Forma
“Can a flexible benefits platform become the operating system for employer-sponsored lifestyle spending accounts by making discretionary benefits as programmable and scalable as SaaS?”
Founded2020
HQFremont, California, USA
Latest roundSeries B
IndustryHorizontal SaaS / HR & Payroll
The story
Founded in 2020 as Twic, Inc., the company built a digital wallet for discretionary employee benefits — helping HR teams select vendors, process reimbursements, and monitor plan usage. In early 2022, it rebranded to Forma to reflect a broader positioning as a full lifestyle spending account (LSA) and flexible benefits platform. The company operates as Twic, Inc. DBA Forma in its legal agreements. Forma's embedded finance angle centers on the treasury and ledger infrastructure needed to hold and disburse employer-funded benefit wallets at scale.
Last 12 months
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Product timeline
2020
Company founded as Twic, Inc., a discretionary benefits management platform with a digital wallet for employee health and wellness.· banking
2020
Raised Series A led by Emergence Capital.· pivot
2022
Rebranded from Twic to Forma, signaling a broader benefits platform positioning beyond wellness.· pivot
2022
Raised new (Series B) funding to expand flexible employee benefits management.· banking
The stack
1 layer disclosed in Forma’s embedded-finance stack
Ledger
Accounting gap: none