Fijoya, a highly personalized platform for employer-sponsored health and wellness services, announced an $8.3M funding round led by the Venture-Creation fund of Team8.
Employer-sponsored healthcare is a $1.5 trillion industry riddled with escalating costs, administrative overload, and underutilized benefits. Operating at the intersection of fintech and healthcare, Fijoya offers employers a simplified, convenient, and cost-efficient way to offer more flexible health benefits.
With a single, pay-per-use contract, Fijoya’s comprehensive platform gives employers a way for their employees to conveniently find and seamlessly pay for thousands of health and wellness services and products that fit their needs. Mastercard has signed on as the payments partner for the Fijoya platform in the U.S., drawing on its decades-long track record of healthcare-focused solutions for payers and providers that drive greater efficiency and security across the ecosystem.
Given the breadth of employer-sponsored healthcare, Fijoya will initially focus on challenges in the $32 billion point solution vendor market. Employers offer point solutions to expand their health benefits package in a way that will boost employee satisfaction and attract new talent. Amid a growing constellation of point solutions, HR and Benefits teams are overwhelmed by heavy administrative workload, costly flat payment models across disparate vendors, and ongoing employee demand for more flexible, diverse benefits packages.
Fijoya’s AI-driven recommendation engine enhances the discovery and selection of personalized health benefits by matching employees with the precise health services they need from thousands of options available in the platform. The platform enables seamless payment through embedded, on-demand employer-funded digital cards, eliminating the need for receipts or reimbursements.
Fijoya is co-founded by Baruch Levy, CEO, and Sagi Polani, CPO. Together, they bring over 40 years of healthcare and entrepreneurial experience. Prior to co-founding Fijoya, Levy was VP of Monitoring Innovations at Baxter International, the Fortune 500 medical device company. Levy was part of Baxter’s Global Leadership Team after Baxter’s acquisition of Cheetah-Medical, where he served as GM & CTO. Polani is also a serial entrepreneur and a seasoned Chief Medical Officer with a DVM/PhD and expertise in biomedical optics, genomics, bioinformatics, and biopharma.
“Employer-sponsored healthcare is at a breaking point, with unsustainable complexity and cost,” said Levy. “Our goal is to make it easier for employers to deliver the best employee health experience – easy to offer, find, and pay for. A health experience that is flexible, diverse and personalized, just like the people they serve.”
“Fijoya provides an opportunity to impact the lives of 160M employees and their families covered by self-insured employers by optimizing the way they consume and pay for healthcare,” said Team8 Managing Partner Assaf Mischari. “This funding will allow Fijoya to expand its platform offerings in pursuit of a broad vision to change the landscape of employer-sponsored healthcare. We are incredibly proud that Fijoya is the first digital health startup built in collaboration with Team8’s venture-creation fund.”
Explore HRtech News for the latest Tech Trends in Human Resources Technology.
