# Thatch > ICHRA administration platform for employers ## At a glance | Field | Value | | --- | --- | | Category | Specialty Solutions | | Type | Solutions Provider | | Region | NA | | Headquarters | San Francisco, CA, USA | | Founded | 2021 | | Stage | Growth | | Employees | 51-200 | | Funding | Series B | ## Overview Thatch is a B2B health benefits platform built on Individual Coverage Health Reimbursement Arrangements (ICHRA), a federal regulatory structure that allows employers to allocate tax-free healthcare budgets to employees, who then select their own individual health insurance plans. The company was founded in October 2021 by Chris Ellis and Adam Stevenson and launched its platform commercially in August 2023. It is headquartered in San Francisco, with additional offices in New York and Austin. The platform handles ICHRA administration end-to-end -- budget configuration, compliance with ACA, PCORI, ERISA, and Medicare Part D reporting, reimbursement processing, and employee plan enrollment. Employers define contribution tiers by employee class, location, or employment status, while employees access a curated marketplace of health plans from carriers including Anthem, Oscar, United Healthcare, Aetna, and Ambetter, as well as a wellness marketplace of 100+ services. The platform also issues a Thatch Visa debit card (banking via Thread Bank, FDIC member) for qualified medical expenses, and provides an AI-powered compliance support tool ("Ask Thatch") for real-time guidance on ICHRA questions. Integration is available via a platform API connecting to major payroll systems (ADP, QuickBooks, Paychex) and HR platforms. As of early 2026, Thatch has onboarded over 4,000 employers and raised USD 84.5M in total funding, including a USD 40M Series B in April 2025 led by Index Ventures. The company ranked #5 on CB Insights Insurtech 50 in 2025 and acquired Venteur's customer base in April 2026. Notable customers include Jersey Mike's, Smoothie King, and Kalshi. ## Products & services ### ICHRA Administration Platform The core platform enables employers to set healthcare contribution budgets by employee class, manage compliance requirements automatically, and give employees access to personalized health plan selection. **Key features:** - Budget configuration by employee class, location, or employment status - Automated ACA, PCORI, ERISA, and Medicare Part D compliance reporting - Real\-time employer spend visibility and employee benefits dashboard - Enrollment support across major carriers *Target users:* Employers \(HR and finance teams\), employees ### Thatch Marketplace A curated health and wellness marketplace with 100+ services funded by employer ICHRA contributions, beyond traditional insurance premiums. **Key features:** - Access to telehealth, preventive care, and direct\-care services - Partners include Oura, Hims & Hers, Sesame, Prenuvo, and TrueMed - Physician\-led specialty care access *Target users:* Employees ### Thatch Visa Debit Card A Visa debit card for qualified medical expenses, backed by banking partner Thread Bank (FDIC member), enabling direct spending of ICHRA funds. **Key features:** - Eliminates out\-of\-pocket reimbursement friction - FDIC\-insured banking infrastructure via Thread Bank - Compatible with all eligible medical expenses *Target users:* Employees ### Ask Thatch \(AI Compliance Support\) AI-powered support tool providing 24/7 answers to ICHRA compliance questions and enrollment guidance. **Key features:** - Natural\-language ICHRA compliance Q&A - Available around the clock without HR team involvement - Covers enrollment, reporting, and regulatory topics *Target users:* Employers, HR teams, employees ### Platform API REST API enabling HR technology partners, payroll providers, and benefits administrators to integrate with the Thatch platform programmatically. **Key features:** - Payroll system integrations \(ADP, QuickBooks, Paychex\) - Carrier and wellness marketplace connectivity - Partner ecosystem enablement *Target users:* HR tech and payroll platform partners ## Category & focus - Subcategories: ICHRA Administration, Employee Benefits Administration, Health Benefits Technology - Insurance verticals: Health, Group Benefits - Target customers: Employers ## Notable customers - Jersey Mike's - Smoothie King - Kalshi - Superpower - Levels - ADP \(also an investor\) - Paychex ## Links - Website: - Directory profile: - Blog: - Careers: - Linkedin: --- *Last updated: 2026\-06\-21*