Elevate Benefits Platform Raises $28 Million in Growth Funding

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Elevate, a leading consumer-directed benefits administration platform, today announced a $28 million growth round. The round, led by Anthemis, also included Fin Capital and existing investors Norwest Venture Partners, Greycroft, Bowery Capital, and Firebolt Ventures. With this funding, Elevate solidifies its position as the successor to the legacy providers by enhancing its innovative capabilities, including AI, as well as its go-to-market strategy and customer acquisition.

According to the Employers Council on Flexible Compensation, over 100 million Americans rely on consumer-directed benefits provided by their employers, such as Health Savings Accounts and Flexible Spending Accounts, to help with pre-tax out-of-pocket expenses. Elevate’s mission is to provide people-centric benefits technology that is modern, simple to use, and centered on the user.

As a B2B fintech firm, we are always excited about new avenues technology can be used to innovate outdated spaces,” said Christian Ostberg, General Partner at Fin Capital. “Brian and the Elevate team’s platform is bringing automation and a modern tech stack to the benefits space.

Along with the funding, Anthemis’ Kate Sampson and Fin Capital’s Christian Ostberg will serve as observers on the Elevate Board.Elevate previously raised $12 million in Series A funding in October 2021, bringing its total funding to $43 million.

Elevate is a cutting-edge consumer-directed benefits platform that puts employees and partners first. Our platform is built on a cloud infrastructure powered by APIs, with a focus on configurability, embeddability, and real-time automation.

Elevate was founded after our team of industry experts recognized the need for modern technology in an outdated industry. To provide a unified experience for employers and employees, we collaborate with forward-thinking partners such as PEOs, TPAs, Health Plans, Benefits Administrators, and Employee Financial Services companies.

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