Forma

Forma (Formerly Twic) is an employee benefits platform that enables employers to design and provide their global workforces (onsite and remote) with flexible benefits programs. As of March 2022, Forma offered 250+ benefits products covering six broad categories, including family and relationships, education and career, and wellbeing and lifestyle, along with analytics services to track and optimize benefits programs. Once the employers define the limits for benefits spending accounts on Forma, the employees can select their choice of benefits from its marketplace or spend their budget outside of Forma using a company-issued pre-programmed debit card.

The company claims its selection of benefits are offered at a 10-30% discount to retail prices, allowing it to retain 98% of its customers.

Key customers and partnerships

As of April 2024, the company served over 300 enterprises across 110+ countries, notably including Microsoft, Zoom, Lululemon and Instacart, among others. The company previously disclosed that it had 300,000 users across 125+ firms (March 2022).

Funding and financials

In its most recent funding round (March 2022), Forma raised USD 40 million in Series B funding led by Ribbit Capital. The fresh funds were earmarked to accelerate product development, invest in sales and marketing to focus on large enterprises, and expand its scope to cover more areas such as flexible spending accounts (FSA) for healthcare, dental, commuter benefits, vision insurance benefits, and retirement savings plans.