Top 31 Employee Benefits Startups to Watch [2023]

Have you ever wondered who is on the list of Employee Benefits Companies with the highest growth rates?

You’re not alone.

There are hundreds of Employee Benefits Companies found there, and keeping track of the hottest new startups can be challenging.

But don’t worry, we’ve got you covered. Here are the top 31 fast-growing Employee Benefits Startups that have top-tier venture capital funding.

What are Employee Benefits Startups?

Employee benefits startups are companies that help employers provide and manage benefits for their employees. 

These startups provide employers with a range of services, such as HR management, payroll processing, health insurance, retirement planning, and more. Many employee benefits startups are also focused on providing innovative technology solutions to help employers manage their benefits programs.

Top 31 Fastest-Growing Startups In Employee Benefits

1) DailyPay

DailyPay is a payment solution for businesses in the financial sector.

Details of the startup:

• Country: United States
• City: New York
• Started in: 2015
• Founders: Jason Lee, Robert Law
• Number of employees: 251-500
• Funding amount: $514,000,000
• Number of funding rounds: 9
• Number of investors: 9

You can find their website here.

2) Lyra Health

Lyra assists businesses in improving their employees’ access to good mental health care.

Details of the startup:

• Country: United States
• City: Burlingame
• Started in: 2015
• Founders: David Ebersman, Dena Bravata
• Number of employees: 501-1000
• Funding amount: $675,100,000
• Number of funding rounds: 7
• Number of investors: 21

You can find their website here.

3) Nayya

Nayya is a platform for managing and experiencing insurance benefits that addresses health plan issues.

Details of the startup:

• Country: United States
• City: New York
• Started in: 2019
• Founders: Akash Magoon, Sina Chehrazi
• Number of employees: 11-50
• Funding amount: $50,700,000
• Number of funding rounds: 3
• Number of investors: 13

You can find their website here.

4) Stork Club

Stork Club is a maternity care platform that extends insurance coverage and gives people who want to have a baby all of their options.

Details of the startup:

• Country: United States
• City: San Francisco
• Started in: 2017
• Founders: Jeni Mayorskaya
• Number of employees: 11-50
• Funding amount: $32,700,000
• Number of funding rounds: 3
• Number of investors: 7

You can find their website here.

5) Cleo

Cleo is a benefits platform that offers working families individualized advice.

Details of the startup:

• Country: United States
• City: San Francisco
• Started in: 2016
• Founders: Chitra Akileswaran, Shannon Spanhake
• Number of employees: 101-250
• Funding amount: $80,947,607
• Number of funding rounds: 4
• Number of investors: 13

You can find their website here.

6) Gig Wage

Gig Wage is a fintech payroll firm that caters to independent contractors and gig workers.

Details of the startup:

• Country: United States
• City: Dallas
• Started in: 2014
• Founders: Craig Jamal Lewis
• Number of employees: 11-50
• Funding amount: $13,220,000
• Number of funding rounds: 6
• Number of investors: 11

You can find their website here.

7) Gympass

Gympass is a fitness discovery tool that connects corporations and their workers to the world’s network of fitness facilities.

Details of the startup:

• Country: Brazil
• City: Brasil
• Started in: 2012
• Founders: Cesar Carvalho, Joao Barbosa
• Number of employees: 501-1000
• Funding amount: $300,000,000
• Number of funding rounds: 5
• Number of investors: 12

You can find their website here.

8) Eden Health

Eden Health is a primary care and insurance navigation company for businesses looking to improve their employees’ health and well-being.

Details of the startup:

• Country: United States
• City: New York
• Started in: 2016
• Founders: Matt McCambridge, Scott L. Sansovich, Jr.
• Number of employees: 101-250
• Funding amount: $99,000,000
• Number of funding rounds: 5
• Number of investors: 17

You can find their website here.

9) Plum

Health insurance and perks of high quality

Details of the startup:

• Country: India
• City: Bengaluru
• Started in: 2019
• Founders: Abhishek Poddar, Saurabh Arora
• Number of employees: 11-50
• Funding amount: $20,645,163
• Number of funding rounds: 5
• Number of investors: 23

You can find their website here.

10) Earnin

Earnin allows people to check their pay from their smartphones whenever they want.

Details of the startup:

• Country: United States
• City: Palo Alto
• Started in: 2012
• Founders: Ram Palaniappan
• Number of employees: 101-250
• Funding amount: $190,099,999
• Number of funding rounds: 4
• Number of investors: 11

You can find their website here.

