First Dollar, a technology company that builds healthcare benefits infrastructure, today announced a new partnership with DriveWealth, a global fintech investment rail and pioneer in fractional investing, to power a Health Savings Account (HSA) investing experience inside of their API-driven Health Wallet Platform.
Benefit providers like health plans, financial institutions, & TPAs partner with First Dollar to power modern benefits that can be white labeled and embedded inside of their existing card and member portal. With this partnership, consumers with HSAs will be able to invest in fractional shares as well as access a diverse portfolio of equities and ETFs, all within their Health Wallet dashboard.
More consumers than ever are investing a portion of their Health Savings Account (HSA)— Devenir’s Mid-Year report calculates a 45% year-over-year growth in 2021 at $34.4 billion AUM. First Dollar’s partnership with DriveWealth ensures all members have a frictionless investing experience. Like the First Dollar Health Wallet platform today, consumers will be able to access the HSA investment experience in multiple languages (beginning with English and Spanish), a key to unblocking access to an in-demand and central benefit of the HSA.
“Partnering with DriveWealth was a no-brainer,” said Izamar Loredo, Senior Product Manager at First Dollar. “Their APIs give us the flexibility to take the clean and simple approach to UX that First Dollar’s embeddable benefits platform is known for and expand that vision to the historically complex world of investments. We now have the freedom to continuously adapt our product for both our English and Spanish speakers, opening up access to those who have historically been excluded from the investment experience.”
“We’re thrilled to partner with the First Dollar team, whose customer-first values align with ours here at DriveWealth,” said Stan Smith, Managing Director of DriveHSA, powered by DriveWealth. “First Dollar’s unique offerings have provided customers with a gateway to the best health plan for their needs. Through this partnership, we’re excited to equip First Dollar customers with seamless HSA investing capabilities to help them take greater control of their financial futures.”
