What Flores & Associates does

Flores & Associates (recently rebranded to FloresHR) is a Charlotte, North Carolina-based third-party administrator of consumer-directed benefit plans, founded in 1986 and operating as a private LLC. The company administers Flexible Spending Accounts (HCFSA, LFSA, DCFSA), Health Savings Accounts (HSAs), Health Reimbursement Arrangements (HRAs), Commuter Benefit Accounts, COBRA and Direct Bill services, and Leave Solutions (FMLA, ADA, state/municipal leave), serving primarily mid-market and enterprise employers across the United States with a particular concentration in the Southeast and a growing Northeast presence following the London Health Administrators acquisition. Its delivery model is built on a proprietary technology platform — Flores247 web portal, Flores Mobile App with biometric authentication, IVR/SMS access, an e-Status notification system, and the Flores Benefits Card — supported by dedicated account managers assigned to every client and daily back-end quality assurance audits.

The company generates revenue through recurring per-plan and per-participant subscription fees for benefits administration, supplemented by professional services fees for compliance offerings (Form 5500, Non-Discrimination Testing, POP, Wrap Documents). Its go-to-market is sales-led, combining direct employer engagement (with "Request a Demo" and "Request a Proposal" CTAs) and a substantial broker/advisor partnership channel, including integration with Employee Navigator and an exclusive HSA custody relationship with WealthCare Saver. Since 2022, Flores has executed five acquisitions — ProBenefits, Leave Solutions, Group Dynamic, London Health Administrators, and Streamline HR — funded in part by a 2022 strategic partnership with The Vistria Group and Century Equity Partners, driving reported three-year revenue growth of 311% as recognized on the 2024 Inc. 5000 (the third consecutive appearance, after 49% growth in 2021 and 96% in 2023). Leadership includes CEO Jody Oliver (since April 2021), COO Tim Sand (since March 2024), and CTO Jeremy Chwang (since October 2024).

Name

Flores & Associates

Legal name

Flores & Associates, LLC

Website

https://flores-associates.com

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

101–250 employees

Short description

Flores & Associates (now FloresHR) is a Charlotte, NC-based third-party administrator of tax-advantaged benefit accounts (FSA, HSA, HRA, COBRA, FMLA) for US employers, distributed primarily through insurance brokers and direct sales.

Ownership category

akta.pro rank

Product category

Benefits Administration (Third-Party Administrator)

NAICS

Health and Welfare Funds (525120), Professional Employer Organizations (561330), Insurance and Employee Benefit Funds (5251)

SIC

Accident & Health Insurance (6321), Hospital & Medical Service Plans (6324)

akta.pro primary industry

Flexible Benefits Administration (FSA/HSA/HRA) (HLAEALAK)

akta.pro secondary industries

COBRA & Direct Billing Administration (HLAEALAC), Disability & Leave Administration (STD/LTD/FMLA/Paid Leave) (HLAEALAM), Benefits Administration & Enrollment Support (BPAAAIAB)

Keywords

• Benefits administration services
• Health savings accounts
• Flexible spending accounts
• COBRA administration
• Third party administrator

Headquarters

HQ city

Charlotte

HQ country

United States

HQ region

North America

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Benefits Administration Services: Ongoing administration fees for managing Flexible Spending Accounts (FSA), Health Savings Accounts (HSA), Health Reimbursement Accounts (HRA), Commuter Benefit Accounts, COBRA, Direct Bill, and FMLA services. Services are typically provided on a per-plan or per-participant basis.
2. Compliance Services: Additional fees for Form 5500 filings, Non-Discrimination Testing, Premium Only Plans, and Wrap Documents. May be bundled with administration services or sold as standalone.
3. COBRA and Direct Bill Administration: Billing and administration services for COBRA continuation coverage and direct billing arrangements, including monthly billing and participant inquiry handling.
4. Leave Administration: FMLA, ADA, and disability leave administration services, including billing for leave of absence coverage.

Pricing tiers

Go-to-market motion2 records

Distribution channels2 records

Marketing channels6 records

Core offering

Flores & Associates is an independent third-party administrator that administers tax-advantaged reimbursement accounts and HR compliance programs for U.S. employers. Its core offerings include Health Care FSAs, Limited FSAs, Dependent Care FSAs, Health Savings Accounts, Health Reimbursement Arrangements, Commuter Benefit Accounts, COBRA and Direct Bill administration, FMLA/ADA leave administration, and compliance services, all delivered through the proprietary Flores247 web portal, mobile app, IVR/SMS tools, and benefits debit card.

Product overview

Flores & Associates (now FloresHR) is a benefits administration platform offering a suite of integrated account-based reimbursement plans. The core product portfolio centers on tax-advantaged spending and savings accounts including Health Care FSA, Limited FSA, Dependent Care FSA, Health Savings Accounts, Health Reimbursement Arrangements, and Commuter Benefit Accounts. These are supported by compliance services (COBRA, Direct Bill, FMLA/ADA administration) and the proprietary Flores247 technology platform comprising a web portal, mobile app, IVR/SMS tools, and benefits card. The company has expanded through acquisitions including Leave Solutions (FMLA/disability administration), ProBenefits (COBRA services), Group Dynamic (Northeast expansion), and London Health Administrators, with operations primarily based in Charlotte, NC.

