Sika operates a marketplace that lets customers use pre-funded Flexible Spending Accounts (FSA) and Health Savings Accounts (HSA) to buy qualified wellness and health products directly at point-of-sale. The platform handles regulatory qualification and substantiation, employs legal and medical experts, and partners with a team of doctors to provide consultations and approvals when needed. Sika says vendors listed on its marketplace see average customer spend increase by 55% per order and that it partners with major FSA/HSA issuers covering over 20 million customers. The company takes liability for transactions and removes reimbursements/receipt hassles for vendors by enabling direct purchases. Sika has 10 employees and claims to reduce friction that leaves an estimated $25 billion in FSA/HSA funds unspent annually (about $8 billion of FSA funds expire each year). The company plans to eventually expand into helping consumers spend healthcare plan (insurance) dollars, viewing HSA rules as analogous to insurance claims processes.

Total raised

$5M

Funding rounds

1

Latest round

Seed

Latest activity

Apr 2022