NYC-based Benepass secures $20million in additional funding. Clocktower Technology Ventures and Portage led the round.
Participating in the investment round were Workday Ventures, Threshold Ventures, and Gradient Ventures, in addition to current investors. Partner at Portage Stephanie Choo became a member of the Benepass Board of Directors.
Read also – CA-based Portal Secures $34Million in Seed Funding
The money will be used by the business to expand its product line and quicken product development. Jaclyn Chen, Kabir Soorya, and Mark Fischer founded Benepass in 2019 to give employers a platform to deliver benefits that are customized for each and every employee.
By providing employees with a single card to utilize for pre-tax and post-tax benefits, it also streamlines the pre-tax experience. Employers may combine their personalized benefits—like Lifestyle Spending Accounts—and pre-tax benefits—like FSA, Commuter, and HSA—into a single benefits system by utilizing Benepass.
Read also – FL-based Kore.ai Secures $150Million in Funding
Then, using a single card, employees may spend their benefit money at businesses and suppliers who comply with corporate policies and meet their needs and preferences.
About Benepass
Benepass is a global platform for the flexible distribution of non-salary compensation and perks. Employees receive a physical and virtual VISA card with all of their employer’s benefits coded on it thanks to our card-first technology.
Read also – MA-based Inari Secures $103Million Funding
