Employee benefits platform Ben has secured $16 million in a Series A funding round led by Atomico. Cherry Ventures, DN Capital, and Seedcamp also participated in this round, supporting Ben’s vision of offering an agnostic platform that allows employees to select from a wide variety of workplace benefits to find what best suits their needs.
Ben’s technology simplifies administrative tasks for HR managers by integrating accounting, HR, and payroll systems, thereby streamlining onboarding, enrollment, management, and offboarding processes. The per-employee Ben Mastercard and flexible allowance feature empower companies to establish budgets and spending rules, enabling employees to make their own benefit choices.
The company has experienced tenfold year-on-year growth and is currently partnering with over 150 organizations worldwide, from mid-sized, fully distributed firms to large enterprises such as Funding Circle, Pleo, and BitPanda.
Sebastian Fallert, CEO of Ben, commented: “This is the first time in history that four generations coexist in the workforce simultaneously. Baby Boomers, Generation X, Millennials, and Generation Z are all part of a complex global economy, each with fluctuating benefit needs. Companies, many of which allocate around 33% of payroll to benefits, are reevaluating their traditional benefits packages to accommodate culturally and ethnically diverse teams distributed around the globe.”