Benepass Raises $40M to Help Employers Control Surging Healthcare Costs Through Consolidated Benefits Platform

"Benepass solves both challenges by unifying spending accounts across healthcare, commuter, family care, and wellness programs into a single card-based platform that works anywhere Visa is accepted. Since launching in 2019, the company has facilitated over 4.5 million transactions across 80+ countries, with revenue more than doubling since January 2025 as employers seek alternatives to fragmented point solutions. This funding will expand specialized offerings including low-threshold HSA investing ($125 minimum"

"with revenue more than doubling since January 2025 as employers seek alternatives to fragmented point solutions. This funding will expand specialized offerings including low-threshold HSA investing ($125 minimum versus typical $1,000+ requirements) and Specialty Health Reimbursement Accounts that let employers define eligible GLP-1 programs, restrict spending to approved merchants, and bundle complementary services like nutrition counseling, addressing pharmaceutical cost .pressures without forcing premium increases across entire employee populations."

Employer healthcare spending is projected to rise about 10% in 2026, while employer spending often does not match employee utilization. GLP-1 medications now account for over 15% of pharmacy claims at many employers, and 77% of large companies view managing those costs as extremely important. Benefits fragmentation leads companies to allocate roughly 30% of total compensation to benefits while low utilization and administrative complexity limit employee access. Benepass unifies healthcare, commuter, family care, and wellness spending accounts onto a single Visa-compatible card. Since 2019 the platform has processed over 4.5 million transactions across 80+ countries and has seen revenue more than double since January 2025.

Read at Alleywatch