Fundraising Fox

Flex

YC S23

Founded 2023 · 8 employees · Hiring · 11 known investors

Flex provides telehealth consultations with licensed clinicians to determine eligibility for HSA/FSA-qualified health products and services for customers with various medical conditions.

Also known as Flex HSA/FSA Marketplace · Flex Technology Co

Founders & leadership· Y Combinator alumni (S23)

Flex was founded in 2023 by Sam O'Keefe and Miguel Toledo.

SOSam O'Keefe
Sam O'Keefein𝕏Co-Founder & CEOSam O'Keefe is a cofounder at Flex who previously led product at the fintech company Unit21, served as an entrepreneur-in-residence at Google's Area 120, oversaw startup programs globally at Google, and worked as an editor at TechCrunch.
MTMiguel Toledo
Miguel ToledoinCo-Founder & CTOHe previously worked on machine learning infrastructure and data pipeline systems at Lyft Level 5, fraud and AML products at Unit 21, and monitoring systems at Google Cloud.

Investors · 11

Also in the syndicate · 2

Liquid2Precursor

Funding

SEC filings, press & company announcements

$70M disclosed across 1 of 4 rounds · 2024–2026

Source: company announcements and press reports — follow each round's link for the claim.

The YC application· Summer 2023 batch

Y Combinator Demo Day Video S16 - FLEX

The Flex Company

Company profile

researched Aug 2026

Flex (Flex Technology Co, withflex.com) operates a payments and commerce platform focused on Health Savings Account (HSA) and Flexible Spending Account (FSA) spending in the United States. Its consumer-facing marketplace aggregates health and wellness brands and products that qualify for HSA/FSA purchase, spanning categories including ergonomics, fitness, footwear, gyms and studios, home, nutrition, recovery, skincare, sleep, smart health and vision. Brands listed on the marketplace include Therabody, Hyperice, Zenni Optical, Pair Eyewear, Nanit, Whisker, iFIT, Ladder, Chirp, Coop Sleep Goods, Levoit, TUSHY and Shiseido, among others.

On the merchant side, Flex provides an "Flex | Pay with HSA/FSA" checkout option that partner brands can integrate into their online stores. Where a product requires substantiation, the shopper completes a chat-based telehealth consultation in which a licensed clinician determines eligibility and, if warranted, issues a Letter of Medical Necessity (LMN) valid for 12 months from issuance. Flex supports payment by HSA/FSA card, regular credit/debit card, and split payments, and issues itemized receipts that customers can submit to their HSA/FSA administrators for reimbursement. Flex publishes developer documentation covering account setup, an API reference, an MCP integration for connecting AI assistants such as Claude and Cursor to a Flex account, marketing resources and a changelog.

Business model

Flex sits between merchants and consumers in the HSA/FSA payment flow: it supplies an HSA/FSA checkout method that partner brands embed in their stores, handles eligibility substantiation via clinician-issued Letters of Medical Necessity, and operates a marketplace directing shoppers to participating brands. The sources describe separate "For Business" and "For Shoppers" offerings but do not disclose pricing or fee structure.

Traction

The company's site reports more than 2 million orders processed with Flex and access to over 1,000 HSA/FSA-eligible brands as of 2026. No revenue, customer count or growth figures are disclosed in the sources.

Latest developments

As of the 2026 version of its site, Flex lists newly added brands across fitness, footwear, smart health, ergonomics, skincare and recovery categories (including evo, Taos Footwear, Miko, Ride1Up, Houndsy, Qure Skincare, OluKai, Hyperice, Whisker and LYMA) and maintains a changelog and MCP integration in its developer documentation.

Full profile — market position, technology, go-to-market, geography, risks & controversies

Market position

Flex positions itself around the pool of HSA/FSA funds that go unspent each year, citing $1.5B in dollars forfeited annually and roughly 30% average pre-tax savings for consumers who use these accounts. The available sources do not name competitors or provide market share data.

The platform combines an HSA/FSA checkout payment method with in-flow eligibility substantiation: a chat-based telehealth consultation with a licensed clinician that can produce a Letter of Medical Necessity covering purchases for 12 months, plus automatically generated itemized receipts. It also supports split payments and fallback to credit/debit cards with reimbursement documentation.

