Healthcare benefits infrastructure firm First Dollar is collaborating with global FinTech investment rail and fractional investing company DriveWealth to power a Health Savings Account (HSA) investing experience inside of their API-driven Health Wallet Platform.
Health plans, financial institutions, and third-party administrators (TPAs) can partner with First Dollar for white-labeled benefits embedded inside their existing card and member portal, according to a Tuesday (Sept. 13) press release.
Consumers with HSAs will be able to invest in fractional shares and tap a cross-section of equities and ETFs from their individual health wallet dashboards.
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Consumers are increasingly investing a portion of their HSA funds, according to the release. First Dollar’s collaboration with DriveWealth is striving to make that investing frictionless. Like the First Dollar Health Wallet platform, consumers can access the HSA investment experience in multiple languages.
“Partnering with DriveWealth was a no-brainer,” First Dollar Senior Product Manager Izamar Loredo said in the release. “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.”
Read more: 28% of Patients Would Like to Use Digital or Mobile Wallets to Pay for Healthcare
“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,” Smith said.
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