DriveWealth Powers the Launch of SavingsOak’s HSA Platform for the Everyday Investor

August 17, 2021
Partner News
August 17, 2021
Partner News

CHATHAM, N.J.–(BUSINESS WIRE)–DriveWealth, LLC, a pioneer in fractional investing and embedded finance, today announced their partnership with SavingsOak, a modern HSA for the everyday investor, to power the company’s investment capabilities.

Through this partnership, SavingsOak is leveraging DriveWealth’s comprehensive investing infrastructure, offering a broad array of modern investment options. Participants will be able to invest small amounts on a dollar equivalent basis (i.e. fractional shares) in balanced, diversified portfolios of U.S. equities and ETFs.

“As such, having best-in-class investment capabilities and experience is one of our top priorities. As a leader in modern brokerage infrastructure, DriveWealth is playing a critical role in helping us achieve our mission.”

SavingsOak’s offering provides an opportunity to invest unused funds in HSAs to better manage health care costs, a feature that is now in demand by the majority of participants. According to PlanSponsor’s 2021 HSA survey, 79% of HSA account holders want access to investments other than cash, and 30% of respondents felt that investment options were an important feature when choosing an HSA provider.

“We’re thrilled that SavingsOak has leveraged the consultative support of DriveHSA, while integrating DriveWealth’s comprehensive brokerage platform,” said Stan Smith, Managing Director of DriveHSA. “We believe SavingsOak will be extremely successful based on their deep expertise and how they’re looking at HSAs through the lens of the participant versus that of the platform provider. They also bring a fresh set of ideas and tools centered around the value of investing within an HSA account, which can help drive a more engaging end-user experience.”

“At SavingsOak, our goal is to build the retirement savings platform for the 99%, guided by the foundational belief that investing in one’s health and finances should be done as a comprehensive strategy,” said Neeraj Mathur, Founder, and CEO of SavingsOak. “As such, having best-in-class investment capabilities and experience is one of our top priorities. As a leader in modern brokerage infrastructure, DriveWealth is playing a critical role in helping us achieve our mission.”

About DriveWealth

A pioneer in fractional investing and embedded finance, DriveWealth has built an API-driven, cloud-based brokerage platform that is transforming the investment landscape by democratizing access to U.S. equities for investors domestically as well as abroad. With more than 90 partners in 150 countries around the world, DriveWealth’s mission is to reshape retail investing by enabling banks, global brands, and fintechs to provide investment access and advice to underbanked and underserved customers that was previously only available to the wealthy. For more information, please visit drivewealth.com.

About SavingsOak

We help regular people to better plan, prepare, and pay for healthcare costs — now and in retirement. Based in Silicon Valley, our diverse team has decades of experience in the technology, human resources, and retirement verticals. By partnering with small to mid-sized businesses, we enable these companies to offer their employees an HSA program that is more innovative than that offered by many of America’s biggest employers. For more information, please visit www.savingsoak.com.