What Forma does

Forma is a cloud-based life benefits platform that enables employers to offer employees flexible, customizable spending accounts across categories such as well-being, education, family formation, caregiving, professional development, and home office. Founded in 2017/2018 and headquartered in Fremont, California, the company pioneered the Lifestyle Spending Account (LSA) category and now supports LSA, HSA, FSA, HRA, and rewards products with three payment rails (Forma Visa Card, Claims Administration, and the Forma Store marketplace) across 111 countries. The platform integrates with 40+ HRIS systems (Workday, ADP, UKG, Paylocity) and 12,000+ financial institutions, carries SOC 2 Type 2, GDPR, and WCAG certifications, and uses AI-driven personalization to tailor benefit experiences to each employee's interests, eligibility, and location.

Forma monetizes through an enterprise SaaS subscription billed on a per-employee-per-month (PEPM) basis with annual contracts that auto-renew, supplemented by professional services for implementation and support. Its go-to-market is a direct enterprise sales motion targeting HR and benefits decision-makers, reinforced by a broker/consultant channel, self-serve member and employer portals, and mobile apps on iOS and Android. Named customers include Microsoft, Lululemon, BCG, UKG, Johns Hopkins, Dyson, Etsy, Affirm, TripAdvisor, Instacart, Snap, New Balance, Collective Health, Gusto, Stripe, Dropbox, Gong, Clari, and Rhino, with a 2026 benchmark study covering roughly 300 employers and nearly 1 million employees.

The company is venture-backed, having raised approximately $57.6 million across seed and Series A/B rounds with Ribbit Capital, Emergence Capital, Stripe, Designer Fund, Upside Partnership, AngelPad, and Offline Ventures as investors. Co-founders Jason Fan (CEO) and Max Hsieh (CTO) lead an executive team of approximately eight department heads spanning engineering, product, design, customer, marketing, and consultant relations.

Name

Forma

Legal name

Twic, Inc.

Website

https://joinforma.com

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

101–250 employees

Short description

Forma is a cloud-based life benefits platform that lets enterprise and mid-market employers offer customizable spending accounts (LSA, HSA, FSA, HRA) and rewards to employees across 111 countries, monetized via PEPM SaaS subscriptions.

Ownership category

akta.pro rank

Product category

Employee Benefits Administration Software

NAICS

Pharmacy Benefit Management and Other Third Party Administration of Insurance and Pension Funds (524292), Health and Welfare Funds (525120), Insurance and Employee Benefit Funds (5251)

SIC

Services-Computer Programming, Data Processing, Etc. (7370), Hospital & Medical Service Plans (6324)

akta.pro primary industry

Benefits Administration (BPACAPAC)

akta.pro secondary industries

Flexible Benefits Administration (FSA/HSA/HRA) (HLAEALAK), Eligibility, Enrollment & Benefits Administration (HLAEALAH), Self-Funded Employer Plan TPA (ASO Administration) (HLAEALAA)

Keywords

• Employee benefits platform
• Lifestyle spending accounts
• Flexible benefits administration
• HRIS integration software
• Benefits technology platform

Headquarters

HQ city

Fremont

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Personnel, Technology or R&D, Marketing or Sales, Operations, Infrastructure

Revenue model

1. SaaS Subscription Platform: Annual subscription fees billed per employee per month (PEPM) based on the number of Authorized Users (Baseline Employee Count). Subscription terms automatically renew for one-year periods unless terminated with 30 days notice.
2. Per-Employee-Per-Month (PEPM) Billing: Fees are calculated based on the Baseline Employee Count specified in the Order Form. Overages are invoiced monthly at the contracted PEPM/PPMM rate when the number of Authorized Users exceeds the baseline.
3. Professional Services: Implementation, support, maintenance, and professional services as described in Statements of Work

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels7 records

Core offering

Forma is a cloud-based life benefits platform that enables employers to offer customizable spending accounts—including Lifestyle Spending Accounts (LSA), Health Savings Accounts (HSA), Flexible Spending Accounts (FSA), and Health Reimbursement Arrangements (HRA)—to their workforce. The platform combines AI-powered personalization, real-time claims administration, a Forma Visa debit card, and a curated benefits marketplace (Forma Store), and integrates with 40+ HRIS systems to serve employees across 111 countries.

