HQY

HealthEquity, Inc. operates as a leading health savings account (HSA) administrator and healthcare financial solutions provider in the United States. Headquartered in Draper, Utah, the company serves over 15 million accounts and partners with employers, benefits advisors, and health plans to help Americans build health savings. HealthEquity's platform encompasses HSAs, flexible spending accounts (FSAs), health reimbursement arrangements (HRAs), lifestyle spending accounts, and commuter benefits, supported by integrated tools for benefits administration and compliance. The company generates revenue primarily through custodial fees, interchange fees from debit card transactions, and interest income on cash assets held in member accounts. HealthEquity holds a significant market position as one of the largest non-bank HSA custodians, with approximately $24 billion in total custodial assets. The company employs roughly 3,700 team members and operates multiple service centers across the country. Recent strategic initiatives include the 2024 acquisition of Benefit Resource LLC, expanding its reach in FSA and COBRA administration, and ongoing investments in technology to enhance member experience and advisor capabilities. HealthEquity's business model benefits from the growing adoption of consumer-directed healthcare and high-deductible health plans, positioning the company as a key infrastructure provider in the evolving healthcare payment ecosystem.