Technology

Flex offers an HSA/FSA payment integration with a public API, developer guides, and a Flex MCP server enabling AI assistants (e.g., Claude, Cursor) to connect to a Flex account. The consumer flow includes a chat-based telehealth consultation used to determine Letter of Medical Necessity eligibility, and automated generation of itemized receipts and LMN documents for administrator submission.

Go-to-market

Flex distributes through merchant partnerships, appearing as a payment option at partner brand checkouts, and through its own marketplace and brand directory that aggregates 1,000+ HSA/FSA-eligible brands. It also publishes a blog, marketing assets for partners, and developer documentation to support merchant integration.

Two sides: U.S. consumers who hold HSA or FSA balances and want to spend them on eligible health, wellness and home products; and direct-to-consumer health and wellness brands and merchants (including gyms and studios) that want to accept HSA/FSA payments at checkout.

Geography

United States; the product is built around U.S. HSA and FSA accounts and IRS guidelines for medical necessity substantiation. No specific office locations are stated in the sources.

Risks & controversies

Flex's model depends on IRS rules governing HSA/FSA eligibility and Letters of Medical Necessity; its own materials note that LMN documentation should be retained for at least three years in case of an IRS audit and that FSA administrators may request the letter to confirm eligibility. The sources provide no information on regulatory actions or disputes. Note also that several unrelated companies share the "Flex" name (a public advanced-manufacturing firm, a fintech for middle-market business owners, and a seed-stage venture firm), creating identification risk in third-party data.

Compiled by commissioned research from 8 cited public sources — announcements, filings, and press listed under research sources below.

Key figures

latest reported
Brands available on marketplaceJan 20261,000 brands
Cumulative orders processedJan 20262,000,000 orders
HeadcountAug 202647

Company-reported or press-reported figures, each dated to when it was claimed — not independently audited.

Competitors · 5

by search overlap
Truemed3273 shared keywordsTruemed is a platform that enables consumers to use pre-tax HSA and FSA funds to purchase health and wellness products by providing clinical review and IRS-compliant Letters of Medical Necessity. The company connects users to thousands of wellness products across fitness, supplements, sleep, and recovery categories that qualify as medically necessary healthcare expenses.
Lively, Inc.2984 shared keywordsLively provides AI-powered customer service and support for the benefits administration industry, combining intelligent technology with human representatives to resolve employee and customer inquiries. The platform serves benefits administrators and employees seeking faster, more personalized service for health and financial benefits management.
Forma1720 shared keywordsForma operates a benefits platform that provides customizable pre- and post-tax spending accounts, letting employees choose personalized benefits through a store, payment card, or claims reimbursement. It serves benefits and HR leaders configuring account types, eligibility, and rules, with claims administration, compliance, and reporting handled on their behalf.
Interactive Strength Acquires Ergatta1613 shared keywordsFidelity provides brokerage and investing services for individual retail investors, including commission-free online trading of US stocks and ETFs and fractional share purchases starting at $1. It positions itself as a personal finance and investment provider serving customers pursuing long-term financial goals.
SmartAsset1047 shared keywordsFisher Investments is a global money management and financial advisory firm that provides portfolio management, financial planning, and retirement planning services primarily to high-net-worth individuals and institutional clients. The firm manages investments across equities, fixed income, and blended accounts using an active, forward-looking investment approach.

Companies competing with Flex for the same Google search keywords, organic and paid, via search-intersection analysis.

In the news

Research sources · 8

primary sources listed
  • Flexwithflex.com · web

8 public sources were cited for this profile; the first-party ones are listed here.

Frequently asked questions

What does Flex do?
Flex operates an HSA/FSA payments and marketplace platform letting shoppers buy eligible health products with pre-tax dollars.
Who founded Flex?
Flex was founded by Sam O'Keefe, Miguel Toledo in 2023.
Who are Flex's investors?
Flex's investors include Cameron Ventures, Core Venture Capital, Harvest Venture Partners, Rethink Impact, Sterling Road, Y Combinator, Accel, First Round Capital and 1 more.
How much funding has Flex raised?
Flex has disclosed $70M raised across 1 of its 4 known rounds.