Company Offers the Only Patented Solution that Allows Employees to Monetize their Paid Time Off, Unlocking Billions in Unrealized Value
SEATTLE, WA - August 20, 2019 - The world’s only comprehensive flexible benefits platform and a Gartner Cool Vendor, PTO Exchange, today announced it has secured $3 million in seed funding by WestRiver Group, an investment firm for the global innovation economy.
PTO Exchange has the only patented solution in the U.S. that allows employees to apply the value of their unused paid time off (PTO) to a range of priorities -- from paying down student loan debt, covering an unexpected emergency expense to donating to a favorite charity or funding vacation costs. The company’s platform is also the only one today that addresses the multitude of tax laws so employees can access this asset without any adverse tax consequences -- avoiding a potentially significant set of problems for workers and employers alike.
PTO Exchange has the only patented solution in the U.S. that allows employees to apply the value of their unused PTO to a range of priorities like paying down school loan debt and many other options.
“Several years ago, we saw a critical element missing in the future of work, so we’ve spent the last few years architecting a solution that will enable employers to give their employees more ownership over their traditional paid time off benefits in a way not possible before,” said PTO Exchange co-founder and CEO Rob Whalen. "Companies that embrace offering flexibility and alternative benefit solutions will thrive as they attract, engage and retain top workers, thereby winning the war for talent."
The new funding will allow the company to continue its mission to disrupt the benefits landscape, including:
- Leveraging the U.S.’s only patented platform that integrates into various student loan repayment or refinancing merchants.
- Giving employees a way to use their accrued productivity or PTO in emergencies, instead of withdrawing funds from their 401(k)s or taking payday loans.
- Providing employers with the ability to stay compliant with federal and state regulations including tax requirements, as PTO Exchange is the only platform that is compliant in all fifty states.
"The ability to help employers unlock literally billions of dollars in untapped value for today’s workforce is long overdue. PTO Exchange’s innovative solution brings simplicity to an otherwise complex problem making it possible for workers to redirect these assets to where they can have the most impact for themselves and their families,” said Anthony Bontrager, Managing Director at WestRiver Group and PTO Exchange board member.
About WestRiver Group
WestRiver Group (WRG) is a collaboration of leading investment firms that provides integrated capital solutions to the global innovation economy. The Seattle-based venture firm has investment platforms in technology, life sciences, energy, and experiential sectors. For more information, visit wrg.vc.
About PTO Exchange
PTO Exchange is a benefits platform that turns unused paid time off (PTO) hours into liquid assets that can be converted into things employees value – retirement accounts, student loan repayment, travel awards, charitable causes and more. PTO Exchange helps companies attract & retain talent, reduce balance sheet liabilities and strengthen community all while employees reclaim lost PTO. PTO Exchange is SOC 2-certifed and trusted by Premera, DaVita Kidney Care, SH Hotels and others. Learn more at www.ptoexchange.com