Employee Benefits software
Updated: April 27, 2020
2020. HealthJoy launches its revamped employee benefits assistance platform
HealthJoy, a platform that helps employees get the most use out of their benefits, launched its revamped user interface and technology stack. The new interface includes features that tell users expected wait times for services like its inbox and healthcare concierge, and a new benefits wallet. Last month, HealthJoy also added features to address the pandemic, including help to get testing, online consultations and a guide to nearby in-network healthcare facilities with low wait times. Launched in 2014, HealthJoy now has more than 500 employers on its platform. It has raised a total of $53 million so far.
2019. Payroll software for small business Gusto raised $200M
SMB payroll startup Gusto raises $200M Series D. The new infusion of capital will be used for scaling the company’s product and team. While Gusto’s central product is payroll, it intends to develop two other products in the coming years as the company scales. One arc is fintech features like Flexible Pay, a product that allows employees to receive their unpaid wages in advance, with the goal of reducing reliance on usurious payday lenders. The other product arc is healthcare and helping SMBs offer insurance benefits to their employees. The company crossed the 100,000 customer barrier in the past year, out of an estimated six million small businesses in the United States.
2017. Zenefits simplifies human resources management for SMB
Human resources management service Zenefits released a suite of new updates that revolve around trying to simplify the process of managing an employee base, from benefits to payroll, to something as simple as a few taps on an app. Right now, they’ve worked on tools like time-off requests and clocking in and out, but it seems clear that as it tries to recoup the good will it lost amid a major compliance scandal that effectively halved its valuation Zenefits is trying to methodically make its way back into the small- to medium-sized business mindshare with a simpler product than a complex desktop-based dashboard. Zenefits is also adding reporting and analytics for HR managers so they can construct reports on their businesses’ employee activity. One example use case of such a business intelligence function would be helping HR managers get better snapshots of data simply for presentations to their bosses.
2015. ZenPayroll rebrands as Gusto and takes on Zenefits
Payroll startup ZenPayroll changed its name to Gusto and is moving beyond payroll, into benefits such as health insurance and workers’ compensation. The addition and subsequent rivalry is a punch in the gut to cloud HR benefits company Zenefits – which partners (for now) with the newly named Gusto to offer payroll services to its clients. This partnership proved particularly helpful earlier this year when payroll giant ADP shut off access to Zenefits small business customers. Zenefits turned to then ZenPayroll for the needed payday processing. It's interesting that Zenefits also plans to roll out a payroll service similar to the startup formerly known as ZenPayroll. In a weird twist, these cloud-based startups, once partners in offering each others services are now both planning to offer their own payroll and benefits services in one platform – in other words, Zenefits and Gusto are now competing for business.
2014. Zenefits - leads the wave of next generation cloud HR services
Zenefits, the cloud HR app, which launched just over a year ago, has seen huge growth in a very short period of time. The new financing brings total amount raised to $84 million since being founded. Zenefits was created on the idea of simplifying the process of HR for companies, by providing a simple, beautiful UI for personnel departments as well as the rank and file, making it significantly easier to keep track of their pay and benefits. The SaaS platform itself is free to use, but Zenefits makes money by acting as an insurance broker.