Employee benefits company Ben bags $16m

Ben, an employee benefits platform, has secured $16m from a Series A funding round headed by Atomico.

Also participating in the round were Cherry Ventures, Seedcamp and DN Capital.

Ben claims it is the all-in-one platform for any company to personalise benefits and reward. It does this by bringing together a SaaS platform with per-employee Mastercards and financial infrastructure.

The business said its technology cuts out cumbersome admin for HR managers integrating accounting, HR and payroll systems to streamline all onboarding, enrolment, management and offboarding processes.

The per-employee Ben Mastercard and flexible allowance function lets companies set budgets and spending rules to put decision-making in the hands of the employee to choose what suits them.

The firm said it has seen 10x year-on-year growth and is now working with over 150 companies globally, from mid-sized, fully distributed companies to large enterprises.

Ben CEO Sebastian Fallert said, “This is the first time in history that four generations coexist in the workforce at the same time. Baby Boomers, Generation X, Millennials, and Generation Z participate in a complex global economy, and their benefit requirements vary and fluctuate.

“Companies, many of whom are spending around 33% of payroll on benefits, are reassessing their traditional benefits packages to fit more culturally and ethnically diverse teams distributed around the world.”

Auxmoney, a leading digital lending platform for consumer credit in Europe, has secured €500m in funding.

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