In order to create a Health Savings Account (HSA) investment experience inside of their API-driven Health Wallet Platform, First Dollar, a supplier of healthcare benefits infrastructure, is collaborating with DriveWealth, a major provider of fractional investing and global FinTech.
Health Plans, Financial Institutions, and Third-Party Administrators (TPAs) may work with First Dollar to incorporate white-labeled benefits into their current card and member site, according to a news release released on Tuesday, September 13.
Customers with HSAs will have access to a selection of stocks and ETFs through their individual health wallet dashboards and be able to purchase fractional shares.
Consumers are increasingly investing part of their HSA money, according to the press release. The goal of First Dollar’s relationship with DriveWealth is to make investing simple. The HSA investment experience is available to customers in a variety of languages, just like the First Dollar Health Wallet platform.
Izamar Loredo, Senior Product Manager at First Dollar, stated that “partnering with DriveWealth was a no-brainer.” Our ability to leverage their APIs gives us the opportunity to bring the renowned simplicity and clarity of First Dollar’s embeddable benefits platform to the usually complex world of investment.
DriveHSA, powered by DriveWealth, managing director Stan Smith, stated that the firm was “happy to combine with the First Dollar team, whose customer-first beliefs coincide with ones at DriveWealth.”
“First Dollar’s unique solutions have enabled customers to choose the best health plan for their needs. Through this arrangement, we’re happy to provide First Dollar customers seamless HSA investing alternatives so they may better manage their financial destiny, Smith continued.
