Thatch Health raises $108M Series C+ for health benefits fintech platform

Thatch Health Raises $108M Series C+ for Health Benefits Platform

Thatch Health, a health benefits fintech platform, has raised $108 million in Series C+ funding. The round was announced on September 15, 2026.

What Thatch Does

Thatch helps startups and employers offer personalized healthcare benefits in minutes. The platform sits on top of a company's existing health plan, meaning employers do not have to replace their current coverage to use it.

The product stack includes:

• A tech-enabled health savings account (HSA)
• A Thatch debit card for healthcare spending
• On-demand billing advocates who resolve claims issues

The company later expanded into ICHRA administration and a benefits marketplace, broadening its offering beyond the initial HSA and spending tools.

The Team

Thatch was founded in 2021 by Chris Ellis and Adam Stevenson.

• Chris Ellis has prior experience at MIT, Sophia Genetics, and Agilent.
• Adam Stevenson has prior experience at Humana and Stripe.

The company is based in San Francisco.

The Investors

The Series C+ round includes a mix of venture capital firms, strategic investors, and corporate backers:

• Andreessen Horowitz
• Avid Ventures
• General Catalyst
• Scale Venture Partners
• The General Partnership
• SemperVirens
• Eli Lilly and Company
• Quiet Capital
• QuantumLight
• Index Ventures
• ADP Ventures
• Paychex

No lead investor was disclosed for the round.

Why It Matters

Health benefits administration remains a complex and costly function for employers, particularly startups and smaller companies that lack dedicated benefits teams. Claims issues, HSA administration, and reimbursement structures such as ICHRA all require coordination that often falls to employees or overstretched HR staff.

Thatch's approach is to layer technology on top of existing plans rather than requiring employers to switch carriers. The inclusion of billing advocates addresses a common pain point: resolving disputed or denied claims.

The investor list reflects interest from both generalist venture firms and strategic players. Eli Lilly and Company, ADP Ventures, and Paychex bring healthcare and payroll/benefits distribution perspectives, while Andreessen Horowitz, General Catalyst, Index Ventures, and Scale Venture Partners represent established venture capital participation.

What's Next

Thatch has not disclosed specific plans for the $108 million in new capital. The company continues to operate from San Francisco, building out its benefits platform for startups and employers.