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Benny Card Company Gets $12 Million In New Capital

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NU Online News Service, May 26, 2004, 1:19 p.m. EDT – The Sprout Group, Menlo Park, Calif., has helped come up with $12 million in new capital for Evolution Benefits Inc., Avon, Conn.[@@]

Evolution sells the Benny Card system, a credit-card-like system for administering flexible spending accounts, health reimbursement arrangements, health savings accounts and transportation management accounts.

Traditionally, members of FSA plans and other personal benefit account plans have had to collect and save receipts and file paper claims. The Benny Card can eliminate the need to file most paper claims and sharply reduce the need for paper receipts.

Evolution will use the latest round of financing to expand its HSA services operation and come up with new ways to use technology to eliminate the need for paper receipts, Evolution says.

The Sprout Group is an affiliate of Credit Suisse First Boston.