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The Perk Nobody Could Spend
Forma built a business around a small indignity of office life: the benefit that exists on paper but takes a spreadsheet, a receipt and a patient HR team to use.
Benepass and the Strange Life of an Unspent Benefit
A benefit nobody uses is a curious form of generosity. Benepass built a card and ledger to make the money spendable, then discovered that the harder problem was keeping every dollar eligible, visible, and under control.
The Receipt That Built a Benefits Company
A mother’s medical bills and a new father’s worries led two friends into the plumbing of American health care. Lively began with an HSA; its wager now is that one account, one card and one platform can make the rest of employee benefits less of a chore.
Health-E Commerce built a business on money you might lose
FSA Store turned the confusion around tax-free health benefits into a shopping business. Now its parent company is moving from the medicine cabinet into virtual care.
The $36.5 Billion Account Hiding in Your Benefits Portal
HealthEquity turned the least glamorous tab in workplace benefits into a three-engine business - and a bid to make health savings as familiar as the 401(k).
Binkey
Binkey is a Washington, DC fintech that lets online merchants accept pre-tax health benefit dollars - FSA, HSA, and related accounts - as payment at checkout. Its AI-powered engine classifies products at the SKU level to determine IRS eligibility in real time, automates claim filing and reimbursement, and routes funds through developer-friendly APIs. Products span Binkey Pay (checkout acceptance), FSA + HSA Rewind (recovering unused benefit dollars from past purchases), and Binkey Vision (out-of-network vision reimbursement). The company raised $3.3M in seed funding in 2023.
Obiaku Hill
Obiaku Ohiaeri Hill is the founder and CEO of Binkey, a Washington, DC fintech that turns FSA and HSA accounts into a checkout button. After years inside healthcare's machinery as a scientist, a McKinsey expert, and a product VP, she built an API-enabled payment service that lets merchants accept pre-tax health dollars at the point of sale and auto-files the paperwork so customers stop forfeiting the money they already set aside. Binkey raised a $3.3M seed round in December 2023 led by Wellington Access Ventures and was selected for the Mastercard Start Path program.
Frank Cheung
Frank Cheung is the co-founder and CEO of Accorded, a San Francisco actuarial intelligence company building tools for value-based contracting in healthcare. A Fellow of the Society of Actuaries with more than 18 years as a health actuary, he spent years inside Blue Shield of California, Deloitte Consulting, and Collective Health before deciding the frustration he kept running into deserved a software fix. He started Accorded in 2019 with co-founder Thomas Bedington, and in 2024 launched Accorded Acumen, a platform that turns messy claims and eligibility data into actuarially rigorous, ready-to-use VBC data assets.