Fringe is a new company that offers employers a service that offers lifestyle benefits to their employees in addition to or in place of more traditional benefits.
“We didn’t think it made sense that employees should be sick, disabled, dead, or aged 65 and older to take advantage of their benefits,” wrote Fringe. General Manager Jordan Peace, in an email.
The Richmond, Virginia company was founded by five friends from the University of Virginia Tech brought together by Peace and Jason Murray, who directs the company’s strategy and finances. The two men previously owned a financial planning firm called Greenhouse Money, which worked with small businesses to set up benefits and retirement accounts.
Meanwhile, the two men had a revelation … the employees of these small and medium-sized businesses didn’t just want retirement or health care benefits, they wanted benefits more suited to their daily lives. Because Murray and Peace couldn’t find a company that offered a flexible benefit package on things like Netflix, Amazon or Hulu subscriptions, Uber rides, Grubhub orders or Instacart deliveries, they built one themselves.
As their business grew, they brought friends from the university, including Isaiah Goodall as Vice President of Partnerships, Chris Luhrman as Vice President of Operations and Andrew Dunlap as Product manager.
Peace and Murray launched the business in 2018 and now has more than 100 delivery services, exercise apps, cleaning services and other convenience apps among their offerings.
For their part, employers pay $ 5 per covered employee per month and establish a monthly allowance (which may or may not be deducted from a package of benefits) of between $ 50 and $ 200 that employees can spend on services. subscription.
This is an argument for employers which, according to Peace, is particularly convincing, as the office culture is changing following massive office closings and home work orders from large US companies in response to the COVID epidemic. -19.
“The benefits in the office and even most of the” off-site “benefits (gyms, massage spas, etc.) are all zero,” wrote Peace. “Even after COVID, it is very likely that many of these aspects of office culture will be less important, with many CEOs pledging to allow” WFH forever “. This means that businesses need a way to consolidate their office culture and send it home. Fringe is perfectly positioned for this and determined to be the first name that comes to mind to provide a solution. “
Peace sees this as the next step in the evolution of employee benefits. He traces his legacy back to the development of private health insurance and 401k retirement plans. “After another 40 years, the lifestyle benefits are the most recent breakthrough – and, like its predecessors, they will be almost universally adopted within the next 5 years,” wrote Peace.