Employers can use the ThrivePass platform to offer lifestyle spending account, tuition reimbursement, pre-tax smart accounts, and a suite of benefits products for both new and exiting employees. Employers can also easily monitor and manage engagement and spending, allowing them to ensure benefits are both tailored and within budget.

The company will benefit from the recent upswing in HR tech spending, which comes as companies look to digitally transform employee management. This wave also brings with it competition, however. Rival startups like the fast-growing Forma (who have yet to expand into pre-tax products) and the well-funded Flash (who are targeting remote workforces) join a growing field of strong competitors.