11) Pyn

Pyn is a human resources firm that assists businesses in keeping their staff more engaged.

Details of the startup:

• Country: Australia
• City: Sydney
• Started in: 2019
• Founders: Jon Williams, Joris Luijke
• Number of employees: 1-10
• Funding amount: $10,200,000
• Number of funding rounds: 2
• Number of investors: 6

You can find their website here.

12) Epsor

Employee savings and retirement programs are designed and distributed by Epsor.

Details of the startup:

• Country: France
• City: Paris
• Started in: 2017
• Founders: Benjamin Pedrini, Julien Murgey, Julien Niquet
• Number of employees: 11-50
• Funding amount: € 27,300,000
• Number of funding rounds: 4
• Number of investors: 5

You can find their website here.

13) PayFit

Payfit makes it simple and quick for small and medium businesses to pay their employees.

Details of the startup:

• Country: France
• City: Paris
• Started in: 2015
• Founders: Firmin Zocchetto, Florian Fournier, Ghislain de Fontenay
• Number of employees: 251-500
• Funding amount: $208,437,448
• Number of funding rounds: 5
• Number of investors: 14

You can find their website here.

14) Flare

Flare is a financial services firm that specializes in paperless onboarding, employee benefits, and management.

Details of the startup:

• Country: Australia
• City: Sydney
• Started in: 2015
• Founders: Colin Mierowsky, Daniel Cohen, James Windon, Jan Pacas, Saul Kaplan
• Number of employees: 51-100
• Funding amount: A$50,000,000
• Number of funding rounds: 3
• Number of investors: 8

You can find their website here.

15) Employment Hero

Employment Hero is a cloud-based platform for HR, payroll, and employee benefits management.

Details of the startup:

• Country: Australia
• City: Sydney
• Started in: 2014
• Founders: Ben Thompson, Dave Tong
• Number of employees: 51-100
• Funding amount: $62,699,999
• Number of funding rounds: 6
• Number of investors: 7

You can find their website here.

16) Five to Nine

So you can focus on improving the employee experience, Five to Nine oversees and assesses virtual event programming.

Details of the startup:

• Country: United States
• City: Chicago
• Started in: 2018
• Founders: Denise Umubyeyi, Jasmine Shells
• Number of employees: 11-50
• Funding amount: $1,150,000
• Number of funding rounds: 2
• Number of investors: 7

You can find their website here.

17) minu

minu transforms the financial health of Mexican workers by allowing them to access their already earned money whenever they need it.

Details of the startup:

• Country: Mexico
• City: San Miguel Chapultepec
• Started in: 2019
• Founders: Nima Pourshasb, Paolo Rizzi
• Number of employees: 11-50
• Funding amount: $26,500,000
• Number of funding rounds: 4
• Number of investors: 12

You can find their website here.

18) CXA Group

CXA is a health and wellness ecosystem powered by artificial intelligence.

Details of the startup:

• Country: Singapore
• City: Singapore
• Started in: 2013
• Founders: Rosaline Koo
• Number of employees: 101-250
• Funding amount: $58,000,000
• Number of funding rounds: 3
• Number of investors: 15

You can find their website here.

19) Factorial

Factorial is a small and medium business human resources software platform that includes vacation management and other features.

Details of the startup:

• Country: Spain
• City: Barcelona
• Started in: 2016
• Founders: Bernat Farrero, Jordi Romero, Pau Ramon
• Number of employees: 101-250
• Funding amount: € 18,300,000
• Number of funding rounds: 3
• Number of investors: 6

You can find their website here.

20) Bayzat

Bayzat is a technology firm that specializes in insurance and HR software.

Details of the startup:

• Country: United Arab Emirates
• City: Dubai
• Started in: 2011
• Founders: Brian Habibi, Talal Bayaa, Tarek Bayaa
• Number of employees: 101-250
• Funding amount: $28,598,445
• Number of funding rounds: 5
• Number of investors: 10

You can find their website here.

21) ekincare

Platform for corporate health benefits

Details of the startup:

• Country: India
• City: Hyderabad
• Started in: 2014
• Founders: Dinesh Koka, Kiran Kalakuntla, Srikanth Samudrala
• Number of employees: 101-250
• Funding amount: $5,729,000
• Number of funding rounds: 4
• Number of investors: 12

You can find their website here.

22) Enboarder

Enboarder is a software firm that assists organizations in creating compelling onboarding experiences for their new hires.

