Lively builds a modern HSA platform that aims to put consumers first by offering free individual accounts, recurring and one-time transactions, and simplified claims without paperwork. The company developed its own record-keeping technology stack to support these consumer features. Lively started direct-to-consumer and is expanding into business-to-business offerings for employers and financial institutions. It has partnered with BMO Harris to be the HSA provider for the bank's members. The company reports users doubled last year and more than doubled this year, and currently manages $500 million in assets under management after doubling AUM roughly every 11 months. Lively plans to use new funding to build more consumer tools, scale its team, and expand its product set to institutions and employers. Lively offers a user-centric modern HSA platform that serves employers and individual consumers, providing debit processing powered by Visa, investments through TD Ameritrade, iOS and Android apps, deductible spend tracking, and zero fees for individuals and families. The company emphasizes an intuitive experience to help consumers optimize healthcare spending and maximize savings, and has been named one of Morningstar’s top HSAs. Lively says it has saved consumers more than $1 million in HSA fees and is the fastest growing HSA provider on the market. The product roadmap and growth plans center on expanding the HSA experience to encompass additional health and finance tools and further personalizing the savings and spending experience. Lively plans to invest in technology, expand consumer tool offerings, and grow its team across healthcare, payments, and customer service to support that expansion. Lively operates a modern HSA platform for individuals and employers, offering a free consumer HSA with no hidden fees and an employer-sponsored HSA that automates administrative tasks. The company recently launched investments through the TD Ameritrade Self-Directed Brokerage Accounts (SDBA) and an HSA marketplace that provides cost-effective options and exclusive discounts for account holders. Lively focuses on simplifying healthcare saving, spending, and investing by combining payments, customer service, and healthcare expertise in a user-centric product. The company raised $11M in a Series A to accelerate growth, expand its free consumer HSA offering, and further penetrate the employer market. Lively strengthened its team by hiring Kirk Hoewisch as Executive Vice President of Sales & Business Development; Hoewisch brings more than 15 years of HSA experience and founded HSA Bank. Lively was founded by Alex Cyriac and Shobin Uralil and is headquartered in San Francisco, CA. Lively provides two core products: an employer-facing tool to set up and manage HSA contributions and payroll, and a free consumer HSA account with features designed for easy access to funds. The company offers a Lively-issued debit card and emphasizes seamless refunds and portability so users remain account holders if they change jobs. Lively recently added investment capabilities through an integration with TD Ameritrade, making investing from HSAs available to all Lively HSA holders. The founders position the HSA as a “401(k) for healthcare” and aim to drive HSA adoption as an investment vehicle. Lively wants to be a one-stop shop for HSAs by improving both front-end experience and operational back-end processes. The company raised $4.2 million in financing to support these product expansions. Lively launched to the public as a YC-backed platform that consolidates HSA administration into a single digital interface. The product lets users set contributions, provides a Lively-branded debit card powered by Mastercard, and stores receipts for audits. Lively says assets are held by a custodial bank and emphasizes compliance with IRS rules, and it has brought on a former general counsel of a large HSA manager as an advisor. The company charges employers with more than ten employees $4 per user per month while offering free service to smaller employers and to individual account holders; the founders say employees will never pay a fee. The reporting cites HSA market metrics: 21 million account holders, $41 billion in assets under management, and projections that HSAs could reach up to $1 trillion in assets. Cofounders Alex Cyriac and Shobin Uralil bring experience from payroll benefits platform Justworks and regulated energy companies, respectively, and position Lively against roughly 2,000 HSA banks including HealthEquity, BenefitWallet and Optum Bank.

Total raised

$123M

Funding rounds

5

Latest round

Series C

Latest activity

Oct 2021