Fijoya launches with $8.3M to make it easier for employees to access and pay for benefits

Steven Loeb · March 8, 2024 · Short URL:

The company uses AI to recommend personalized health benefits to employees

The majority of Americans get their healthcare through their employer, making it a $1.5 trillion industry, though one that has escalating costs, administrative overload, and underutilized benefits. Neither employers, or their employees, seem to fully understand what benefits are being offered, or how to access them.

Fijoya is a company looking to solve this by offering employers a way to offer more flexible health benefits to their employees. HIPAA-compliant and SOC-2 certified, its an end-to-end platform that makes it more convenient to access, and pay for, thousands of health and wellness services and products. 

Now the Tel Aviv-based company, which was founded in 2023, is ready to make its mark, as it officially launched on Thursday along with an $8.3 million funding round led by the Venture-Creation fund of Team8.

Using artificial intelligence, Fijoya's recommendation engine helps discover and select personalized health benefits by matching employees with the precise health services they need from thousands of options available in the platform, with they can then pay for through embedded, on-demand employer-funded digital cards.

Fijoya says it will initially focus on challenges in the $32 billion point solution vendor market, in which employers offer point solutions to expand their health benefits package in a way that will boost employee satisfaction and attract new talent. Howevr, HR and Benefits teams are overwhelmed by heavy administrative workload, costly flat payment models across disparate vendors, and ongoing employee demand for more flexible, diverse benefits packages.

With Fijoya, that means offloading their admin, so no more selection, support, contracting, or reimbursements, while also only paying for what their employees actually use and not for unused point solutions. 

Along with the funding, it was also announced that Mastercard has signed on as the payments partner for the Fijoya platform in the U.S.

“Employer-sponsored healthcare is at a breaking point, with unsustainable complexity and cost,” Baruch Levy, CEO said in a statement.

“Our goal is to make it easier for employers to deliver the best employee health experience - easy to offer, find, and pay for. A health experience that is flexible, diverse and personalized, just like the people they serve.”

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