Worker advantages platform Ben raises $16M to chop HR admin – TechCrunch


Worker advantages platform Ben at this time introduced it has raised $16 million in a sequence A spherical of funding led by European VC big Atomico.

Whereas wage is undoubtedly the primary attract an organization’s compensation provide, further “perks” might help sweeten the deal for present or would-be workers — this could possibly be something from fitness center subsidies or an ebike subscription, to meal allowances and psychological wellbeing help. However curating and bundling all these varied advantages is a massively resource-intensive endeavor, one thing that Ben is getting down to resolve.

Based out of London in 2019, Ben is a SaaS platform that gives core employment advantages equivalent to life insurance coverage, well being, and pension, in addition to extra lifestyle-based nice-to-haves equivalent to fitness center memberships and work-from-home allowances.

Whereas Ben is aimed on the human sources (HR) realm, it basically straddles each the HR and fintech divide, integrating with techniques spanning accounting, HR, and payroll to automate lots of the onboarding and enrolment processes. By the platform, employers can set budgets and spend controls for every employee’s perks, in addition to facilitate your entire funds course of to the service supplier. On prime of that, Ben may subject Credit cards that every worker can use on no matter perks they need throughout the limits stipulated by the corporate.

“What was as soon as an enormous burden for HR groups to compile and handle is now collated and offered by the Ben platform,” Ben cofounder and CEO Sebastian Fallert defined to TechCrunch. “This each expands alternative vastly whereas additionally minimizing time-consuming admin.”

Ben’s advantages

A fast peek throughout the worker advantages’ panorama reveals plenty of related firms, together with Forma which just lately introduced a $40 million sequence B spherical of funding again in March, whereas London-based Juno secured a $4 million spherical.

Ben, for its half, is pitching its “end-to-end flexibility” and comprehensiveness of its advantages as certainly one of its core differentiators, spanning regulated “core” (e.g. life insurance coverage and pensions) merchandise and life-style (e.g. gyms) perks.

“On the ‘core’ entrance, we’re in a position to present country-specific protection by our international dealer community and enrolment know-how,” Ben cofounder and COO David Duckworth stated. “That is essential, so firms at all times get the very best mixture of protection and value. On the approach to life entrance, now we have relationships with advantages suppliers and might allow spend controls on the Ben Mastercard to show any service provider right into a profit, together with spending Way of life budgets on core merchandise.”

On prime of that, Duckworth additionally pointed to the truth that Ben is an “open” platform that isn’t locked right into a set vary of advantages.

“Corporations should not restricted to particular suppliers and might convey their very own suppliers and dealer relationships, whereas Ben takes over the continued administration,” he stated.

It’s additionally value noting {that a} key premise behind the “extensiveness” and adaptability of the advantages on provide is that completely different individuals have completely different wants, relying on a large number of things — together with their age.

“That is the primary time in historical past that 4 generations coexist within the workforce on the identical time,” Fallert added. “Child Boomers, Era X, Millennials, and Era Z take part in a fancy international financial system, and their profit necessities differ and fluctuate. Corporations, lots of whom are spending round 33% of payroll on advantages, are reassessing their conventional advantages packages to suit extra culturally and ethnically various groups distributed around the globe.”

Retention

In an atmosphere that features an ongoing expertise scarcity and the so-called nice resignation, it’s clear that there’s maybe a rising demand for applied sciences that assist to draw and retain staff. And, in truth, lead investor Atomico has a good monitor file in backing firms aligned with the house, together with Peakon which exited to Workday in a $700 million deal final yr; JobandTalent, which attained  a $2.35 valuation final December; and Gympass, which most just lately hit a $2.2 billion valuation.

Ben had beforehand raised a $2.5 million seed spherical of funding, and with one other $16 million within the financial institution the corporate is now well-financed to unravel the advantages complexity downside for SMEs and enterprise purchasers alike. And within the three years since its basis, Ben has already secured plenty of sizeable prospects, together with Zalando, Deliveroo, Funding Circle, and BitPanda.

“Workers are searching for extra alternative in what advantages they want and it’s within the curiosity of employers to be versatile, however till now it’s been complicated and expensive,” Fallert stated.

Other than lead backer Atomico, Ben’s sequence A spherical additionally included investments from Cherry Ventures, DN Capital, Seedcamp, and founders and executives from notable fintech / HR firms together with Peakon, Distant, and Personio.

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