BeniPlus Secures $1.1 Million Investment to Propel Innovation in the Employee Benefits Space

Toronto, March 26, 2024 – BeniPlus Inc., a trailblazing employee benefits software company, announced today the successful completion of a C$1.1 million funding round led by Axis Insurance Managers. This infusion of capital marks a pivotal moment in BeniPlus' growth trajectory, enabling the company to advance its mission of being the best-in-class flexible spending account platform in the market.

The oversubscribed funding round demonstrates the confidence and excitement from key industry players, highlighting the potential of BeniPlus to reshape employee benefits through it’s flexible and cost-contained operating model. The BeniPlus Wallet, the cornerstone of their service offering, has expanded its reach from small to larger enterprises, demonstrating the platform's adaptability. "We're committed to delivering a benefits platform that offers comprehensive flexibility and value, all within a seamless digital interface," said Johann Reandino, CEO of BeniPlus. “We’re confident our development roadmap will further add tremendous value to employers, employees, brokers, distribution partners, vendors, and other key stakeholders in the space.”

The collaboration with Axis Insurance heralds a new chapter for BeniPlus. Reandino expressed enthusiasm about the partnership with Axis Insurance, stating, "It's an honour to partner with Axis Insurance and we are thrilled to welcome them as a strategic partner. Their investment not only validates our strategic direction but also provides us with the resources and expertise needed to capitalize on the tremendous market opportunity ahead."

The capital injection will be tactically deployed to expand their market share and accelerate the product development roadmap, reinforcing BeniPlus' commitment to driving innovation and meeting the evolving needs of the employee benefits space. The company has experienced significant milestones in recent months, including a 269% year-over-year increase in total BeniPlus Wallet size.

"Axis Insurance is enthusiastic about joining forces with BeniPlus. We are confident in their pioneering strategy and their capacity to enact meaningful advancements in the employee benefits field," said Alex Meier, CEO at Axis Insurance.

With the support of Axis Insurance and other strategic partners, BeniPlus is set to enhance its leadership position as a comprehensive benefits platform.

For media inquiries, please contact:

Nicole Dougherty
Director of Operations
ndougherty@beniplus.ca
(647) 370-4020

About BeniPlus

BeniPlus is an innovative insurance technology company that simplifies and modernizes employee benefits via its user-friendly digital platform. BeniPlus offers a streamlined approach to customizing and administering benefits plans, empowering employees to choose benefits that meet their individual health and financial wellness needs. With a commitment to transparency and flexibility, BeniPlus is transforming the way businesses and employees manage and engage with employee benefits.

About Axis Insurance

Axis Insurance, based in Vancouver, BC, has built a robust legacy of empowering businesses and individuals to navigate risks with confidence. As a seasoned broker with a heritage stretching back to 1928, Axis stands out with a skilled team of over 150 professionals and a network of offices across Canada. Our growth trajectory has cemented us as one of Canada’s premier insurance brokerages.

Our approach is built on a meticulous analysis of business and personal risks, delivering tailored advice and innovative solutions designed to mitigate, reduce, or transfer risks. Our commitment to our clients is unwavering, whether they’re around the corner or across the globe.

Media Inquiries

Dane Gorton
‍Director, Business Development & Marketing
dane.gorton@axisinsurance.ca