Benepass, a global benefits capital management platform, today announced it has raised $40 million in Series B funding. The round was led by Centana Growth Partners, with participation from FoW Partners and existing investors Portage Ventures and Threshold Ventures. The funding will support Benepass’ efforts to expand into larger, more complex employers with their pre- and post-tax benefit offerings. The platform will be positioned to support more specialized and cost-sensitive programs.
Healthcare costs are projected to rise by as much as 10 percent this year, driven by increased utilization, chronic conditions, and specialty drugs such as GLP-1 medications.1 At the same time, more than a quarter of employers are shifting costs to employees through higher premiums and deductibles2, a strategy that is becoming less effective as inflation strains household budgets.
With the new funding, Benepass will expand its platform to give employers greater control over healthcare spending while increasing employee choice. This includes continued investment in its Health Savings Account offering. Employers gain greater control over their investment philosophy. Integrated enrollment and a $125 minimum investment threshold make it easier for employees to participate.
The company will also expand Specialty Health Reimbursement Accounts as a cost management option for employers, beginning with programs designed to support GLP-1 medications. These accounts allow employers to define eligible medications, restrict merchants, and tailor access to complementary interventions such as nutrition counseling, fitness programs, and behavioral therapy. The approach is designed to support weight management programs without necessarily increasing premiums, claims, or deductibles for the broader employee population.
Benepass will pair these offerings with enhanced employee outreach around eligible benefits, including items that may qualify under Health Savings Accounts as well as Flexible Spending Accounts.
Greater participation in pre-tax accounts lowers employees’ taxable income and out-of-pocket costs. Employers benefit from reduced payroll taxes, making these accounts a rare win-win as healthcare expenses climb.
“As benefits have multiplied, their value to employees have become fragmented,” said Jaclyn Chen, CEO of Benepass. “By consolidating benefits on a single platform and expanding employee choice, employers can turn benefits into something people actually understand, use, and value. This funding allows us to keep scaling that foundation.”
Benepass currently serves over 250 employers globally and has supported more than 4.5 million card transactions to date. Since January 2025, its revenue has more than doubled according to internal company data. The company is also a Workday Wellness partner for financial benefits, reflecting growing enterprise demand for flexible and compliant benefits infrastructure.
“Benepass has demonstrated strong momentum across customer adoption, and platform usage,” said Matthew Alfieri, Partner at Centana Growth Partners. “What stood out in diligence was the consistency of customer praise across flexibility, its user experience, and a highly collaborative support model, which reinforced our conviction that Benepass is well-positioned helping employers manage benefit dollars with greater precision and flexibility.”
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