- Benepass raised $40M led by Centana Growth Partners to scale benefits for larger employers.
- The platform expands HSAs and specialty HRAs, including programs for GLP-1 medications.
- Benepass serves 250+ employers globally and has doubled revenue since January 2025.
Benepass, a global benefits capital management platform, announced a $40 million Series B round led by Centana Growth Partners, with participation from FoW Partners and existing investors Portage Ventures and Threshold Ventures. The funding supports expansion into larger and more complex employers, strengthening pre- and post-tax benefit programs and enabling more specialized, cost-sensitive offerings.
“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.”
Rising healthcare costs and increasing cost shifts to employees are driving demand for better benefits control. Benepass is expanding its platform to give employers greater oversight of healthcare spending while increasing employee choice, including continued investment in Health Savings Accounts with integrated enrollment and low investment thresholds.
The platform is also expanding Specialty Health Reimbursement Accounts, starting with programs supporting GLP-1 medications. These accounts allow employers to define eligible medications, restrict merchants, and connect benefits to complementary services such as nutrition, fitness, and behavioral therapy, without broadly increasing premiums or deductibles.
“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 serves more than 250 employers globally, has processed over 4.5 million card transactions, and has more than doubled revenue since January 2025. The company is also a Workday Wellness partner for financial benefits, reflecting rising enterprise demand for flexible, compliant benefits infrastructure.