PTO Exchange Raises $3M

PTO Exchange , “the world’s only comprehensive flexible benefits platform,” has raised $3m in seed funding from WestRiver Group.

Founded in 2013, the Seattle, WA-based company has the only patented solution in the US that allows employees to apply the value of their unused paid time off to a range of priorities – from paying down student loan debt, covering an unexpected emergency expense to donating to a favorite charity or funding vacation costs. The company’s platform is also the only one today that addresses the multitude of tax laws so employees can access this asset without any adverse tax consequences – avoiding a potentially significant set of problems for workers and employers alike.

“Several years ago, we saw a critical element missing in the future of work, so we’ve spent the last few years architecting a solution that will enable employers to give their employees more ownership over their traditional paid time off benefits in a way not possible before. Companies that embrace offering flexibility and alternative benefit solutions will thrive as they attract, engage and retain top workers, thereby winning the war for talent.” – Cofounder and CEO of PTO Exchange Rob Whalen.

“The ability to help employers unlock literally billions of dollars in untapped value for today’s workforce is long overdue. PTO Exchange’s innovative solution brings simplicity to an otherwise complex problem making it possible for workers to redirect these assets to where they can have the most impact for themselves and their families.” – Managing Director at WestRiver Group Anthony Bontrager.