Flex, a San Francisco, CA-based provider of a solution for direct-to-consumer health and wellness brands to begin accepting HSA and FSA payments online, raised $3.2M in Seed funding.
Backers included Y Combinator, SV Angel, Precursor, Liquid 2 Ventures and others.
The company intends to use the funds to accelerate product development and sales and marketing.
Founded by Sam O’Keefe and Miguel Toledo, Flex offers a solution for direct-to-consumer health and wellness brands to begin accepting HSA and FSA payments online, driving new revenue, increasing cart sizes and improving customer retention. It also helps consumers expand the scope of their eligible HSA/FSA spending and ensure they don’t lose their FSA funds at the end of the year.
The company offers two main solutions:
- Flex’s Product Verification provides a fast and straightforward way for merchants to identify and process payment for items that are eligible for everyone – such as OTC medications, menstrual products, and first aid supplies – during checkout.
- Flex’s Health Check is for merchants selling dual-use items – meaning, they can be HSA/FSA eligible for consumers whose doctors say they are medically necessary to treat a condition. Health Check leverages telehealth to enable a healthcare provider to ascertain whether a customer qualifies to designate a purchase as a medical expense.
Customers include fast-growing brands like KindredBravely, BedJet and Lumen.
FinSMEs
04/09/2024