About Elevate

Elevate is an AI-powered benefits engine that automates the management of consumer-directed benefit accounts, including HSAs, FSAs, and HRAs, through a fully integrated API platform. This technology reduces administrative burdens for employers and enhances the employee experience by streamlining benefit access and utilization.

```xml <problem> Managing consumer-directed benefit accounts like HSAs, FSAs, and HRAs involves significant administrative overhead for employers and can be a complex, disjointed experience for employees. Traditional benefit platforms often rely on manual processes, leading to errors, reconciliation issues, and delays in claims processing and reimbursements. </problem> <solution> Elevate provides an AI-powered benefits engine that automates the administration of consumer-directed benefit accounts through a comprehensive, fully integrated API platform. The platform streamlines processes such as plan setup, enrollment, claims processing, and payments, reducing administrative burdens and improving efficiency. By leveraging AI for tasks like claims approval and balance transfers, Elevate enables real-time payments, reduces manual reconciliation, and minimizes errors. The system offers configurable flexibility, allowing it to adapt to different business segments and integrate seamlessly into existing HR and financial systems. </solution> <features> - AI-powered claims approval for instant processing and faster reimbursements - Automated funding flows to eliminate manual reconciliations and balance discrepancies - Real-time payments via Venmo and PayPal - Automated ID checks and AI-processed balance transfers for streamlined HSA opening and transfers - Full API access for seamless integration with existing HR and financial systems - Customizable branding options, including a white-label mobile app - Trackable audit logs for transparency and compliance - Automated testing in multiple environments for frequent and stable releases </features> <target_audience> Elevate primarily serves benefit platforms, financial institutions, health plans, third-party administrators, and PEOs seeking to automate and modernize their consumer-directed benefits administration. </target_audience> ```

What does Elevate do?

Where is Elevate located?

Elevate is based in Denver, United States.

When was Elevate founded?

Elevate was founded in 2020.

How much funding has Elevate raised?

Elevate has raised 73400000.

Location

Denver, United States

Founded

2020

Funding

73400000

Employees

27 employees

Major Investors

Fin Capital

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Elevate

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Executive Summary

elevate.inc 1K+

Crunchbase

Founded 2020 – Denver, United States

Funding

Estimated Funding

$50M+

Major Investors

Fin Capital

Team (25+)

No team information available.

Company Description

Problem

Managing consumer-directed benefit accounts like HSAs, FSAs, and HRAs involves significant administrative overhead for employers and can be a complex, disjointed experience for employees. Traditional benefit platforms often rely on manual processes, leading to errors, reconciliation issues, and delays in claims processing and reimbursements.

Solution

Elevate provides an AI-powered benefits engine that automates the administration of consumer-directed benefit accounts through a comprehensive, fully integrated API platform. The platform streamlines processes such as plan setup, enrollment, claims processing, and payments, reducing administrative burdens and improving efficiency. By leveraging AI for tasks like claims approval and balance transfers, Elevate enables real-time payments, reduces manual reconciliation, and minimizes errors. The system offers configurable flexibility, allowing it to adapt to different business segments and integrate seamlessly into existing HR and financial systems.

Features

AI-powered claims approval for instant processing and faster reimbursements

Automated funding flows to eliminate manual reconciliations and balance discrepancies

Real-time payments via Venmo and PayPal

Automated ID checks and AI-processed balance transfers for streamlined HSA opening and transfers

Full API access for seamless integration with existing HR and financial systems

Customizable branding options, including a white-label mobile app

Trackable audit logs for transparency and compliance

Automated testing in multiple environments for frequent and stable releases

Target Audience

Elevate primarily serves benefit platforms, financial institutions, health plans, third-party administrators, and PEOs seeking to automate and modernize their consumer-directed benefits administration.