Forma, which changed its name from Twic, provides a discretionary benefits management platform with a digital wallet and a curated marketplace of over 250 benefits products. Its platform helps HR teams select vendors, process reimbursements, issue pre-programmed Visa debit cards, and monitor plan usage so companies can offer employee-first, customizable benefits. Clients include Twitch, Stripe, Zoom, Lululemon, Palo Alto Networks, and Square; Forma reports a 99% customer retention rate and over 125 customers after 330% customer-base growth in the past year. The company said it increased revenue 4x in the past year from a reported $265,000 ARR in 2018, though it declined to disclose current revenue figures. Marketplace offerings are typically offered at 10–30% discounts and span six categories including family, education, wellbeing, health & protection, money & wealth, and work & performance. Forma plans to expand into pre-tax products such as FSAs and commuter benefits later this year and eventually offer healthcare, dental, vision, and retirement products.

Total raised

$40M

Funding rounds

1

Latest round

Series B

Latest activity

Mar 2022