Employee benefits platform Ben has raised $16 million in a Series A funding round led by Atomico.
Cherry Ventures, DN Capital and Seedcamp joined the round for Ben, an agnostic platform that lets employees to choose from a wide array of workplace benefits options and find what suits them.
The firm says that its technology cuts out cumbersome admin for HR managers integrating accounting, HR, and payroll systems to streamline all onboarding, enrolment, management and offboarding processes.
The per-employee Ben Mastercard and flexible allowance function lets companies set budgets and spending rules to put decision-making in the hands of the employee to choose what suits them.
Ben has seen 10x year-on-year growth and is now working with more than 150 companies globally, from mid-sized, fully distributed companies to large enterprises, including Funding Circle, Pleo and BitPanda.
Sebastian Fallert, CEO, Ben, says: “This is the first time in history that four generations coexist in the workforce at the same time. Baby Boomers, Generation X, Millennials, and Generation Z participate in a complex global economy, and their benefit requirements vary and fluctuate.
“Companies, many of whom are spending around 33% of payroll on benefits, are reassessing their traditional benefits packages to fit more culturally and ethnically diverse teams distributed around the world.”