Flexible benefits platform PTO Exchange has raised $3m in a seed funding round led by WestRiver Group.
The US-based company enables employees to apply the value of their unused paid time off (PTO) to a range of options. This includes paying down student loan debt, covering unexpected emergency expenses, donating to charities, or funding a vacation. The platform also ensures employers stay compliant with federal and state regulations including tax requirements.
With the fresh funds the company hopes to integrate its platform into more student loan repayment or refinancing merchants. It also hopes the funding will support its goal of helping employees use accrued productivity or PTO in emergencies instead of withdrawing funds from 401 (k)s or using payday loans.
WestRiver Group managing director Anthony Bontrager said, “The ability to help employers unlock literally billions of dollars in untapped value for today’s workforce is long overdue. PTO Exchange’s innovative solution brings simplicity to an otherwise complex problem making it possible for workers to redirect these assets to where they can have the most impact for themselves and their families.”
Earlier in the year, fellow employee benefits company Gusto closed its Series D on $200m. The company gives employees access to health insurance, retirement plans, and 529 college saving plans.
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