Betterfly
Betterfly is a Chilean insurtech, founded in 2018, that sells B2B employee wellbeing and benefits platforms — combining flexible benefit cards, telemedicine, financial wellness, and charitable donation features — to corporate employers across Latin America, Spain, and the United States.
- Company typePrivate
- Founded2018
- HeadquartersSantiago, Chile
- Headcount251–500
- GTM typeB2B
- OfferingSoftware
What Betterfly does
Betterfly is a Chile-based insurtech and employee wellbeing platform founded in 2018 that sells a B2B benefits bundle to corporate employers across Latin America, Spain, and the United States. The platform combines a flexible benefits virtual card, telemedicine, mental health services, financial wellness tools, and a social impact feature that converts employees' healthy activities into charitable donations toward causes such as combating hunger and improving health and education. Underlying technology centers on a digital benefits platform, virtual card infrastructure, and an impact tracking system; the company holds B Corporation certification (2025), reinforcing its ESG positioning for corporate buyers.
The company generates revenue primarily through recurring B2B subscriptions sold to corporate employers, with pricing customized per client and billed annually; insurance carrier partnerships add an insurtech revenue layer on top of the platform subscription. Distribution is direct enterprise field sales to HR and benefits buyers, complemented by strategic acquisitions (Flexoh in Spain 2022, SeuVale in Brazil 2022, Minu in Mexico 2026 for ~$100M) that have added local customer bases, product capabilities, and geographic reach. Following the Minu acquisition, Betterfly reports serving 4,000+ corporate clients and more than 1 million end users across Mexico, Chile, Spain, and the United States, with a Miami-based North American hub established to support a planned 2027 U.S. market entry. The company has raised over $202.5M across funding rounds, achieved a $1B unicorn valuation at its February 2022 Series C led by Glade Brook Capital Partners, and is led by founder & CEO Eduardo Maggiora alongside a C-suite including Ronny González (CPO), Juan Pablo Larenas González (Chief Impact Officer), and Cristobal della Maggiora (Chief Business Officer/COO/CPO).
Betterfly firmographics
Firmographics- Name
- Betterfly
- Legal name
- Betterfly
- Website
- https://betterfly.com
- Company type
- Private
- Founded year
- 2018
- Operating status
- Operating
- Headcount range
- 251–500 employees
- Short description
- Betterfly is a Chilean insurtech, founded in 2018, that sells B2B employee wellbeing and benefits platforms — combining flexible benefit cards, telemedicine, financial wellness, and charitable donation features — to corporate employers across Latin America, Spain, and the United States.
- Ownership category
- akta.pro rank
Betterfly industry classification
Industry- Product category
- Employee Benefits Platform
- NAICS
- Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services (5182), Pharmacy Benefit Management and Other Third Party Administration of Insurance and Pension Funds (524292)
- SIC
- Services-Prepackaged Software (7372)
- akta.pro primary industry
- Benefits Administration (BPACAPAC)
- akta.pro secondary industries
- Benefits Administration & Total Rewards Outsourcing (BPACAKAE), Flexible Benefits Administration (FSA/HSA/HRA) (HLAEALAK), Behavioral & Mental Health Virtual Care (EAP/Teletherapy) (HLALADAB), Worksite Financial Wellness & Employee Assistance Programs (EAP) (FSAIAMAN)
Keywords
Where Betterfly is headquartered
LocationHeadquarters
- HQ city
- Santiago
- HQ country
- Chile
- HQ region
- Latin America
Offices2 records
Markets served
Betterfly business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Personnel, Technology or R&D, Marketing or Sales, Operations, Infrastructure
Revenue model
- Employee Benefits Platform Subscription: Betterfly provides a B2B employee wellbeing and benefits platform to corporate clients, generating revenue through subscription fees for access to the platform, virtual benefit cards, telemedicine, mental health services, financial wellness tools, and social impact features.
- Insurance Products: As an insurtech company, Betterfly generates revenue through insurance-related products and partnerships with insurance carriers, offering coverage as part of the employee benefits package.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Annual | Corporate benefits packages with flexible benefits card |
Go-to-market motion3 records
Distribution channels2 records
Marketing channels3 records
Betterfly product offering
Product offeringCore offering
Betterfly operates a digital employee wellbeing and corporate benefits platform that combines flexible benefits delivered through a virtual benefit card, telemedicine, mental health, financial wellness tools (including earned wage access), and social impact donations. The platform is sold on a subscription basis to corporate employers across Latin America, Spain, and the United States, allowing companies to offer their employees a single integrated benefits package that also generates charitable contributions at no extra cost.
Product overview
Betterfly operates as a unified employee wellbeing platform that combines flexible corporate benefits with social and environmental impact. The core Betterfly Platform integrates a flexible benefits virtual card system, telemedicine, mental health services, financial wellness, and fitness services. The company has expanded through acquisitions including Minu (financial wellness with earned wage access), SeuVale (flexible benefits via virtual cards in Brazil), and Flexoh (flexible work benefits in Spain, rebranded 'Flexoh by Betterfly'). The platform serves corporate clients across Latin America, Spain, and the United States, aiming to reach 100 million users by 2025.
