Forma Announces New Partnership with DriveWealth to Launch Industry-First Health Savings Account

Introducing the Forma HSA solution that offers next-generation investment capabilities for employees with no minimum investment or hidden fees

SAN FRANCISCO, June 29, 2022 (GLOBE NEWSWIRE) — Forma, the life benefits platform, today announced the company is partnering with DriveWealth to launch Forma HSA, a health savings account solution that offers the industry’s first savings account with no minimum balance requirement for investment and no hidden fees. DriveWealth will be Forma’s modern broker dealer for the cloud-based application programming interface (API) for the solution. Forma HSA will include a modern banking and investment infrastructure that offers a streamlined user experience and helps employees maximize the advantage of having an HSA.

The consumerization of healthcare is continuing to gain traction, particularly high deductible health plans (HDHPs). In fact, according to UBS, the addressable market for the consumerization of healthcare was estimated to be $600 billion in 2019 and will increase at a 5.5 percent compound annual growth rate (CAGR) through 2025. Health-conscious consumers are using HSAs to save funds for future healthcare expenses. Forma is addressing the market demand by providing a comprehensive HSA solution that gives consumers more power to invest and reap the benefits of health savings accounts.

“HSA investment has historically been cumbersome with low adoption,” said Jason Fan, co-founder and CEO of Forma. “Employees miss out on gains in investment and the unique nature of tax savings from a HSA as a result. Forma is determined to change that. In partnership with DriveWealth, we are bringing to market a first-of-its-kind HSA offering to empower employees to gain value from tax-advantaged health saving accounts.”

Forma HSA benefits include:

• No minimum balance requirement for investment: A minimum balance is typically required for an investment account to be opened with fees ranging from $500 to $1,000. This is a common inhibitor for people to take advantage of the investment functionalities of an HSA. With Forma HSA, employees can invest in their long-term health as soon as they open an account without needing a minimum balance. This is an industry first. Employees can open, fund, and trade with as low as $1 in their HSA investment account using modern investment capabilities and exchange-traded funds (ETFs).
• No hidden fees: HSA providers typically add hidden fees (e.g., statement fees, account closure fees, and transfer fees) which can be a barrier for adoption. Employees will not be required to pay fees, such as for return checks, statements, or replacement cards, allowing them to save more money in their savings accounts.
• A modern user experience: The simple, easy-to-use interface provides employees a modern user experience when reviewing their savings account online.

“Hiring, developing, and retaining employees is an extremely tough task in a post-COVID workforce,” said Stan Smith, managing director at DriveWealth. “Providing benefits, such as a modern HSA investment tool, in real time, can be a key differentiator. With Forma HSA, companies can digitize the benefits experience and significantly improve the investment experience for employees by offering lower fees, lower barriers to entry, faster response, and better investment options.”

About Forma
Forma (formerly Twic) is a life benefits platform that enables modern companies to design and scale flexible, global benefits programs with options that fit employees’ lives, from health and wellbeing to lifestyle – and beyond. Founded in 2017 by Jason Fan, chief executive officer, and Max Hsieh, chief technology officer, the company works with hundreds of industry-leading customers, including Zoom, Twitch, Stripe, Allbirds, Splunk, Palo Alto Networks, Dropbox, Lululemon and Block, to revolutionize their HR programs. With support from investors like Ribbit Capital, Emergence Capital, Stripe, Upside Partnership, Designer Fund, and AngelPad, Forma is building the future of flexible benefits. For more information, visit joinforma.com.

About DriveWealth
DriveWealth, a pioneer of fractional equities trading and embedded investing, is a visionary technology company that empowers more than 100 partners around the world to engage their customers by placing the markets in the palm of their hands. We believe the future is fractional, transactional, and mobile. Every mobile device should be a gateway to accessing investing and savings products, services, advice, and assistance for global citizens of all ages, wealth stages, and levels of financial expertise. DriveWealth’s consultative support and cloud-based, modern technology platform allow partners to seamlessly offer branded investing experiences to drive customer acquisition, loyalty, retention, and revenue growth. For more information, please visit drivewealth.com or connect with us on Twitter @DriveWealth or on LinkedIn.

Media contact:
Sammy Totah
BOCA Communications for Forma
[email protected]

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