Differentiator

Problem solved

Functional benefit

Products and services

• Health Care Flexible Spending Account (HCFSA) Pre-tax spending account allowing employees to set aside funds to cover qualified healthcare expenses for themselves and tax dependents. Sold to employers as a benefit offering.
• Limited Health Care FSA (LFSA) Pre-tax spending account for employees enrolled in HSA-qualified health plans, covering only dental, vision, and post-deductible expenses.
• Dependent Care FSA (DCFSA) Pre-tax spending account to cover qualified day care expenses for dependents under age 13 or those incapable of self-care.
• Commuter Benefit Account (CBA) Pre-tax benefit account covering eligible mass transit and parking expenses for commuting to and from work.
• Health Savings Account (HSA) Tax-advantaged personal savings account for individuals enrolled in qualified high-deductible health plans, usable for current or future medical expenses. Custodied with WealthCare Saver.
• Health Reimbursement Arrangement (HRA) Employer-funded reimbursement account offering flexible plan design to cover qualified medical expenses for employees.
• COBRA & Direct Bill Services COBRA continuation coverage and direct billing services including monthly billing, participant inquiries, and compliance administration.
• Leave Solutions Leave administration services covering FMLA, state and municipal leave, and ADA compliance, delivered by HR professionals to reduce employer administrative burden.
• life.balanced. Reimbursement Account (LBA) Post-tax lifestyle benefit solution allowing employers to provide reimbursement for wellness and lifestyle purchases.
• Compliance Services HR compliance services including POP (Premium Only Plan), Wrap Documents, Form 5500 filings, and HR Compliance Center resources.
• Flores Mobile App Mobile application for Apple and Android devices enabling participants to view balances, submit claims, upload documentation, and manage accounts on-the-go. Includes biometric authentication (facial and fingerprint recognition).
• Flores Benefits Card Debit card for point-of-service purchases using FSA, HSA, HRA, and Commuter Benefit account funds, with multi-account stacking and automatic documentation requests.

Quantifiable outcome

• 99%+ claim accuracy rate and high client retention cited in testimonials
• +1 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Feature6 records

Partnerships

Six partnerships are on record, tiered minor and core.

• Triune Technologies, Inc.minorStrategic or Co-development Partner · 26 June 2018Strategic partnership with Triune Technologies, Inc. for technology integration and collaborative development initiatives.
• Employee NavigatorcoreTechnology or Integration · 17 March 2017Strategic alliance with Employee Navigator, a benefits administration software platform. Flores accepts data feeds from Employee Navigator for groups of all sizes, enabling seamless integration for brokers using Employee Navigator with their employer clients.
• AlegeuscoreTechnology or Integration · 24 January 2017Strategic partnership with Alegeus for health benefit account program performance. Alegeus provides technology solutions for health savings and benefit account administration.
• WealthCare SavercoreTechnology or IntegrationWealthCare Saver is the exclusive custodian banking partner for Flores HSA accounts. They provide HSA custody, investment account options, and user guides for participants.
• FSAstore.comminorGTM or Marketing PartnerMarketing partnership with FSAstore.com, an online marketplace for FSA-eligible products. Flores links to FSAstore.com from its resources section, providing affiliate referrals for FSA purchases.
• HSAstore.comminorGTM or Marketing PartnerMarketing partnership with HSAstore.com, an online marketplace for HSA-eligible products. Flores links to HSAstore.com from its resources section, providing affiliate referrals for HSA purchases.

Scale indicators5 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• HealthEquity: Largest independent HSA custodian and benefits administrator in the US, offering HSA, FSA, HRA, COBRA, and commuter administration. Directly comparable to Flores across core account-based reimbursement products and broker/employer go-to-market, but at significantly greater scale.
• WEX Health: Major benefits administration platform providing HSA, FSA, HRA, COBRA, and commuter account administration through employer and broker channels. Direct peer with overlapping product suite and enterprise customer base.
• ConnectYourCare (Payactiv): HSA, FSA, HRA, and COBRA administrator serving employers and brokers nationally. Closely comparable mid-sized TPA focused on account-based reimbursement plans with similar employer/broker go-to-market motion.
• Benefitfocus: Benefits administration technology platform serving employers, brokers, and carriers with benefits enrollment, FSA/HRA administration, and carrier integration capabilities. Comparable as a benefits administration SaaS player in similar customer segments.

Broad incumbents

• ADP: Largest HR, payroll, and benefits administration provider in the US, offering FSA/HSA administration and benefits enrollment as part of a broad HR outsourcing portfolio. Indirect competitor with overlapping benefits administration functionality at far greater scale.
• Paychex: Major HR, payroll, and benefits administration provider serving SMB and mid-market employers with retirement, HSA, and benefits solutions. Comparable in mid-market employer and broker channel overlap but operates at substantially larger scale.
• Insperity: Professional Employer Organization (PEO) providing HR, payroll, benefits administration (including FSA/HSA), and compliance services. Comparable given its HR outsourcing overlap, especially with Flores's recent Streamline HR acquisition signaling PEO direction.
• TriNet: PEO providing HR, payroll, benefits, and compliance services to SMBs, including health and welfare benefits administration. Comparable as a PEO/HR outsourcing peer with overlapping benefits administration and mid-market employer focus.
• Optum Financial (UnitedHealth Group): Large-scale health financial services platform offering HSA, FSA, HRA, and COBRA administration as part of UnitedHealth Group's benefits and care ecosystem. Comparable in product offering but operates as a carrier-affiliated incumbent at substantially greater scale.

Emerging players

• Zenefits: Cloud-based HR platform offering benefits administration, payroll, and compliance tools, with growing broker channel. Comparable as a technology-forward HR/benefits platform targeting similar mid-market employers, though more focused on software-led delivery than TPA services.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/flores-associates
• Facebookfacebook.com/floresassociates

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries5 records

Funding overview

Funding rounds1 record

Investors2 records

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

M&A3 records

Investments

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

Frequently asked questions about Flores & Associates