Elevate Secures $20 Million in Growth Funding, Led by Fin Capital

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Oct 29, 2024, 09:00 ET

Fin Capital's Christian Ostberg and Payment Entrepreneur Randy Fernando Join Elevate Board

DENVER, Oct. 29, 2024 /PRNewswire/ -- Elevate, a modern consumer-directed benefits administration platform, today announced that it has secured $20 million in growth funding, led by Fin Capital with participation from Anthemis and SaaS Ventures. This latest round brings Elevate's total funding to $63 million.

Christian Ostberg, general partner at Fin Capital, will be joining its board of directors. The company also announced the appointment of payments entrepreneur Randy Fernando as an independent board member.

Elevate's technology powers the administration of consumer-directed benefits accounts, including for industry powerhouses like Rippling, an all-in-one platform for human resources, information technology, payroll and spend management. Elevate plans to use the new funding to enhance its industry-leading, AI-powered benefits engine, which automates processes to improve efficiency for benefits administrators, reduce costs, enrich the employee experience and grow usage rates. The company will continue to invest in product development, focusing on greater automation and new features that improve the user experience and cater to key partners.

"Elevate is taking an aggressive approach, disrupting the industry standard with superior technology that addresses the challenges facing today's benefits administrators and end users, while legacy vendors struggle with tech debt and next-generation competitors focus on point solutions," said Brian Cosgray, Elevate CEO and co-founder. "Our automated platform is driving strong revenue growth and efficiently serving hundreds of thousands of customers. We are honored that our existing investors – Fin Capital, Anthemis and SaaS Ventures – see the clear potential for our platform and have strengthened their commitments to support our upward trajectory."

Elevate's platform is used to administer benefits accounts like health savings accounts (HSAs), flexible spending accounts (FSAs) and health reimbursement arrangements (HRAs). Traditionally, reimbursement delays, lengthy claims reviews and manual processes have made these programs cumbersome for both employees and administrators.

Elevate addresses these challenges by introducing AI to support immediate, automated experiences for employees, creating modern interfaces while improving efficiency and reducing costs for administrators. The company's cloud-based, API-driven solution offers the scalability and security companies need to support all plan types from a single platform.

"Benefits users stand to gain significantly as Elevate uses the power of AI and machine learning to solve a very real problem in benefits administration that has left American workers using legacy solutions with poor functionality until now," said Ostberg. "We are proud to continue our support of Elevate, and I personally look forward to working more closely with this talented team in my new role on the board."

"I'm excited to bring my fintech and payments expertise to the benefits space as an Elevate board member," said Fernando. "It's time to modernize how employees access their company benefits. Through its innovative use of AI and automation, Elevate is the only solution that is truly simplifying consumer payments for benefits accounts."

About Elevate
Elevate is the first completely cloud-based, API-driven, and AI-enabled consumer directed benefits platform with a focus on configurability, embeddability, and real-time automation. The all-in-one platform can manage all types of benefit accounts, from health savings accounts (HSAs) to complex health reimbursement arrangements (HRAs), and even commuter and lifestyle accounts. Elevate's team of industry experts recognized the need for modern technology in an outdated benefits administration industry, which led to the creation of Elevate in 2020. Today, Elevate collaborates with forward-thinking partners, including professional employer organizations (PEOs), third party administrators (TPAs), health plans, benefits administrators, and financial services companies, to provide a fully integrated benefits account experience for thousands of employers and their employees across the U.S. Learn more at www.elevate.inc

SOURCE Elevate