Aya
Aya Payments is a Toronto-based health technology company that operates an AI-powered platform administering Health Spending Accounts and Wellness Spending Accounts for Canadian employers, employees, and insurance brokers via a Visa prepaid card and digital wallet.
- Company typePrivate
- Founded2019
- HeadquartersToronto, Canada
- Headcount11–50
- GTM typeB2B
- OfferingSoftware
What Aya does
Aya Payments, Inc. is a Toronto-based health technology and fintech company founded in 2018-2019 that operates an AI-powered platform for administering Health Spending Accounts (HSAs) and Wellness Spending Accounts (WSAs) for Canadian employers and their employees. Its core product portfolio includes standalone HSA and WSA plans, a combined HSA/WSA plan, and a FLEX plan that lets employees dynamically allocate between HSA and WSA buckets. The platform is accessed via a digital wallet and the Aya Visa prepaid card issued by Digital Commerce Bank, with a 4.7-rated mobile app on iOS and Android.
The platform's technical foundation centers on machine learning-based claims adjudication that reviews 100% of submitted claims, automation of renewals, reimbursements, invoicing, and reporting, and a financial ledger system that enables seamless allocation between HSA and WSA without pre-differentiation. Aya distributes through three GTM motions: direct enterprise sales, self-serve product-led onboarding with 24-hour paperless setup, and a broker/advisor channel offering commissions approximately 4x industry standard. Revenue is generated through platform/subscription fees invoiced to employers on a pay-as-you-go cadence and administration fees typically running 5-10% of claims flow, with additional economics shared with broker partners.
The company has raised approximately $3.9M in disclosed equity funding (a $1M round in February 2019 and a ~$2.9M round in November 2020 led by Luge Capital and MaRS Investment Accelerator Fund), employs 11-50 people, serves 180+ companies, and operates exclusively in Canada. It holds FINTRAC and CRA compliance and is pursuing SOC2 Type 2 certification, and was recognized as a 2021 5-Star Insurance Technology provider by Insurance Business Magazine Canada.
Aya firmographics
Firmographics- Name
- Aya
- Legal name
- Aya Payments, Inc.
- Website
- https://ayacare.com
- Company type
- Private
- Founded year
- 2019
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Aya Payments is a Toronto-based health technology company that operates an AI-powered platform administering Health Spending Accounts and Wellness Spending Accounts for Canadian employers, employees, and insurance brokers via a Visa prepaid card and digital wallet.
- Ownership category
- akta.pro rank
Aya industry classification
Industry- Product category
- Employee Benefits Technology
- NAICS
- Pharmacy Benefit Management and Other Third Party Administration of Insurance and Pension Funds (524292), Health and Welfare Funds (52512)
- SIC
- Insurance Agents, Brokers & Service (6411), Hospital & Medical Service Plans (6324), Services-Computer Programming, Data Processing, Etc. (7370)
- akta.pro primary industry
- Flexible Benefits Administration (FSA/HSA/HRA) (HLAEALAK)
- akta.pro secondary industries
- Benefits Administration (BPACAPAC), Self-Funded Employer Plan TPA (ASO Administration) (HLAEALAA)
Keywords
Where Aya is headquartered
LocationHeadquarters
- HQ city
- Toronto
- HQ country
- Canada
- HQ region
- North America
Offices2 records
Markets served
Aya business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Marketing or Sales, Operations, Infrastructure
Revenue model
- Platform/Subscription Fees: Monthly, quarterly, or annual platform fees invoiced to employers for access to the HSA/WSA platform, administration, and card services.
- Administration Fees: Fees charged for plan administration, processing claims, and managing employee accounts. Typically 5-10% of claims based on blog content discussing cost savings.
- Advisor Commission: Insurance brokers and advisors earn commission (4x industry standard) on plans sold, with prepay commissions on allocation and postpay commissions based on usage.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Pay-as-you-go | HSA - Health Spending Account |
| Subscription | Pay-as-you-go | WSA - Wellness Spending Account |
| Subscription | Pay-as-you-go | HSA/WSA Combined |
| Subscription | Pay-as-you-go | FLEX - Flexible HSA+WSA with Flex Enablement |
Go-to-market motion3 records
Distribution channels5 records
Marketing channels11 records
Aya product offering
Product offeringCore offering
Aya provides an AI-powered health and wellness spending account platform for Canadian employers, offering Health Spending Accounts (HSA), Wellness Spending Accounts (WSA), and combined plans. The platform automates claims adjudication, integrates a prepaid Visa card for direct payment at merchants, and includes a digital wallet and mobile app for employees. It replaces traditional group insurance with cost-certain, tax-efficient benefits administration.
Product overview
Aya is a health technology company offering an AI-powered platform for health and wellness spending accounts. The product portfolio includes Health Spending Accounts (HSA) and Wellness Spending Accounts (WSA) as the core products, available as standalone offerings or combined in the HSA/WSA or FLEX plans. These accounts are accessed via the Aya Visa Card (a prepaid Visa card) and/or the Digital Wallet platform accessible via web and mobile app (iOS/Android rated 4.7). The platform automates claims adjudication, reimbursements, renewals, and reporting using AI technology.
Differentiator
Problem solved
Functional benefit
Products and services
- Health Spending Account (HSA) A 100% tax-free employer-funded benefit that functions like a designated bank account for covering medical, dental, vision expenses, and other costs aligned with traditional insurance. Sold to Canadian employers and accessed by their employees.
- Wellness Spending Account (WSA) A taxable employer-funded benefit designed to support and encourage wellness and healthy living for expenses including HSA-covered items and beyond, such as flights, Apple Watches, and gym memberships. Sold to Canadian employers.