Differentiator
Problem solved
Functional benefit
Brands
- Flexoh by Betterfly: Flexible work benefits brand operating in Spain, offering telemedicine, psychology, financial education, and fitness services.
Products and services
- Betterfly Platform Comprehensive employee wellbeing platform that rewards healthy habits with social and environmental impact, combining corporate benefits, flexible benefits cards, telemedicine, mental health services, financial wellness, and fitness services into a unified offering for corporate employers.
- Flexible Benefits Virtual Card Virtual card system that enables employees to access flexible benefits and supports causes such as combating hunger and improving health and education, integrating social impact through donations at no extra cost for companies or employees.
- Betterfly App
Quantifiable outcome
- Supporting employees across 4,000+ corporate clients with 1+ million users
- +2 more outcomes
Companies that use Betterfly
Customer profileNamed customers2 records
Segments2 records
Ideal customer profiles1 record
Betterfly technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
Betterfly partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- MinucoreBetterfly acquired Minu for $100 million in 2026, combining two firms focused on workplace wellness. Minu provides 50+ employee benefits including earned wage access, telemedicine, and financial wellness tools to 2,000+ corporate customers and 1 million users.
Scale indicators8 records
Recent moves8 records
Expansion highlights5 records
Betterfly competitors and assessment
Company assessmentDirect peers
- Justworks: PEO and benefits administration platform for SMB and mid-market employers in the US. Comparable model combining HR tech, benefits, and partner-driven insurance products.
- Zenefits: Benefits-focused HR platform for SMB employers with embedded insurance brokerage. Direct competitor in the same benefits administration + insurance distribution category.
- Deel: Global HR, payroll, and benefits platform with strong LatAm roots serving SMB and enterprise employers. Closely comparable in cross-border employer benefits distribution and B2B go-to-market.
- Gusto: US SMB-focused HR, payroll, and benefits administration platform with embedded insurance products. Direct competitor in the employer benefits category Betterfly plans to enter in the US.
- Rippling: Unified HR, IT, and benefits platform for SMB and mid-market employers. Direct competitor offering flexible benefits, payroll, and insurance-adjacent services via a single SaaS platform.
Broad incumbents
- Workday: Enterprise HCM incumbent with broad benefits administration capabilities. Larger, more established competitor with overlapping functionality in the same employer benefits category.
- TriNet: PEO providing HR, benefits, and payroll to SMB and mid-market employers. Overlaps with Betterfly's employer benefits model, particularly for US market entry.
- Paychex: SMB-focused payroll, HR, and benefits administration incumbent in the US. Comparable benefits administration offering as part of a broader HR services portfolio.
- ADP: Largest global payroll and benefits administration incumbent serving SMB through enterprise. Overlapping capabilities and a major competitive threat in any US expansion.
Emerging players
- HiBob: Modern HR and benefits platform targeting mid-market employers globally. Comparable in employer benefits admin focus with growing international footprint similar to Betterfly's expansion trajectory.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights6 records
Customer concentration
Betterfly social profiles
Digital presenceBetterfly compliance and trust
Trust signalCompliance1 record
Betterfly financial estimates
Financial estimateRevenue estimate
Valuation estimate
Betterfly leadership team
Management profileNumber of profiles
Profiles4 records
Betterfly subsidiaries and ownership
Company hierarchySubsidiaries3 records
Betterfly funding detail
Funding detailFunding overview
Funding rounds7 records
Investors23 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Betterfly M&A and investment
M&A and investmentM&A3 records
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Betterfly
What does Betterfly do?
Betterfly operates a digital employee wellbeing and corporate benefits platform that combines flexible benefits delivered through a virtual benefit card, telemedicine, mental health, financial wellness tools (including earned wage access), and social impact donations. The platform is sold on a subscription basis to corporate employers across Latin America, Spain, and the United States, allowing companies to offer their employees a single integrated benefits package that also generates charitable contributions at no extra cost.
Is Betterfly a public or private company?
Betterfly is a private company. It is classified as venture growth investor backed and is currently operating.
When was Betterfly founded?
Betterfly was founded in 2018. It employs 251 to 500 people.
Where is Betterfly based?
Betterfly is headquartered in Santiago, Chile, in the Latin America region.
How does Betterfly make money?
Two revenue lines are on record. Employee Benefits Platform Subscription is the primary driver. The others are insurance Products.
Who are Betterfly's main competitors?
Direct peers on record are Justworks, Zenefits, Deel, Gusto and Rippling. Broad incumbents are Workday, TriNet, Paychex and ADP. HiBob is listed as an emerging player.
Does Betterfly have an API?
No public API is recorded for Betterfly.
What industry is Betterfly in?
Betterfly's product category is Employee Benefits Platform. Its primary akta.pro industry code is BPACAPAC, Benefits Administration, with a secondary code of BPACAKAE, Benefits Administration & Total Rewards Outsourcing. Its NAICS code is 5182 and its SIC code is 7372.