AVI KARNANI

Co­founder & CEO, Alice

Employee Benefit News - - Strategy Session -

His in­no­va­tion:

Karnani is co-founder and CEO of Alice, soft­ware that helps em­ploy­ees keep more of what they earn while re­duc­ing em­ployer pay­roll taxes. Alice does this by au­tomat­ing pre-tax spend­ing on com­mut­ing (such as tran­sit passes and park­ing) health­care (such as glasses, con­tact and co­pays) and de­pen­dent care (such as day­care, sum­mer camps and se­nior care). Alice con­nects to an em­ploy­ers’ pay­roll sys­tem, and em­ploy­ees are in­vited by text mes­sage or email to con­nect their own credit or debit cards.

Why it mat­ters: Karnani started Alice to help em­ploy­ees, par­tic­u­larly hourly work­ers who don’t have ac­cess to high-value ben­e­fits, keep more of what they earn with­out hav­ing to do any­thing dif­fer­ent. The soft­ware is pay­ing off, the com­pany con­tends: Em­ploy­ees that use Alice keep, on av­er­age, about $600 more per year of what they earned. Mean­while, em­ploy­ers are re­duc­ing their pay­roll taxes by as much as 12%.

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