HealthEquity, Inc. is a leading administrator of health savings accounts (HSAs) and consumer-directed benefits in the United States. The company's platform integrates with health plans, benefits administrators, and retirement plan record-keepers to offer a comprehensive suite of services, including flexible spending accounts (FSAs), health reimbursement arrangements (HRAs), and COBRA continuation services. HealthEquity generates revenue primarily through account fees, custodial cash yields on HSA assets, and interchange fees from payment processing. As an IRS-approved non-bank trustee, the company directly custodies HSA assets and offers an integrated investment platform with automated advisory tools. Through strategic acquisitions, including WageWorks and Further, HealthEquity has significantly expanded its enterprise client base and consolidated its position as the largest independent HSA custodian by account volume.
