Zenda

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.

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

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

• HSA administration software
• FSA expense automation
• Employee benefits platform
• Healthcare spending accounts
• AI expense categorization

Headquarters

HQ city

Saratoga

HQ country

United States

HQ region

North America

Offices13 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

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

Revenue model

1. 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.
2. Payment Processing: Transaction processing fees from payment solutions including reloadable debit cards, cash load technology, and POS enhancements.
3. Healthcare Benefits Administration: Revenue from administering supplemental health benefits, HSA, FSA, and HRA programs for employers and health plans.
4. Incentives & Rewards Programs: Revenue from gift card rewards, employee rewards, payment disbursements, and customer engagement programs through InComm InCentives division.
5. Technology Licensing: Licensing of proprietary payment technology, APIs, and integration solutions to brand and merchant partners.

Pricing tiers

Go-to-market motion3 records

Distribution channels7 records

Marketing channels7 records

Core 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

Named customers14 records

Segments6 records

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration23 records

AI capability5 records

Feature7 records

Partnerships

17 partnerships are on record, tiered strategic, core and flagship.

• Zip USstrategicTechnology or Integration · 19 May 2026Partnership 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.
• SKUxstrategicTechnology or Integration · 27 February 2026Strategic 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 UnionstrategicTechnology or Integration · 20 August 2025Partnership 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 HealthCarecoreStrategic or Co-development Partner · 23 June 2025Partnership 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.
• DoorDashcoreGTM or Marketing Partner · 25 November 2024InComm 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.
• CaringBridgecoreStrategic or Co-development Partner · 14 November 2024Partnership 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-LifecoreChannel Partner/ Reseller/ Distributor · 18 October 2021Partnership 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 JaguarsflagshipTechnology or Integration · 18 November 2020Flagship 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.
• HallmarkstrategicTechnology or IntegrationPartnership 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 ExpressstrategicTechnology or IntegrationAmerican 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.
• VisastrategicTechnology or IntegrationVisa gift cards distributed through InComm Payments network, loadable to mobile wallets. Open-loop cards usable anywhere Visa is accepted.
• MastercardstrategicTechnology or IntegrationMastercard 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, LLCstrategicTechnology or IntegrationInvestment products provider for InComm Benefits HSA platform, offering mutual funds and investment account management services integrated with HSA accounts.
• Samsung PaystrategicTechnology or IntegrationMobile wallet integration allowing gift card recipients to load American Express, Visa, and Mastercard gift cards to Samsung Pay for contactless payments.
• Apple PaystrategicTechnology or IntegrationMobile wallet integration for gift card loading, enabling recipients to add network-branded gift cards to Apple Wallet for secure mobile payments.
• Google PaystrategicTechnology or IntegrationMobile wallet integration for gift card loading, enabling recipients to add network-branded gift cards to Google Pay for contactless payments.
• 1,000+ Global Brand PartnerscoreChannel Partner/ Reseller/ DistributorExtensive 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

Emerging 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

• Xx.com/getZenda

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds1 record

Investors1 record

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 Zenda