Forma review: a flexible employee benefits platform for Lifestyle Spending Accounts, HSA, FSA and HRA programs. See features, pricing model and alternatives.
Category
HR
Pricing
Custom / enterprise (B2B HR benefits platform), from Contact for pricing
Verified
Not yet
Last updated
July 18, 2026
Founded
2017
Headquarters
San Francisco, California, United States
Web AppiOSAndroidFreemium
Overview
Forma is a flexible employee benefits platform that lets HR teams design custom Lifestyle Spending Accounts, Health Spending Accounts, HRAs, and FSAs on one system, replacing point-solution vendors with a single configurable administrative layer.
Founded in 2017 by Jason Fan and Max Hsieh as Twic, the company rebranded to Forma in March 2022 alongside a $40 million Series B round, broadening its scope from wellness stipends to the full range of flexible workplace benefits.
Key Features
Employees access allocated funds through the Forma Store marketplace, a Forma Visa Card for direct spending, or a traditional reimbursement claims process backed by dedicated member support, giving HR teams multiple funding mechanisms in one platform.
HR administrators can configure eligible expense categories, funding rules, and reimbursement policies per program, supporting highly custom benefits design rather than a fixed menu of predefined benefit types.
Pricing
Forma does not publish self-serve pricing; as an enterprise B2B HR platform, pricing depends on employee headcount and program complexity and is quoted through direct sales.
The company is backed by roughly $57.6 million in total funding across five rounds, including a $40 million Series B in 2022, from investors such as Emergence Capital, Ribbit Capital, and Stripe.
Key Features
Lifestyle Spending Accounts (LSA) — Configurable accounts covering wellness, family planning, professional development, home office, and other lifestyle categories that traditional benefits plans typically exclude.
Health Spending Accounts, HRA, and FSA support — In addition to LSAs, Forma administers Health Spending Accounts, Health Reimbursement Arrangements, and Flexible Spending Accounts on the same underlying platform.
Forma Visa Card — A physical and virtual card that lets employees spend allocated benefits funds directly at eligible merchants without submitting a manual reimbursement claim.
Forma Store — A curated marketplace of discounted products and services that employees can purchase directly using their benefits account balance.
Reimbursement claims and member support — A traditional claims submission workflow backed by Forma's in-house member support team for purchases made outside the card network or marketplace.
HR admin configuration dashboard — Lets People teams define eligible categories, funding amounts, and program rules across multiple benefit types from a single web-based dashboard.
Employee mobile app — Lets employees check balances, browse the Forma Store, and submit reimbursement claims directly from a phone.
Benefits program analytics and reporting — Gives HR teams visibility into program utilization and spend, supporting benchmarking and funding-strategy decisions to drive engagement.
Pros & Cons
Pros
Highly configurable benefit categories go well beyond fixed wellness-only stipend tools
Three funding mechanisms (card, marketplace, and reimbursement) reduce friction for employees compared to reimbursement-only competitors
Backed by well-known fintech and HR-tech investors, signaling financial stability for a benefits vendor employees depend on
Strong enterprise customer base including well-known technology companies
Single platform can consolidate multiple point-solution benefit vendors into one system
Cons
Pricing is not publicly available and requires a sales conversation
Designed for mid-market and enterprise HR teams, not well suited to very small businesses
As with any flexible-spending-account vendor, employee benefit is limited to the funding amount the employer chooses to allocate
Detailed public documentation of technical architecture and API access is limited compared to developer-focused platforms
Pricing
Custom Enterprise Plan Contact for pricing custom
Frequently Asked Questions
What was Forma called before it was Forma?
Forma was originally launched as Twic in 2017 and rebranded to Forma in March 2022 alongside a $40 million Series B funding round.
How much funding has Forma raised?
Forma has raised approximately $57.6 million in total funding across five rounds, including a $40 million Series B round in 2022, from investors such as Emergence Capital, Ribbit Capital, and Stripe.
Who founded Forma?
Forma was founded in 2017 by CEO Jason Fan and CTO Max Hsieh.
How do employees spend their Forma benefits funds?
Employees can spend through the Forma Store marketplace, the Forma Visa Card at eligible merchants, or submit a reimbursement claim for eligible purchases made elsewhere.
Is Forma pricing publicly listed?
No, Forma is sold as an enterprise B2B platform and pricing is provided by contacting the company's sales team based on headcount and program design.
What types of benefit accounts does Forma support?
Forma supports Lifestyle Spending Accounts, Health Spending Accounts, Health Reimbursement Arrangements, and Flexible Spending Accounts on one platform.