Employee benefits platform Ben announced it has raised $16 million in a Series A funding round led by European venture capital giant Atomico.
While wages are undoubtedly the main component of a company’s compensation offer, additional “perks” can help sweeten the deal for current or potential employees – this can be anything from gym subsidies or e-bike subscriptions to food and support compensation. mental wellbeing. But curating and merging all these different benefits is an extremely resource-intensive task that Ben sets out to tackle.
Founded in London in 2019, Ben is a SaaS platform that offers core employment benefits such as life insurance, health and pension benefits, as well as additional lifestyle-based benefits such as gym memberships and benefits for work at home. .
While Ben is focused on the human resources (HR) realm, he essentially crosses the boundaries of both HR and fintech, integrating with systems spanning accounting, HR, and payroll to automate many onboarding and onboarding processes. Through the platform, employers can set budgets and control costs for each employee’s benefits, as well as facilitate the entire service provider payment process. In addition, Ben is also able to issue Mastercard cards, which each employee can use for any perks they want, within limits set by the company.
“What was once a huge burden for HR teams to collect and manage is now mapped and presented through the Ben platform,” Sebastian Fallert, co-founder and CEO of Ben, told TechCrunch. “This greatly expands the choice and also minimizes administration time.”
A quick look at the employee benefits system reveals a number of similar companies, including Forma, which recently announced $40 million Series B funding round back in Marchand the London Juno got a $4 million round.
Ben, for his part, positions his “end-to-end flexibility” and the complexity of his benefits as one of his key differentiators, spanning regulated “essential” products (like life insurance and pensions) and lifestyle perks (like gyms).
“On the ‘main’ front, we can provide country-specific coverage through our global broker network and registration technology,” said Ben’s co-founder and COO David Duckworth. “This is important, so companies always get the best combination of coverage and price. On the lifestyle front, we have relationships with benefit providers and can include Ben Mastercard spend controls to turn any merchant into a benefit, including spending Lifestyle budgets on essential products.”
On top of that, Duckworth also pointed out the fact that Ben is an “open” platform that isn’t limited by the set of benefits.
“Companies are not limited to specific vendors and can bring in their own vendors and brokers while Ben takes care of day-to-day administration,” he said.
It is also worth noting that a key premise of the “broadness” and flexibility of the benefits offered is that different people have different needs, depending on many factors, including their age.
“This is the first time in history that four generations coexist in the workforce at the same time,” Fallert added. “Baby Boomers, Gen X, Millennials, and Gen Z are participating in a complex global economy and their benefit requirements vary and fluctuate. Companies, many of which spend about 33% of their wages on benefits, are redefining their traditional benefit packages to fit more culturally and ethnically diverse teams scattered around the world.”
In an environment that includes continuous lack of talent etc. great retirementObviously, there is a growing demand for technologies that help attract and retain workers. Indeed, lead investor Atomico has a good track record of backing space-related companies, including Peakon, which left for Workday in a $700 million deal last year; Work and Talent that has reached $2.35 estimate last December; and Gympass, which most recently reached $2.2 billion valuation.
Ben previously raised $2.5 million seed round funding, and with another $16 million in the bank, the company is now well funded to address the complexity of benefits for both SMBs and corporate clients. And in the three years since founding, Ben has already attracted a number of big clients, including Zalando, Deliveroo, Funding Circle, and BitPanda.
“Employees need more choice in the benefits they would like to receive and it is in the employers’ interest to be flexible, but so far this has been difficult and costly,” Fallert said.
In addition to lead sponsor Atomico, Ben’s Series A round also included investments from Cherry Ventures, DN Capital, Seedcamp, and founders and executives of well-known fintech and HR companies including Peakon, Remote, and Personio.
Credit: techcrunch.com /