Benefits platform Ben raises $2.5 million

Ben, a London-based benefits and rewards platform, has raised $2.5 million in a round led by Cherry Ventures and Seedcamp, with participation from Paul Forster (founder of Indeed), Taavet Hinrikus (founder of TransferWise), Carlos Gonzalez-Cadenas (previously an executive at GoCardless and now a partner at Index Ventures), Philip Reynolds (vice president of engineering at Workday) and Matt Robinson (founder of Nested).

Founded in 2019, Ben built a benefits platform to enable SMEs to offer personalized and flexible benefits to their workforce. Employees get access to Ben’s benefits marketplace where they can select different options using a personal, employer-issued debit card which is loaded with funds and can be set with individual spending rules.

“While most companies offer benefits for attracting and engaging team members, and ultimately boosting productivity, most solutions don’t work. To have an impact, offers must work for individual employees; after all, a relevant ‘benefit’ for someone working from home in their mid-forties might be almost useless for a new starter in their twenties. The Ben software platform allows companies to load funds and set individual spending rules on how they can be used. Employees can then choose from group benefits, such as private health insurance, mental wellness services, or dental plans, while a true Mastercard per employee opens the door to virtually any product or service. in a tax-efficient and compliant manner.” – Ben co-founder and CEO Ben Sebastian.

Bottom Line: Several insurance companies are in the mix.