First Dollar is an Austin-based health wallet that provides payments infrastructure for HSAs, FSAs, prepaid grocery and Rx programs, and other tax-advantaged accounts and supplemental benefits. The platform offers APIs, embeddable UX widgets, and best-in-class member workflows to help health plans, TPAs, and benefits platforms launch and administer benefits quickly. Early customers include Sidecar Health, Kind Health, and Decent Health. First Dollar reports an NPS of 80 and account utilization 36% above the industry average. The company plans to expand the Health Wallet into additional benefit types and further deepen its technology-first advantage. The Series A funding will fuel product expansion and go-to-market initiatives. First Dollar is a healthcare savings platform built around HSAs that targets millennials and Gen Z, launched by Jason Bornhorst and Colin Anawaty. It lets consumers set up or transfer an HSA, manage money via a free account, and uses a First Dollar debit card to facilitate spending. The company works on the front end for consumers and the back end for employers, charging employers a monthly administration fee to manage payroll contributions and HSA reporting. First Dollar makes additional revenue from a percentage of transactions on its debit card and is initially focusing on drug discounts through a partnership with RxSaver. The startup emphasizes educational content and a marketplace to help users find lower-priced healthcare products and services, positioning itself more on the saving-and-spending side versus competitors that emphasize investing. It launched out of stealth with external funding to support growth and product rollout.

Total raised

$19M

Funding rounds

2

Latest round

Series A

Latest activity

Jan 2022