Product overview

Forma is a cloud-based life benefits platform offering a unified system for customizable spending accounts. The core portfolio includes Lifestyle Spending Accounts (LSAs), Pre-tax Accounts (HSA, FSA), Health Reimbursement Arrangements (HRAs), and Rewards and Recognition. These products are complemented by three payment methods: the Forma Visa Card for direct purchases, Claims Administration for reimbursement processing, and the Forma Store marketplace for discounted benefits. The platform operates globally across 111 countries and integrates with 40+ HRIS systems (Workday, ADP, UKG, Paylocity) and 12,000+ financial institutions. AI-powered personalization tailors employee experiences based on interests, eligibility, and location.

Differentiator

Problem solved

Functional benefit

Products and services

• Lifestyle Spending Accounts (LSA) Post-tax flexible spending accounts that allow employees to allocate benefit funds across categories like well-being, fitness, caregiving, and professional development. LSAs are fully customizable by employers with eligibility rules and can be used with the Forma Card, Forma Store, or claims reimbursement.
• Pre-tax Accounts (HSA, FSA, Commuter)

Quantifiable outcome

• Microsoft reduced employee call volume by >20x using Forma's global LSA
• +8 more outcomes

Named customers19 records

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

AI capability2 records

Feature9 records

Partnerships

Seven partnerships are on record, tiered core.

• Thread BankcoreOthersThread Bank is Forma's banking services partner providing FDIC-insured deposit accounts for the Forma Visa Debit Card. Thread Bank is Member FDIC.
• Stripe (Card Services)coreTechnology or IntegrationStripe provides card program services and infrastructure for the Forma Visa Debit Card. Card usage is subject to the Stripe Card Agreement.
• WorkdaycoreTechnology or IntegrationPre-built HRIS integration allowing real-time employee data sync with Forma's benefits platform.
• ADPcoreTechnology or IntegrationPre-built HRIS integration for payroll and employee data synchronization.
• UKGcoreTechnology or IntegrationPre-built integration with UKG HR and workforce management solutions.
• PaylocitycoreTechnology or IntegrationPre-built HRIS integration with Paylocity for employee data sync.
• 12,000+ Financial InstitutionscoreTechnology or IntegrationNetwork of U.S. banks and credit unions enabling frictionless fund transfers, faster reimbursements, and bank-level security for employee accounts.

Scale indicators17 records

Recent moves4 records

Expansion highlights6 records

Direct peers

• Benepass: Benepass is a direct competitor offering a flexible benefits platform centered on Lifestyle Spending Accounts and customizable spending accounts for employers, overlapping directly with Forma's LSA core product and target buyer.
• Compt: Compt provides a flexible benefits and LSA platform that allows employers to fund employee wellness, family, and lifestyle categories, directly competing with Forma in the same enterprise HR buyer segment.
• ThrivePass: ThrivePass delivers Lifestyle Spending Account, pre-tax, and reimbursement account administration for employers, with comparable product modules (LSA, FSA, HRA) and similar mid-market and enterprise positioning to Forma.
• PeopleJoy: PeopleJoy offers a flexible employee benefits platform combining LSA, HSA, FSA, commuter, and tuition benefits administration for employers, competing with Forma on overlapping spending-account functionality.

Broad incumbents

• HealthEquity: HealthEquity is a large public benefits administrator providing HSA, FSA, HRA, and COBRA administration; it overlaps with Forma's pre-tax account and HRA modules but operates at much greater scale and as a broader incumbent.
• Optum (UnitedHealth Group): Optum provides large-scale health and benefits administration, financial services, and care navigation for employers and health plans, intersecting with Forma's benefits administration and care navigation offerings as a broad incumbent.
• ADP: ADP is a global HR, payroll, and benefits technology incumbent with deep enterprise distribution; it integrates with Forma via HRIS but also offers its own benefits administration stack that could compete with Forma's platform.
• Workday: Workday is a leading cloud HCM and financial management platform and a key Forma HRIS integration partner; its broad benefits and HCM capabilities make it a structural incumbent that could expand into LSA-adjacent functionality.
• UKG: UKG is a major HR, payroll, and workforce management vendor with enterprise benefits capabilities, currently both a customer of Forma and an integration partner, positioning it as a broad incumbent with potential to bundle competing functionality.

Emerging players

• Gusto: Gusto is an SMB-focused payroll, HR, and benefits platform that ranked Forma its #1 benefit offering; it overlaps with Forma's benefits administration value proposition at the small/mid-market end while serving a different primary buyer.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/joinforma
• Xx.com/forma_hq
• Facebookfacebook.com/joinforma

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Funding overview

Funding rounds4 records

Investors7 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Forma