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

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Worker advantages platform Ben right now introduced it has raised $16 million in a collection A spherical of funding led by European VC large Atomico.

Whereas wage is undoubtedly the primary attract an organization’s compensation provide, further “perks” can assist sweeten the deal for present or would-be workers — this could possibly be something from health club 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 remedy.

Based out of London in 2019, Ben is a SaaS platform that provides core employment advantages comparable to life insurance coverage, well being, and pension, in addition to extra lifestyle-based nice-to-haves comparable to health club 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 way of the platform, employers can set budgets and spend controls for every employee’s perks, in addition to facilitate your complete funds course of to the service supplier. On high of that, Ben can even situation 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 means of the Ben platform,” Ben cofounder and CEO Sebastian Fallert defined to TechCrunch. “This each expands alternative drastically whereas additionally minimizing time-consuming admin.”

Ben’s advantages

A fast peek throughout the worker advantages’ panorama reveals numerous related corporations, together with Forma which not too long ago introduced a $40 million collection 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 considered 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 capable of present country-specific protection by means of our international dealer community and enrolment expertise,” Ben cofounder and COO David Duckworth stated. “That is necessary, so corporations at all times get the most effective mixture of protection and value. On the life-style entrance, we’ve 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 Life-style budgets on core merchandise.”

On high 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 carry their very own suppliers and dealer relationships, whereas Ben takes over the continuing administration,” he stated.

It’s additionally value noting {that a} key premise behind the “extensiveness” and suppleness of the advantages on provide is that completely different folks have completely different wants, relying on a mess 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 posh international financial system, and their profit necessities fluctuate 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 numerous groups distributed all over the world.”

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 employees. And, in truth, lead investor Atomico has an honest observe report in backing corporations 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 not too long ago 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 resolve the advantages complexity drawback for SMEs and enterprise shoppers alike. And within the three years since its basis, Ben has already secured numerous sizeable clients, together with Zalando, Deliveroo, Funding Circle, and BitPanda.

“Staff are in search of 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.

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

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