News & Analysis

Flare advance financial wellness vision driven by recent $21m funding

- April 12, 2019 2 MIN READ

Funding from Point72, Bridge lane, Tank Stream and Reinventure, has allowed workplace software startup Flare to make progress on the next evolution of their financial wellness vision to help working Australians live their best financial life.

The vision is supported by a new perks and engagement platform designed to offer employees leading discounts, offers, services and products from leading retailers and brands directly in the workplace – at no cost to employers.

Flare are also planning a 2019 release of their financial benefits platform, which integrates with existing HRIS and Payroll providers to empower employees to engage with their superannuation fund and design workflows for their paycheck that can provide more control over their salary and remuneration. Flare have created a new publication, If People Then Culture to develop content that explores this mission further.

The new product lines and strategy are built on Flare’s recent funding round of $21m from Point72, Bridge lane, Tank Stream and Reinventure. The recent funding has allowed Flare to strengthen their product and engineering teams with key hires including CTO Liz Crawford of Birchbox and CMO Jim Matheson, from Success Factors.

As a part of the step forward, Flare have secured their own HQ in a heritage listed landmark building in Millers Point, with more room to grow than ever before. Flare have begun developing a new Centre for Financial Wellbeing, to host thought leadership, events and experiences that share their mission, beginning with a series of partnership events with financial organisations, influencers and leading HR organisation AHRI.  

For founders James Windon and Dan Cohen, the announcement represents the fulfilment of their long term promise.

“When we originally founded Flare, our goal was always to create a workplace platform that would reduce financial stress and change the lives of everyday working Australians,” said Dan Cohen.

“We live in a time when technology is making our lives simpler, easier, more transparent. When you can make fewer, simpler choices, and reap hugely positive outcomes. From the way you work out to the way you eat to the way you get to work.

“At Flare, we build products and technology for the workplace, reflecting the reality that most Aussie workers are flat out trying to pay bills and stay afloat. There are huge levels of stress that they have to deal with, and the financial stress compounds it. That has an impact on their families, their health and their workplace.

We believe there is a generational opportunity to build smart technology that lets Aussies actually become more financially fit than ever before, and to help businesses by improving the wellbeing of their team.”

Managing Director James Windon added: “We want to help Australian workers take their first steps to manage their career development and financial health. When people have more information and control over their money, particularly their pay, they can make smarter decisions about how to spend it, save it, and build on it.”

Source: Flare

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