Awardco vs Forma
Side-by-side comparison of AI visibility scores, market position, and capabilities
Raised $165M Series B at a $1B+ valuation in May 2025, reaching 6 million users across 163 countries and achieving unicorn status as the leading employee recognition and rewards platform.
About
Awardco is an employee recognition and engagement platform that embeds reward programs into existing workplace workflows, including Slack and Microsoft Teams, with access to 300 million+ reward choices globally. The platform enables peer-to-peer recognition, milestone celebrations, and manager-driven incentive programs tied to company values and performance metrics. With a three-time Inc. 5000 ranking and customers including Adobe, AT&T, and Qualtrics, Awardco reached unicorn status after its 2025 Series B led by Sixth Street Growth and Spectrum Equity.
Forma (San Francisco) is a flexible benefits platform offering personalized lifestyle spending accounts across wellness, learning, and childcare categories; raised $40M Series B; formerly known as Twic.
About
Forma is a San Francisco-based flexible benefits platform that replaces rigid, one-size-fits-all benefit plans with personalized lifestyle spending accounts (LSAs). Employers set a budget and define eligible categories—wellness, learning, home office, childcare, and more—while employees spend through a dedicated Forma card or reimbursement portal. The platform integrates with major HRIS and payroll systems, giving HR teams real-time utilization data and compliance controls without administrative overhead. Founded in 2017 and formerly known as Twic, Forma raised $40M in Series B funding and counts hundreds of mid-market and enterprise employers among its customers.\n\nForma's product philosophy centers on benefit equity: every employee receives the same dollar value but can allocate it toward what matters most to their individual life stage and circumstances. The platform supports dozens of pre-configured spending categories and allows custom merchant rules, giving employers flexibility to align benefits with their culture and values. Employees access their balance via a mobile app, web portal, or physical card, and Forma handles receipts, compliance categorization, and IRS substantiation automatically.\n\nIn a competitive HR tech market increasingly focused on total rewards differentiation, Forma positions itself as an antidote to benefit fragmentation. Rather than managing separate vendors for gym reimbursements, tuition assistance, and commuter benefits, HR teams consolidate everything into a single LSA or multi-account structure. The company targets the 200-to-5,000-employee segment where benefits complexity is high but enterprise HRIS platforms often lack native LSA tooling.
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