Zenda
Zenda develops AI-powered HSA and FSA expense automation software for employer benefit programs, automatically identifying and categorizing eligible healthcare transactions. Acquired by InComm Payments, its technology now powers InComm Benefits' employee benefits platform.
- Company typePrivate
- Founded-
- HeadquartersSaratoga, United States
- Headcount11–50
- GTM typeB2B
- OfferingSoftware
What Zenda does
Following its acquisition by InComm Payments, Zenda operates as a subsidiary within the larger payments technology company's InComm Benefits division. InComm Payments is a 33+ year-old global payments technology firm headquartered in Atlanta, with 2,400+ employees across 35 countries, 525,000+ retail distribution points, and 1,000+ global brand partners including Delta, Google, Netflix, Walmart, and Sony. Zenda's AI capabilities are now embedded within InComm Benefits' broader employee benefits platform, which also encompasses healthcare supplemental benefits for Medicare Advantage and Medicaid health plans through the OTC Network. Pre-acquisition, Zenda had raised $9.4 million in seed funding from Morado Ventures and operated with a small leadership team including co-founders Waqar Hasan (CEO) and Bruce Sattley.
Zenda firmographics
Firmographics- Name
- Zenda
- Legal name
- Zenda
- Website
- https://getzenda.com
- Company type
- Private
- Operating status
- Acquired
- Headcount range
- 11–50 employees
- Short description
- Zenda develops AI-powered HSA and FSA expense automation software for employer benefit programs, automatically identifying and categorizing eligible healthcare transactions. Acquired by InComm Payments, its technology now powers InComm Benefits' employee benefits platform.
- Ownership category
- akta.pro rank
Zenda industry classification
Industry- 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)
- SIC
- Hospital & Medical Service Plans (6324), Accident & Health Insurance (6321)
- akta.pro primary industry
- Flexible Benefits Administration (FSA/HSA/HRA) (HLAEALAK)
- akta.pro secondary industry
- Savings Automation & Goal-Based Savings (FSAGADAC)
Keywords
Where Zenda is headquartered
LocationHeadquarters
- HQ city
- Saratoga
- HQ country
- United States
- HQ region
- North America
Offices13 records
Markets served
Zenda business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Personnel, Technology or R&D, Marketing or Sales, Operations, Infrastructure
Revenue model
- Gift Card Program Management: Revenue from managing end-to-end gift card programs for brands and merchants, including program setup, transaction processing, and distribution through retail network.
- Payment Processing: Transaction processing fees from payment solutions including reloadable debit cards, cash load technology, and POS enhancements.
- Healthcare Benefits Administration: Revenue from administering supplemental health benefits, HSA, FSA, and HRA programs for employers and health plans.
- Incentives & Rewards Programs: Revenue from gift card rewards, employee rewards, payment disbursements, and customer engagement programs through InComm InCentives division.
- Technology Licensing: Licensing of proprietary payment technology, APIs, and integration solutions to brand and merchant partners.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Unit Pricing | Pay-as-you-go | Gift Card Products - Denomination-based pricing |
| Subscription | Monthly | HSA Benefits Platform - Employer plans |
| Transaction based/ take rate | Multi-year contract | Enterprise/B2B Solutions - Custom pricing |
Go-to-market motion3 records
Distribution channels7 records
Marketing channels7 records
Zenda product offering
Product offeringCore offering
Zenda develops AI-powered HSA and FSA solutions for employer-sponsored employee benefit programs. The platform automatically identifies eligible healthcare expenses from transaction data and categorizes spending across HSA, FSA, and HSA Backup accounts, eliminating manual receipt scanning. Following its acquisition by InComm Payments, Zenda's technology is integrated into the broader InComm Benefits HSA and FSA offerings.
Product overview
InComm Payments is a global payments technology company offering a comprehensive platform of payment solutions across gift cards, healthcare benefits, and employee benefits. The core offerings include gift card programs (buy, sell, programs, and fraud prevention through brands like TheGiftCardShop.com), healthcare solutions via InComm Healthcare (Medicare supplemental benefits, Medicaid incentives, OTC Network), and employee benefits through InComm Benefits including HSA, FSA, HRA administration. The company also operates InComm InCentives for loyalty and rewards programs and Go Studio for innovation consulting. Key technology products include Point-of-Sale Activation (POSA), reloadable debit cards, cash load solutions, and APIs for gift cards and healthcare integrations. The company expanded its AI capabilities through the acquisition of Zenda, which provides AI-powered HSA and FSA solutions with automated expense identification. With over 525,000 retail distribution points and presence in 40+ countries, the platform serves retail, healthcare, financial services, and incentive industries.
