Fintech startup SecureSave, a 2020 spinout of Seattle’s Pioneer Sq. Labs, has been acquired by Wisconsin-based HSA Financial institution.
SecureSave helps employers supply a monetary wellness profit to employees past their paycheck within the type of an emergency financial savings account (ESA). HSA Financial institution is a division of Webster Financial institution and Webster Monetary Corp. and is without doubt one of the nation’s leaders in healthcare financial savings and spending accounts.
Phrases of the deal, accomplished Thursday, weren’t disclosed.
SecureSave employs 23 individuals full time, most of whom are within the Seattle space, and can proceed to function its present platform and serve its shoppers.
The startup was co-founded by CEO Devin Miller, CTO Bassam Saliba, and TV persona and best-selling writer Suze Orman.
Miller beforehand led Steadiness Monetary, a Seattle-area startup acquired by Blucora’s TaxAct subsidiary in 2013. He later joined Guidant Monetary as government vp and later president. Saliba is one other longtime entrepreneur who bought Avado to WebMD in 2013 and was a board member/performing CTO at Steadiness Monetary alongside Miller.
SecureSave raised about $28 million up to now, with enterprise backing from PSL, Seachange and IA Ventures, and three banks — Truist, Stearns and Webster.
Miller, who relies in Spokane, Wash., mentioned SecureSave has supported greater than 60,000 energetic emergency financial savings account holders who’ve saved greater than $100 million up to now.
Miller mentioned the corporate had a powerful 12 months of progress and that curiosity within the class may be evidenced by laws proposed this week in Congress. U.S. Senators Cory Booker (D-NJ) and Todd Younger (R-IN) launched the Emergency Financial savings Enhancement Act, geared toward serving to American employees and households save for surprising bills with out having to faucet into their retirement accounts.
In a put up on LinkedIn, Miller wrote about how the HSA deal got here collectively and why it will likely be “an enormous leap ahead for ESAs.”
Miller pitched SecureSave throughout the 2022 season of GeekWire’s “Elevator Pitch” sequence.
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