Yonder raises €2.7 million to automate perks for employees
A Dublin-based firm has raised €2.7 million in fundraising with the goal of automating employee benefits including health insurance and pensions.
Luke Mackey, chief executive officer; Patrick O’Boyle, chief technology officer; and Deepak Baliga, director of engineering, co-founded Yonder.
The trio had previously each worked for Flipdish, Bamboo, and Bolt.
Northzone, a European investment group, and the Irish company Frontline Ventures are the sources of the funding.
The business’ online platform is made to integrate with insurance and investment firms in a way that gives employees quick access to day-to-day management of their health, dental, vision, and pension benefits.
A feature that Yonder claims make it simpler to avoid time-consuming and paper-intensive administrative processes is the allocation of per-region health budgets and pension payments.
According to Mr. Mackey, “Yonder is completely redesigning the employee benefits experience.”
“Access to essential employee benefits used to be scalable and efficient, but due to slow, laborious processes that dominate the sector, inefficiency has taken hold.
“Yonder is modernizing the $100 billion employee benefits market, starting with health insurance and pensions, by partnering with progressive carriers and expanding their product portfolio to make it easier for employees and employers throughout the world to access benefits.”
According to the business, employees may enroll in and manage their core benefits from nearby providers in real-time using the mobile app.
When personal accounts are selected, it states that employees may keep ownership of the policies or investment portfolios even after they leave a company.
In its “beta” or prototype stage right now, Yonder is “adding companies to its waitlist and onboarding them frequently.”
It claims that these businesses will soon be able to sync with the platform using existing HRIS products like Personio, Humans, or BambooHR.
According to Yonder, in order to grow in already-existing markets like the UK and Ireland as well as in new ones, it would now “accelerate product development, hire across engineering and product, along with go-to-market and commercial jobs.”