HealthEquity, Inc. HQY

Company Overview

HealthEquity, Inc. is a U.S.-based financial technology and benefits administration company focused on consumer-directed healthcare accounts and related services. The company operates primarily in the healthcare financial services and employee benefits administration industries, providing platforms that help individuals and employers manage healthcare spending and savings. Its core offerings include health savings accounts (HSAs), flexible spending accounts (FSAs), health reimbursement arrangements (HRAs), COBRA administration, commuter benefits, and related healthcare payment technologies. Revenue is generated through service fees, custodial and interchange revenue tied to account balances and payment activity, and investment-related income from HSA assets.

The company serves employers, health plans, benefits advisors, healthcare providers, and individual account holders across the United States. HealthEquity has positioned itself as one of the largest HSA custodians in the U.S., supported by scale, long-term employer and health plan relationships, and integrated technology platforms. The company was founded in 2002 by Steve Neeleman and evolved from an HSA-focused administrator into a broader healthcare benefits platform through organic growth and acquisitions, particularly the acquisition of WageWorks in 2019, which significantly expanded its benefits administration capabilities and employer customer base.