Differentiator
Problem solved
Functional benefit
Products and services
- Zenda
Quantifiable outcome
- 65 billion+ in annual transaction volume processed across global network
- +3 more outcomes
Companies that use Zenda
Customer profileNamed customers14 records
Segments6 records
Ideal customer profiles1 record
Zenda technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration23 records
AI capability5 records
Feature7 records
Zenda partnerships and signals
Strategic signalPartnerships
17 partnerships are on record, tiered strategic, core and flagship.
- Zip USstrategicPartnership to bring flexible payments to gift cards, enabling consumers to use the Zip app to buy popular gift card brands and split purchases into installments over time.
- SKUxstrategicStrategic partnership to provide innovative digital payment solutions for humanitarian aid and emerging markets. Combines real-time, item-level controls with InComm Payments' distribution network.
- PenFed Credit UnionstrategicPartnership allowing PenFed Credit Union members to make mobile cash deposits at participating retail stores where they shop using the PenFed mobile app, powered by InComm Payments cash load technology.
- UK HealthCarecorePartnership supporting UK HealthCare's Food as Health Program with OTC Healthy Foods Card technology. InComm Healthcare's OTC Network technology empowers nutrition-based care and expands access to healthy foods for Kentuckians.
- DoorDashcoreInComm Payments partnership with DoorDash for in-app gift card shopping experience, enabling quick local deliveries from DashMart and other popular merchants within the DoorDash app. Gift cards available for purchase and delivery through the DoorDash platform.
- CaringBridgecorePartnership to launch gift card service on CaringBridge 'Ways to Help' pages, enabling users to send gift cards directly to family caregivers. InComm Payments' extensive product catalog provides gift cards for meal delivery, transportation, restaurants, and Visa/Zift options.
- Hi-LifecorePartnership with leading convenience store chain in Taiwan for App Store Card distribution. App Store Cards available in over 1,460 Hi-Life stores across Taiwan in four denominations (NT$500, NT$1,000, NT$2,000, and NT$300-6,000 VAR) plus digital codes.
- Jacksonville JaguarsflagshipFlagship partnership implementing cashless payment solution at TIAA Bank Field. Solution allows fans to exchange cash for network-branded gift cards at guest services office, enabling cashless purchases at concession stands and pro shops.
- HallmarkstrategicPartnership to combine physical greeting cards with digital gift cards. Gift Card Greetings utilize digital technology for convenient, reliable gifting experience within Hallmark physical greeting cards.
- American ExpressstrategicAmerican Express gift cards featured on TheGiftCardShop.com and compatible with mobile wallet loading (Apple Pay, Google Pay, Samsung Pay). Cards available for digital delivery and physical shipping.
- VisastrategicVisa gift cards distributed through InComm Payments network, loadable to mobile wallets. Open-loop cards usable anywhere Visa is accepted.
- MastercardstrategicMastercard gift cards including 'Give Hope' charity cards supporting American Red Cross ($2 donation per card). Open-loop cards usable globally wherever Mastercard is accepted.
- Devenir Group, LLCstrategicInvestment products provider for InComm Benefits HSA platform, offering mutual funds and investment account management services integrated with HSA accounts.
- Samsung PaystrategicMobile wallet integration allowing gift card recipients to load American Express, Visa, and Mastercard gift cards to Samsung Pay for contactless payments.
- Apple PaystrategicMobile wallet integration for gift card loading, enabling recipients to add network-branded gift cards to Apple Wallet for secure mobile payments.
- Google PaystrategicMobile wallet integration for gift card loading, enabling recipients to add network-branded gift cards to Google Pay for contactless payments.
- 1,000+ Global Brand PartnerscoreExtensive network of global brand partners including Delta, Google, Netflix, Sams Club, Sony, Steam, Walgreens, Walmart, Xbox, GameStop, Lowe's, Macy's, PlayStation Store, and Darden Restaurants for gift card programs.
Scale indicators9 records
Recent moves5 records
Expansion highlights4 records
Zenda competitors and assessment
Company assessmentEmerging players
- Take Command Health: Take Command Health is a smaller, tech-enabled HSA and CDH administration platform that competes with Zenda for small and mid-sized employer HSA mandates. Comparable in technology-forward positioning but with limited scale.
