

• Increased competition from HRtech startups could dilute Ben's market share.
• Economic downturns may lead to reduced spending on employee benefits.
• Data privacy concerns and regulations pose challenges for managing sensitive information.

What makes Ben unique

• Ben combines SaaS platform with per-employee Mastercards for personalized benefits.
• The Ben Card offers access to hundreds of additional benefit options.
• Ben's platform integrates with existing HR tools for seamless benefits management.

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Funding

Total Funding

$19.5M

Meets

Industry Average

Funded Over

2 Rounds

$17,270,000

Series A

Aug 2022

Series A funding typically happens when a startup has a product and some customers, and now needs funding to scale. This money is usually used to grow the team, expand marketing, and improve the product. Venture capital firms are frequently the main investors here.

Series A Funding Comparison

Above Average

Industry standards

Ind Avg. $15M

$3.7M

$5M

$8.2M

$15M

$17.3M

$30M

View all funding stages