Details of the startup:

• Country: Australia
• City: Sydney
• Started in: 2015
• Founders: Brent Pearson
• Number of employees: 11-50
• Funding amount: $17,030,083
• Number of funding rounds: 4
• Number of investors: 9

You can find their website here.

23) Skuad

Skuad is a digital payroll platform that allows you to create, pay, and manage worldwide teams.

Details of the startup:

• Country: Singapore
• City: Singapore
• Started in: 2019
• Founders: Dave Fall, Naman Singhal, Sundeep Sahi
• Number of employees: 51-100
• Funding amount: $4,000,000
• Number of funding rounds: 1
• Number of investors: 4

You can find their website here.

24) GajiGesa

GajiGesa is a financial wellness platform that assists Indonesians in achieving financial security and dignity via their employment.

Details of the startup:

• Country: Indonesia
• City: Jakarta
• Started in: 2020
• Founders: Martyna Malinowska, Vidit Agrawal
• Number of employees: 11-50
• Funding amount: $2,500,000
• Number of funding rounds: 2
• Number of investors: 7

You can find their website here.

25) Coverflex

For modern businesses, flexible remuneration is essential.

Details of the startup:

• Country: Portugal
• City: Braga
• Started in: 2019
• Founders: Luis Rocha, Luis Rocha, Miguel Santo Amaro, Nuno Pinto, Rui Carvalho
• Number of employees: 11-50
• Funding amount: € 5,000,000
• Number of funding rounds: 2
• Number of investors: 5

You can find their website here.

26) Elements Global Services

Elements Global Services is a record-keeping employer and a tech-enabled services firm.

Details of the startup:

• Country: Spain
• City: Barcelona
• Started in: 2013
• Founders: Richard Hammell
• Number of employees: 51-100
• Funding amount: $20,000,000
• Number of funding rounds: 1
• Number of investors: 1

You can find their website here.

27) Cobee

Cobee is a fintech firm based in Spain that creates an online platform that automates and streamlines the management of employee benefits.

Details of the startup:

• Country: Spain
• City: Madrid
• Started in: 2018
• Founders: Borja Aranguren Herrera, Daniel Olea Martin, Ignacio Travesi
• Number of employees: 11-50
• Funding amount: € 2,475,000
• Number of funding rounds: 4
• Number of investors: 9

You can find their website here.

28) Swingvy

Swingvy is a cloud-based human resource management tool for small and mid-sized companies.

Details of the startup:

• Country: Singapore
• City: Singapore
• Started in: 2016
• Founders: Hyojun Lee, Jahun Koo, Jin Choeh, Kit Hoong Tho
• Number of employees: 11-50
• Funding amount: $8,600,000
• Number of funding rounds: 4
• Number of investors: 6

You can find their website here.

29) Xoxoday

Motivate and engage your employees to help your company grow.

Details of the startup:

• Country: India
• City: Bengaluru
• Started in: 2012
• Founders: Abhishek Kumar, Kushal Agarwal, Manoj Aggarwal, Sumit Khandelwal
• Number of employees: 101-250
• Funding amount: $450,000
• Number of funding rounds: 2
• Number of investors: 2

You can find their website here.

30) ePesos

EPesos is a FinTech that allows workers to access their pay immediately.

Details of the startup:

• Country: Mexico
• City: Monterrey
• Started in: 2014
• Founders: Ariel Olaiz, Oscar Robles
• Number of employees: 11-50
• Funding amount: $27,000,000
• Number of funding rounds: 2
• Number of investors: 5

You can find their website here.

31) CDP Group

CDP’s integrated technology platform provides a comprehensive set of products and services for Human Capital Management.

Details of the startup:

• Country: China
• City: Shanghai
• Started in: 2004
• Founders: Wei Wang
• Number of employees: 501-1000
• Funding amount: $118,340,000
• Number of funding rounds: 4
• Number of investors: 7

You can find their website here.

FAQs

Is Employee Benefits Business Profitable?

Yes, employee benefits businesses can be profitable. Depending on the services offered and the size of the business, employee benefits businesses can generate significant profits. 

The key to success is finding a way to differentiate from competitors, build a loyal customer base, and provide high-quality services to employers and their employees. With the right strategies and tactics, an employee benefits business can be a highly profitable venture.

What Is The Average Investment In Employee Benefits?

The average investment in employee benefits is typically around 30 percent of a company’s total payroll. However, the exact amount varies depending on a number of factors, including the size of the company, the industry, and the number of employees.