Forma
“Can a flexible benefits platform become the financial OS for employee lifestyle spending by embedding payments, card issuing, and treasury infrastructure directly into employer benefit programs?”
Founded2017
HQFremont, California, USA
Total raised$62M+
Latest roundSeries B, March 2022
IndustryVertical SaaS / HR & Benefits
The story
Founded as Twic, Inc. in 2017, the company started as a health and wellness benefits platform. It rebranded to Forma in 2022 following a $40M Series B led by Ribbit Capital, signaling a broader move into flexible, global employee benefits programs including lifestyle spending accounts (LSAs). Ribbit Capital's fintech-focused investment signals an embedded finance layer — specifically around benefits disbursement and spending infrastructure — as a key differentiator versus legacy HR benefits vendors.
Product timeline
2017
Founded as Twic, Inc., a discretionary benefits platform for employee health and wellness.· pivot
2020
Raised Series A led by Emergence Capital to grow flexible benefits platform.· banking
2022
Raised $40M Series B led by Ribbit Capital; rebranded from Twic to Forma; expanded to global flexible benefits including lifestyle spending accounts (LSAs).· pivot
The stack
Accounting gap: none