Fastest growing HSA provider expands into employer market with consumer-first savings tools
SAN FRANCISCO–(BUSINESS WIRE)–#HSA—Lively, Inc., creators of the modern health savings account (HSA), today announces a $27 million Series B round led by existing investor Costanoa Ventures, with participation from Ally Ventures, the strategic investment arm of Ally Financial, Liquid 2 Ventures, PJC, Teamworthy Ventures, Streamlined Ventures, and Y Combinator. This brings the company’s total funding to more than $40 million to accelerate its mission to transform the way Americans save for healthcare.
“Healthcare continues to be the number one reason Americans go into debt. We are committed to creating a better financial future by revolutionizing the healthcare savings experience, and we know HSAs are an unparalleled savings vehicle,” said Alex Cyriac, CEO and co-founder of Lively. “We couldn’t be more excited to use this funding to expand our offerings and strengthen our product for our customers. This will ensure employers will have the most robust option to help their employees save for the future. ”
This new funding will be used to expand Lively’s HSA experience to encapsulate all of the health and finance tools consumers need to make better informed healthcare decisions. Through further investments in technology, an expansion of consumer tool offerings, and growing its passionate team of professionals in healthcare, payments, and customer service, Lively will continue to personalize and modernize healthcare saving and spending.
“It’s been exciting to watch Lively become not only the fastest growing HSA provider on the market, but also the number one choice for consumers. Alex and his team are true visionaries and we’re excited to provide additional support to help them in their next phase of growth,” said Mark Selcow, partner at Costanoa Ventures. “This is only the beginning of their potential and we’re confident this funding will help them achieve their mission to revolutionize healthcare savings.”
Named one of Morningstar’s top HSAs in 2019, Lively has saved consumers more than $1 million in HSA fees and has seen significant demand from individuals, families, and companies across the country since its launch. With projections showing that the HSA market will approach $88 billion in HSA assets held in more than 30 million accounts by the end of 2021, the need for a modern HSA has never been higher. Offering debit processing powered by Visa, investments through TD Ameritrade, industry-leading iOS and Android apps, healthcare deductible spend tracking, and zero fees for individuals and families, Lively is taking on legacy HSA providers and giving consumers the experience they need and deserve.
Lively believes in the power of financial stability, aiming to help Americans better afford their healthcare expenses in every stage of life. Lively helps individuals and families build savings to live stable, happy and healthy lives now and into retirement.
Lively is a modern Health Savings Account (HSA) platform for employers and individuals. Lively’s user-centric solution creates an intuitive user experience allowing consumers to get the most out of their HSA. Lively HSAs work alongside HSA compatible plans to make healthcare easier for everyone. Lively was started to help consumers optimize their healthcare spending, maximize their savings, and better their livelihood. Founded by Alex Cyriac and Shobin Uralil, Lively is headquartered in San Francisco, CA. For more information please visit Livelyme.com or follow us on Twitter (@LivelyHSA).
Lively and TD Ameritrade Institutional are separate and unaffiliated firms.