Elevate, a modern consumer-directed benefits administration platform, announced that it has secured $20 million in growth funding, led by Fin Capital with participation from Anthemis and SaaS Ventures. This latest funding round brings the company’s total funding to $63 million.
Christian Ostberg (general partner at Fin Capital) will be joining its board of directors. Plus, the company also announced the appointment of payments entrepreneur Randy Fernando as an independent board member.
Elevate’s technology enables the administration of consumer-directed benefits accounts an all-in-one platform for human resources, information technology, payroll and spend management. And Elevate plans to use the new funding to enhance its industry-leading, AI-powered benefits engine, which automates processes to improve efficiency for benefits administrators, reduce costs, enrich the employee experience and grow usage rates. The company continue investing in product development, focusing on greater automation and new features that improve the user experience and cater to key partners.
Elevate’s platform is used for administering benefits accounts like health savings accounts (HSAs), flexible spending accounts (FSAs) and health reimbursement arrangements (HRAs). And traditionally, reimbursement delays, lengthy claims reviews and manual processes have made these programs cumbersome for both employees and administrators.
Elevate tackles these challenges by introducing AI to support immediate, automated experiences for employees, creating modern interfaces while improving efficiency and reducing costs for administrators. And the company’s cloud-based API-driven solution offers the scalability and security companies need to support all plan types from a single platform.
KEY QUOTES:
“Elevate is taking an aggressive approach, disrupting the industry standard with superior technology that addresses the challenges facing today’s benefits administrators and end users, while legacy vendors struggle with tech debt and next-generation competitors focus on point solutions. Our automated platform is driving strong revenue growth and efficiently serving hundreds of thousands of customers. We are honored that our existing investors – Fin Capital, Anthemis and SaaS Ventures – see the clear potential for our platform and have strengthened their commitments to support our upward trajectory.”
– Brian Cosgray, Elevate CEO and co-founder
“Benefits users stand to gain significantly as Elevate uses the power of AI and machine learning to solve a very real problem in benefits administration that has left American workers using legacy solutions with poor functionality until now. We are proud to continue our support of Elevate, and I personally look forward to working more closely with this talented team in my new role on the board.”
– Christian Ostberg (general partner at Fin Capital)
“I’m excited to bring my fintech and payments expertise to the benefits space as an Elevate board member. It’s time to modernize how employees access their company benefits. Through its innovative use of AI and automation, Elevate is the only solution that is truly simplifying consumer payments for benefits accounts.”
– Randy Fernando
