Healthcare costs are projected to increase nearly 10% in 2026, driven by greater utilisation and the rising price of speciality drugs such as GLP‑1 medications. Benepass offers a benefits capital management platform that gives employers precision control over how dollars are allocated and spent, while giving employees an easier way to use and understand what’s available to them.
Today, Benepass raised $40 million in Series B funding, led by Centana Growth Partners, with additional backing from Future of Work Partners, Portage Ventures, and Threshold Ventures.
The fresh capital will fuel Benepass’s expansion into larger enterprise customers and broaden its platform to cover more specialised health and financial benefits.
Changing the way benefits work in corporates
Benepass was founded in 2019 by Jaclyn Chen to make benefits more adaptable for employers and more meaningful for employees.
Chen shares with TFN, “We started Benepass because benefits look generous on paper, and still feel painful to use in real life. I’ve worked at benefits-rich companies. On my first day at work, I received a folder full of handouts about benefits. As work got busy, I lost the folder, and I’m sure I left a lot on the table because redeeming benefits can be a hassle.”
She continues, “We’re changing that with Benepass. We’re making it possible for companies to provide incredibly personalised experiences for physical & mental wellness, professional development, remote work enablement, family support, and so many other themes that are meaningful for individuals and worthwhile for companies.”
Benepass runs on a financial ledger built to handle both pre‑ and post‑tax benefits across multiple currencies and local compliance standards. The system automates fund distribution, tracks expenses, and connects directly with payroll and HR software to simplify administration.
Chen elaborates, “Benepass owns the most customisable spending accounts platform to help companies deliver benefit dollars to their people. Our platform sits on an accounting ledger uniquely designed to manage benefits capital globally. Every benefit dollar is automatically routed, tracked, and reconciled, giving HR and payroll teams relief. HR leaders can now spend with confidence while employees use benefits easily to afford what matters most in their everyday lives.”
Unlike Forma, ThrivePass, Tilt, and HealthEquity, Benepass serves as the financial infrastructure layer for all benefits management.
The company now works with more than 250 employers worldwide, managing over $900 million in benefits funding and facilitating more than 4.5 million transactions. Its revenue has more than doubled since the start of 2025, according to internal figures.
What about diversity?
On diversity, Chen tells us that “50% of the leadership team is women.”
What’s next?
The company plans to expand its Health Savings Account (HSA) offering and introduce Speciality Health Reimbursement Accounts, designed to help employers cover targeted programs.
Chen concludes, “Benepass plans to become a category-defining benefits capital management platform by helping employers consolidate fragmented benefits stacks into more flexible, tax-advantaged spending accounts to meet the needs of a multi-generational workforce. Underpinning this growth is continued investment in modern financial infrastructure and an employee experience that drives utilisation, retention, and long-term value.”
