Twic

About Twic

Originally established as Twic Inc. in 2017 by co-founders Jason Fan and Max Hsieh, the company rebranded to Forma in March 2022 to better reflect its mission of providing adaptable employee benefits. Fan, the CEO, and Hsieh, the CTO, launched the venture to address the rigidity of traditional, one-size-fits-all employee benefits packages. Their platform targets modern companies seeking to offer personalized and flexible benefits to a diverse and increasingly distributed workforce.

Forma operates a B2B model, providing a software platform that allows employers to design, manage, and scale global employee benefits programs. The platform caters to both pre-tax accounts like FSAs, HSAs, and commuter benefits, as well as post-tax lifestyle spending accounts (LSAs). Revenue is generated from its corporate clients, which include prominent companies like Zoom, Stripe, and Lululemon.

The core of the service is a highly customizable benefits platform that centralizes the administration of various perks. For employers, it consolidates vendor management, payments, and renewals while providing data analytics on employee engagement and satisfaction. For employees, it offers a consumer-grade experience through three main avenues: the Forma Store, a marketplace with over 250 vetted vendors offering products and services at a discount; the Forma Visa Card, a debit card for direct spending on eligible benefits; and a reimbursement function for purchases made outside the marketplace. The platform covers six main benefit categories: health and wellness, family and relationships, education and career, money and health, lifestyle planning, and work and performance.

A significant milestone was the company's Series B funding round of $40 million announced in conjunction with its rebranding to Forma, which brought its total funding to over $57 million. This capital was earmarked for scaling operations to meet the growing market demand for flexible benefits solutions.