“Can Carrot become the default global fertility and family-building financial and clinical layer embedded into both employer benefit stacks and health insurer products?”
Founded in 2016 by Tammy Sun out of Y Combinator as a pure employer-benefit platform for fertility care, Carrot launched the Carrot Card in 2019 to eliminate out-of-pocket reimbursement friction. Over time it expanded from a US-focused egg-freezing benefit into a global, multi-journey platform spanning 195 countries, 50 currencies, and conditions from IVF to menopause and urology. More recently Carrot pivoted toward becoming the embedded fertility layer within insurance products — its 2025 Guardian partnership marks a shift from purely employer-direct to insurer-embedded distribution.
Carrot Fertility discloses Celtic Bank as its banking provider, according to the Embedded Finance Index 2026.
Carrot Fertility does not disclose a bank charter of its own; its banking services are provided through Celtic Bank.
Carrot Fertility processes payments through Carrot Card (self-operated).
The Embedded Finance Index 2026 maps 3 layers in Carrot Fertility's stack: Payments / PSP (Carrot Card (self-operated)); Banking / BaaS (Celtic Bank); Sponsor bank (Celtic Bank).
Carrot Fertility was founded by Tammy Sun and is founded in 2016, headquartered in West Des Moines, IA, USA.
Carrot Fertility has raised $98.7M+ in total (latest round: Series C, 2022).
Get a read on where your own stack stands against Carrot Fertility and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.