- Aya Visa Card A Visa-branded prepaid card issued by Digital Commerce Bank (DCBank) that allows employees to pay for eligible health and wellness expenses directly from their HSA or WSA funds at any Visa-accepting health and wellness merchant. Offered as prepay (zero out-of-pocket) and postpay (instant reimbursement) options.
Quantifiable outcome
- Save up to $2,000+/year per employee
- +5 more outcomes
Companies that use Aya
Customer profileNamed customers7 records
Segments3 records
Ideal customer profiles3 records
Aya technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
AI capability2 records
Feature6 records
Aya partnerships and signals
Strategic signalPartnerships
Six partnerships are on record, tiered core and minor.
- Digital Commerce Bank (DCBank)coreDCBank is the issuing bank for the Aya Visa prepaid card. They handle card issuance, fund loading/removal, and transaction processing. The card is Visa-branded and issued by Digital Commerce Bank at Aya Payments' request.
- Visa InternationalcoreVisa is the card network for the Aya prepaid card. The Visa logo is featured on the card, which can be used everywhere Visa is accepted at health and wellness merchants.
- Jon MackeyminorStrategic advisor and investor. Managing Director of Canada for True Search, former Managing Partner at Heidrick & Struggles, and former senior HR positions at Royal Bank of Canada.
- Barry StamosminorStrategic marketing advisor and founding advisor focused on strategic marketing. An exited founder.
- Naunidh FoundationminorCharitable partner in India for Aya's healthcare for all mission. Aya donated oxygen concentrators and ventilators purchased with one month of revenue.
- Google for StartupsminorShown in partner logos. Google for Startups program participant.
Scale indicators8 records
Recent moves6 records
Expansion highlights6 records
Aya competitors and assessment
Company assessmentDirect peers
- Wize: Canadian HSA, HRA, and WSA administrator with a digital platform for SMB and mid-market employers. Directly comparable to Aya in product scope (HSA/WSA), customer segment (Canadian employers), and benefits-administration delivery model, making it the closest head-to-head competitor.
- People Corporation: Canadian provider of group benefits, retirement, and HR consulting/administration to SMB and mid-market employers. Comparable in targeting Canadian employer-sponsored benefits plans and offering administration services, but with a more traditional services-led (less AI/PLG) model.
- ClaimSecure: Canadian health and dental benefits claims administration and TPA serving employers, insurers, and plan members. Directly comparable in the claims-administration and benefits-TPA workflow that Aya is automating, and a credible competitor for Canadian employer accounts.
Broad incumbents
- GreenShield Canada: Major Canadian health, dental, and benefits provider and administrator serving employers and individuals. Overlaps with Aya in health-benefits administration for Canadian employers and is a much larger incumbent, but with a broader portfolio beyond HSAs/WSAs.
- Sun Life Financial: One of Canada's largest life and health insurance carriers, dominant in group benefits. Competes with Aya indirectly via fully-insured group plans and broker relationships; a key strategic threat if it expands self-funded/HSA-style offerings.
- Manulife: Major Canadian insurance carrier with extensive group benefits, health, and wealth offerings. Overlaps with Aya on employer-sponsored benefits and serves as a large, well-capitalized incumbent that could replicate HSA/WSA-style offerings.
- Canada Life: Major Canadian insurance carrier (part of Great-West Lifeco) with deep group benefits and retirement administration. Competes with Aya for employer benefits spend via traditional group plans and broker distribution.
- Beneva: Canadian mutual insurer formed from the La Capitale/SSQ merger, offering group benefits and insurance to Quebec- and Canada-wide employers. Comparable employer customer base in Canada, with broader product portfolio than Aya.
- Alight Solutions: Large US-headquartered benefits administration and cloud-based HR/benefits technology provider. Comparable as a tech-enabled benefits administrator serving employers, though primarily US-focused and operating at much larger scale than Aya.
Emerging players
- League: Canadian-founded digital health benefits and navigation platform serving employers and payers. Comparable in digital-first employee benefits UX and Canadian roots, though League is more focused on navigation/personalization than HSA/WSA account administration.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks7 records
Key highlights7 records
Customer concentration
Aya social profiles
Digital presenceAya compliance and trust
Trust signalCompliance3 records
Aya financial estimates
Financial estimateRevenue estimate
Valuation estimate
Aya leadership team
Management profileNumber of profiles
Profiles7 records
Aya funding detail
Funding detailFunding overview
Funding rounds3 records
Investors6 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Aya M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Aya
What does Aya do?
Aya provides an AI-powered health and wellness spending account platform for Canadian employers, offering Health Spending Accounts (HSA), Wellness Spending Accounts (WSA), and combined plans. The platform automates claims adjudication, integrates a prepaid Visa card for direct payment at merchants, and includes a digital wallet and mobile app for employees. It replaces traditional group insurance with cost-certain, tax-efficient benefits administration.
Is Aya a public or private company?
Aya is a private company. It is classified as venture growth investor backed and is currently operating.
When was Aya founded?
Aya was founded in 2019. It employs 11 to 50 people.
Where is Aya based?
Aya is headquartered in Toronto, Canada, in the North America region.
How does Aya make money?
Three revenue lines are on record. Platform/Subscription Fees are the primary driver. The others are administration Fees and advisor Commission.
Who are Aya's main competitors?
Direct peers on record are Wize, People Corporation and ClaimSecure. Broad incumbents are GreenShield Canada, Sun Life Financial, Manulife, Canada Life, Beneva and Alight Solutions. League is listed as an emerging player.
Does Aya have an API?
No public API is recorded for Aya.
What industry is Aya in?
Aya's product category is Employee Benefits Technology. Its primary akta.pro industry code is HLAEALAK, Flexible Benefits Administration (FSA/HSA/HRA), with a secondary code of BPACAPAC, Benefits Administration. Its NAICS code is 524292 and its SIC code is 6411.