- Benepass: Benepass is a modern benefits platform offering lifestyle spending accounts and stipends; it overlaps with Zenda in flexible benefits administration for employers and competes for HR tech budget in the same RFP process.
- Lively: Lively is a venture-backed modern HSA platform targeting individuals and small businesses with a digital-first experience. It overlaps with Zenda's AI-driven HSA positioning and competes for tech-forward employers and consumer-direct HSA accounts.
- PeopleKeep (Vertive): PeopleKeep administers QSEHRA and ICHRA reimbursement arrangements for small employers, sharing Zenda's flexible benefit account focus but targeting a smaller employer segment without payroll integration.
Direct peers
- HSA Bank (Webster Bank): HSA Bank is a leading HSA custodian owned by Webster Bank offering HSA, FSA, HRA, and commuter benefit administration to employers. Comparable to Zenda's HSA platform in target market, product mix, and channel of distribution through employer benefits packages.
- HealthEquity: HealthEquity is the largest independent HSA custodian in the US and a direct competitor to Zenda/InComm Benefits in HSA, FSA, HRA, and consumer-directed benefit administration. Both serve employers and members with tax-advantaged healthcare accounts and are evaluated head-to-head in CDH vendor selections.
- PayFlex (Aetna/CVS): PayFlex, an Aetna/CVS company, is a TPA offering HSA, FSA, HRA, COBRA, and commuter benefits administration to employers and health plans. It is a head-to-head competitor to Zenda in CDH benefit administration.
- ConnectYourCare (HealthEquity): ConnectYourCare, acquired by HealthEquity, is a CDH administrator providing HSA, FSA, and HRA services to employers — directly comparable in product scope, employer target, and integration with payroll/HR systems.
- WageWorks (ADP): WageWorks, now part of ADP, is a major TPA of FSA, HSA, HRA, commuter, and COBRA benefits — directly overlapping Zenda's HSA/FSA administration core. It competes for the same employer RFPs and benefits broker relationships.
Broad incumbents
- Optum Financial Health Savings: Optum (UnitedHealth Group) provides HSA, FSA, and integrated benefits administration at large enterprises as part of its broader health-services portfolio. Comparable in product offering but with materially greater scale, payer integration, and employer footprint.
Market position
Strengths5 records
Weaknesses4 records
Competitive moat4 records
Key risks6 records
Key highlights6 records
Customer concentration
Zenda social profiles
Digital presenceZenda compliance and trust
Trust signalCompliance6 records
Zenda financial estimates
Financial estimateRevenue estimate
Valuation estimate
Zenda leadership team
Management profileNumber of profiles
Profiles4 records
Zenda funding detail
Funding detailFunding overview
Funding rounds1 record
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Zenda 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 Zenda
What does Zenda do?
Zenda develops AI-powered HSA and FSA solutions for employer-sponsored employee benefit programs. The platform automatically identifies eligible healthcare expenses from transaction data and categorizes spending across HSA, FSA, and HSA Backup accounts, eliminating manual receipt scanning. Following its acquisition by InComm Payments, Zenda's technology is integrated into the broader InComm Benefits HSA and FSA offerings.
When was Zenda founded?
Zenda was founded in -1. It employs 11 to 50 people.
Where is Zenda based?
Zenda is headquartered in Saratoga, United States, in the North America region.
How does Zenda make money?
Five revenue lines are on record. Gift Card Program Management is the primary driver. The others are payment Processing, healthcare Benefits Administration, incentives & Rewards Programs and technology Licensing.
Who are Zenda's main competitors?
Emerging players on record are Take Command Health, Benepass, Lively and PeopleKeep (Vertive). Direct peers are HSA Bank (Webster Bank), HealthEquity, PayFlex (Aetna/CVS), ConnectYourCare (HealthEquity) and WageWorks (ADP). Optum Financial Health Savings is listed as a broad incumbent.
Does Zenda have an API?
Yes. InComm Payments offers a Gift Card API and Integrations through its InComm InCentives division, enabling programmatic access to gift card products and services. Developer documentation is at www.incomm.com/incentives/gift-card-api-integrations.
What industry is Zenda in?
Zenda's product category is Employee Benefits Administration Software. Its primary akta.pro industry code is HLAEALAK, Flexible Benefits Administration (FSA/HSA/HRA), with a secondary code of FSAGADAC, Savings Automation & Goal-Based Savings. Its NAICS code is 524292 and its SIC code is 6324.