“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?”
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.
Forma runs its ledger on Modern Treasury.
The Embedded Finance Index 2026 maps 2 layers in Forma's stack: Ledger (Modern Treasury); Treasury (Modern Treasury).
Forma is founded in 2020 and headquartered in Fremont, California, USA.
Get a read on where your own stack stands against Forma 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.