Flex Raises $15M to Unlock $150B in Untapped Pre-Tax Spending for Leading Health & Wellness Retailers

New funding fuels enterprise partnerships with Dermstore, iFit, and Therabody—bringing HSA/FSA payments to millions of consumers

SAN FRANCISCO, Sept. 02, 2025 (GLOBE NEWSWIRE) -- Flex, the leading platform that enables health and wellness brands to accept Health Savings Account (HSA) and Flexible Spending Account (FSA) payments, has raised $15 million in Series A funding, bringing its total capital raised to $18 million. The round was led by First Round and Core VC, with participation from Cameron Ventures, Rethink Impact, Y Combinator, and Liquid2. This investment will accelerate Flex’s push into the enterprise market, empowering more retailers to capture a share of the $150B+ pre-tax spending opportunity.

Already powering HSA/FSA payments for hundreds of brands, Flex is expanding its reach through new partnerships with leading retailers such as Dermstore, iFit, and Therabody. By integrating directly at checkout, Flex enables shoppers to seamlessly use their HSA/FSA funds—saving 30–40% on eligible purchases while driving higher revenue and conversion for merchants.

“We’re building the financial infrastructure that connects people’s health benefits to the products and services that genuinely support their everyday wellbeing,” said Sam O’Keefe, CEO of Flex. “This funding allows us to partner with the most influential health and wellness retailers, making it simple for millions of Americans to put their healthcare dollars to work. Health today extends far beyond the doctor’s office—it’s in our homes, our movement, and the daily choices we make. Our goal is to ensure the brands empowering healthier living are just as seamless to buy from as any other retailer.”

Flex will leverage the new funding to position HSA/FSA as a powerful growth channel for enterprise retailers—scaling its team, enhancing core platform capabilities, and delivering a best-in-class shopping experience for consumers. Retailers using Flex typically see conversion rates climb by up to 30%, average order value (AOV) increase by as much as 50%, and repeat purchases strengthen—all by unlocking an easier, more accessible way for customers to pay.

“We’re thrilled to back Flex as they unlock a smarter way for Americans to use their pre-tax dollars on everyday health and wellness,” said Liz Wessel, Partner at First Round. “Their payments infrastructure serves the technical needs of companies at scale, and the retailers integrating Flex are seeing significant business impact.”

Flex removes the friction from HSA/FSA acceptance—from real-time eligibility checks and Letters of Medical Necessity to subscription support and split-cart payments. For retailers, Flex’s dashboard provides clear visibility into performance, usage, and revenue impact—no claims, forms, or reimbursement delays for shoppers.

Whether navigating chronic conditions, recovering post-procedure, or investing in everyday wellness, consumers now have a simpler, more affordable way to take care of their health—powered by Flex.

About Flex

Flex is the HSA/FSA payments infrastructure for top health and wellness brands. Built for omnichannel retailers, Flex helps businesses unlock over $150B in pre-tax health spending—boosting AOV by up to 50% without adding new acquisition channels. From recurring payments to mixed-eligibility carts, Flex integrates seamlessly into your existing tech stack and handles the complexity of HSA/FSA so your team doesn’t have to.

Learn more at www.withflex.com.

Press Contact:

Yulia Derdemezis | Head of Marketing
press@withflex.com
Flex

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/aa725911-486c-437a-8203-b3867467d436

Flex Raises $15M to Unlock $150B in Unused HSA/FSA Funds

Flex raises $15M to help health and wellness retailers unlock $150B in unused HSA/FSA funds with seamless, pre-tax payments online and in-store.

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