Aya

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.

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

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

• Health spending accounts
• Employee benefits software
• Wellness spending accounts
• Claims adjudication platform
• Prepaid benefits cards

Headquarters

HQ city

Toronto

HQ country

Canada

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

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

Revenue model

1. Platform/Subscription Fees: Monthly, quarterly, or annual platform fees invoiced to employers for access to the HSA/WSA platform, administration, and card services.
2. 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.
3. 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

Go-to-market motion3 records

Distribution channels5 records

Marketing channels11 records

Core 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

Named customers7 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability2 records

Feature6 records

Partnerships

Six partnerships are on record, tiered core and minor.

• Digital Commerce Bank (DCBank)coreTechnology or IntegrationDCBank 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 InternationalcoreTechnology or IntegrationVisa 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 MackeyminorOthersStrategic 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 StamosminorOthersStrategic marketing advisor and founding advisor focused on strategic marketing. An exited founder.
• Naunidh FoundationminorOthersCharitable partner in India for Aya's healthcare for all mission. Aya donated oxygen concentrators and ventilators purchased with one month of revenue.
• Google for StartupsminorGTM or Marketing PartnerShown in partner logos. Google for Startups program participant.

Scale indicators8 records

Recent moves6 records

Expansion highlights6 records

Direct 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

• Xx.com/ayapayments
• YouTubeyoutube.com/@AyaCare-Payments
• Facebookfacebook.com/ayacareTO
• LinkedInlinkedin.com/company/ayavisa
• Instagraminstagram.com/ayac.are

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds3 records

Investors6 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 Aya