Thatch operates a marketplace and debit card to enable employers to offer Individual Coverage Health Reimbursement Arrangements (ICHRA), allowing employees to purchase individual medical, dental, and vision plans or pay for care with leftover balances. The product lets employees choose plans, switch carriers, and spend remaining employer-provided budgets on treatments; Thatch reports about 50% of members carry an average $250 monthly balance. The company has integrated with QuickBooks to embed and distribute ICHRA and is building a similar offering for ADP. Thatch launched its offering in August 2023, has onboarded over a thousand companies in the last 18 months, and had 72 employees as of March. Revenue grew 8x year-over-year, though the company declined to disclose absolute revenue figures. Founders emphasize that ICHRA enables flexible employee classes and see ample room for product and fintech innovation around budgeting, payments, remittance, and adjudication. Thatch provides a personalized health benefits platform that combines fintech and healthtech, offering an interface to simplify the complex process of healthcare benefit management for employers and employees. Key features include simplified budget setting and fund allocation for employers, personalized plan selection tools for employees, integration of tax incentives and credits, and cost savings through pooled buying power. Since launching in 2023, Thatch has helped hundreds of companies across every sector improve their healthcare coverage while curbing costs; customers range from AI startups and small businesses to nonprofits and large enterprises with thousands of employees. Led by Chris Ellis and Adam Stevenson and based in San Francisco, the company plans to use new funding to expand its team, continue scaling its technology platform, and accelerate customer acquisition. The company raised $38M in a Series A round to support that growth. Thatch builds a platform to simplify health payments and benefits management for startups and their employees. The product sits on top of a company’s existing health plan and offers a tech-enabled Health Savings Account (HSA), a debit card for healthcare expenses, a receipt dashboard, and on-demand patient advocates via text to resolve billing issues. The company says it helps users determine HSA eligibility and see real-time tax savings from HSA use. Thatch aims to let businesses give employees great healthcare in under five minutes and is initially targeting startups that lack large HR budgets. It is also building a marketplace so founders can input a budget and select insurance policies and digital health vendors from the platform. Founded in 2021 by Chris Ellis and Adam Stevenson, Thatch is coming out of stealth and currently has eight employees and early funding.

Total raised

$84M

Funding rounds

3

Latest round

Series B

Latest activity

Apr 2025