Payroll and financial operations startup Thera has launched Thera Rewards, a new loyalty program that allows businesses to earn reward points on payroll spending, a category that has traditionally been excluded from most rewards programs.
The company says businesses using its payroll platform will earn one point for every dollar of payroll processed, with points that never expire and can be accumulated indefinitely.
The launch positions Thera as the first payroll provider to offer a rewards program directly tied to payroll processing, eliminating the need for businesses to use credit card workarounds or third-party payment services to earn points on payroll expenses.
Under the program, points can be redeemed for flights, hotels, gift cards, cash back, or applied directly toward a company’s Thera invoice.
“For most companies, payroll is the single largest recurring expense on their P&L statements,” said Akhil Reddy, CEO and Founder of Thera. “For decades, payroll has been locked out of the rewards economy. Thera Rewards changes that as the first and only payroll platform that earns points on every dollar of payroll processed.”
The company argues that loyalty programs have become increasingly valuable business assets in recent years. During the pandemic, major airline loyalty programs were leveraged to secure billions of dollars in financing, while companies such as Bilt built large businesses around offering points on recurring expenses like rent.
Thera is applying a similar concept to payroll, which represents one of the largest ongoing operating costs for many organizations.
Early customers say the platform has streamlined payroll operations while adding a new incentive layer.
“Moving to Thera was one of the best decisions we could have made. It saved us time, money, and allowed us to focus on growing the business,” said Bryan DiGiorgio, CEO of 1840 & Company.
“I’ve spent years optimizing points across cards, flights, and travel, but payroll was always the missing piece,” said Michael Houck, Founder of Megaphone Studio. “Thera is the first platform that actually made payroll rewarding, and it fits directly into how we already operate.”
Founded in 2022 by former Amazon engineer Akhil Reddy, Thera provides payroll and financial operations software for businesses. The New York-based company is backed by Y Combinator and has raised $4.5 million in funding.
