Employee benefits FinTech Zorro secures $11.5m in seed round

Employee benefits FinTech Zorro secures $11.5m in seed round

Zorro, which is optimising health benefits experience for employees, employers and brokers, has launched out of stealth alongside the close of an $11.5m seed round.

The investment was co-led by Israel-based venture capital firms Pitango and 10D.

This capital injection will allow Zorro to bolster its R&D efforts as well as scale its customer operations.

Zorro claims that the current way of offering benefits is complicated, opaque and burdensome.

For employers and brokers, offering benefits results in unpredictable budgets, endless administration, and a distraction from the core business. While for employees, the health benefits are generic and too often, completely out of their control.

The Zorro platform analyses employers’ benefit objectives to create a top-down predictable budget and benefit allowance per employee or group of employees.

It offers an end-to-end insurance management solution that offers a single comprehensive platform. On top of this, it serves as a financial companion that analyses employees’ healthcare needs, family situation, risk tolerance and other personal characteristics. It will then build a recommended benefit bundle that consists of health insurance, supplemental coverages, specialised digital health solutions and other financial value-add services.

Zorro CEO and co-founder Guy Ezekiel said, “Zorro sits at the exciting intersection of the healthcare and financial sectors, and we’re proud to have developed a technology that makes offering employee health insurance plans more transparent, cost-effective and personalised.

“Our solution flips the outdated health benefits model upside down and gives employers predictability, while providing employees with the coverage that best fits their needs. The multi-disciplinary expertise that exists among the Zorro team members, including in healthcare, InsurTech, software and big data, is a unique asset that allows us to accomplish our important mission of improving access to quality and affordable healthcare.”

Earlier in the month, Rain secured $115m in a funding round encompassing $66m in equity and $50m in debt. The company offers earned wage access and other financial wellness benefits to hundreds of thousands of employees in the US.

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