Health savings account Lively has bagged $11m in its Series A?round of funding which was led by?Costanoa Ventures.
Other backers to the round include Y Combinator, Point Judith Capital, and Transmedia Capital. As part of the deal, Costanoa partner Mark Selcow will join the company board of directors.
The firm has also hired HSA Bank co-founder Kirk Hoewisch as its executive vice president of sales and business development in order to keep up with growing demand.
San Francisco-headquartered Lively is a health savings account platform which helps consumers optimise their spending, savings and investing.
The platform gives employers a service to automate HAS administration. Through this, clients can connect it with payroll systems in order to manage pre-tax employee contributions, onboard new employees, and monitor everything via a dashboard.
Over the past year, the company has launched two new services. Its first service is the ability to make investments through the TD Ameritrade Self-Directed Brokerage Accounts platform. This empowers users to invest their health savings into ETFs, stocks, bonds and mutual funds and into mutual funds through TD Ameritrade
Its other newly launched service is a HAS marketplace which combines tax-free spending power of an HAS with more effective options for account holders, as well as discounts on medical expenses.
Through the capital injection, the company is looking to accelerate its growth, enhance its consumer HAS offering and expand into the employer market.
Costanoa partner Mark Selcow said, ?Health Savings Accounts have been around for a long time, but Lively has built a contemporary, intuitive product around the consumer and their spending, saving, and investing needs. It’s a superior product in a market that’s ripe for innovation.
?The Lively product is invaluable to anyone with a High-Deductible Health Plan.p>
Around this time last year, the company raised a $4.2m investment to aid with the deepening of its technology. The former round was backed by Streamlined Ventures, Transmedia Capital, Y Combinator, and SV Angel, among others.
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