Benefitfocus, Inc. (NASDAQ: BNFT), a technology platform provider enabling rapid innovation for employers, health plans and consumers, recently announced it has named employment-based holistic financial wellness services PayActiv as its new financial wellness partner.
Founded in 2000, Benefitfocus claims it unifies the entire U.S. benefits industry on a single technology platform to protect consumers’ health, wealth, and lifestyle.
“Our powerful cloud-based software, data-driven insights and thoughtfully-designed services, enable employers, insurance brokers and carriers to simplify the complexity of benefits administration and deliver a world-class benefits experience.”
Speaking about the partnership, Annmarie Fini, Executive Vice President of Customer Success Organization at Benefitfocus, stated:
“Benefitfocus connects people to the benefits solutions that improve their lives. PayActiv is a great solution that builds hourly workers’ confidence and financial security without loans. Employers can help their workers overcome stressful moments in their lives and build a stable economic foundation for the future.”
The Benefitfocus announcement comes just a little over a month after PayActiv raised $100 million through its Series C funding round, which was led by Eldridge and includes existing PayActiv shareholders Generation Partners and the Ziegler Link•Age Fund II.
As previously reported, PayActiv describes itself as a holistic financial wellness platform for employees to get on-demand access to earned but unpaid wages. The company claims that businesses that use its services see significant cost reductions through increased engagement and retention.
“PayActiv is the best way for employees to get financial relief between paychecks, a service needed by two-thirds of the workforce. We give businesses the tools essential to ease the financial stress of their employees and build a higher performing workforce.”
PayActiv further revealed that it currently serves more than four million employees at over 1,000 businesses across retail, food services, business processing services, and over 400 senior living and healthcare businesses. Its clients include Walmart, Wayfair, Ibex Global, and many others.