Further

Name

Further

Legal name

Further Operations, LLC

Website

https://hellofurther.com

Company type

Private

Founded year

1989

Operating status

Operating

Headcount range

251–500 employees

Ownership category

akta.pro rank

Product category

Health Spending Account Administration

NAICS

Pharmacy Benefit Management and Other Third Party Administration of Insurance and Pension Funds (524292), Health and Welfare Funds (525120), Professional Employer Organizations (561330)

SIC

Accident & Health Insurance (6321), Insurance Agents, Brokers & Service (6411), Hospital & Medical Service Plans (6324)

akta.pro primary industry

Flexible Benefits Administration (FSA/HSA/HRA) (HLAEALAK)

akta.pro secondary industries

Eligibility, Enrollment & Benefits Administration (HLAEALAH), COBRA & Direct Billing Administration (HLAEALAC), Benefits Administration & Enrollment Support (BPAAAIAB), High-Deductible Health Plans (HDHP) with HSA-Eligible Coverage (FSAIAFAM)

Keywords

• Health savings accounts
• HSA administration
• FSA administration
• HRA administration
• Consumer-driven healthcare

Headquarters

HQ city

Eagan

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Technology or R&D, Infrastructure, Operations, Marketing or Sales

Revenue model

1. HSA Administrative Fees (Employers): Employers pay monthly administrative fees for HSA plans. Further offers custom pricing for employer groups with tiered plan designs (Premium, Value, Select HSA).
2. HSA Administrative Fees (Individuals): Individual HSA holders pay monthly administrative fees ranging from $1.00 to $4.00 per month depending on plan tier selected.
3. Interest on Account Balances: Further earns interest on HSA balances held in accounts, with competitive crediting rates offered to account holders at various balance tiers.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels9 records

Core offering

Further is a leading U.S. administrator of health spending accounts, offering Health Savings Accounts (HSAs), Health Reimbursement Arrangements (HRAs), Flexible Spending Accounts (FSAs), Voluntary Employee Beneficiary Associations (VEBAs), and related products such as COBRA administration. The company serves employers and health plans (including via white-label administration) as well as individual consumers nationwide, and operates the business on a proprietary technology platform that unifies account management, a single debit card, and a mobile app.

Product overview

Further is a health spending account administration platform offering a suite of connected products for managing healthcare finances. The core product portfolio consists of Health Savings Account (HSA), Health Reimbursement Arrangement (HRA), Flexible Spending Account (FSA), and Voluntary Employee Beneficiary Association (VEBA), along with COBRA continuation services. Additional products include Dependent Care Assistance Program (DCAP), Adoption Assistance Program (AAP), Transportation Reimbursement Account (TRA), and Premium Only Plan (POP). The platform is built around a proprietary technology with features including one dashboard for accessing all accounts, one debit card for multiple spending accounts, and one mobile app for account management. The company was acquired by HealthEquity on November 1, 2021.

Differentiator

Problem solved

Functional benefit

Products and services

• Health Savings Account (HSA) A consumer-owned savings account offering triple tax savings — tax-free contributions, tax-free growth/interest, and tax-free qualified withdrawals — used to pay for qualified medical expenses, with portability across jobs, health plans, and retirement. Available to employers, health plans (white-label), and individual consumers.
• Health Reimbursement Arrangement (HRA)
• Flexible Spending Account (FSA) A personal expense account that works with employers' health plans, allowing employees to set aside a portion of salary pretax to pay for qualified medical expenses, while employers save on payroll taxes.
• Voluntary Employee Beneficiary Association (VEBA)
• COBRA Administration
• Dependent Care Assistance Program (DCAP) An employer-sponsored account that allows individuals to set aside pretax dollars to pay for day care and other dependent care expenses required to work.
• Adoption Assistance Program (AAP) An employer-sponsored spending account allowing both employer and employee contributions to pay for eligible adoption-related expenses, using pretax employee contributions.
• Transportation Reimbursement Account (TRA) An account that allows individuals to set aside pretax salary to pay for transit, parking, and vanpooling commuting expenses, decreasing taxes and increasing take-home pay.
• Premium Only Plan (POP) A plan that allows employees to pay for their portion of employer-provided health and/or dental plans with pretax dollars, allowing employers to save on payroll taxes.

Quantifiable outcome

• 96% customer satisfaction rating
• +1 more outcomes

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Scale indicators3 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• WEX Health: WEX Health provides technology and administration for HSAs, FSAs, HRAs, COBRA, and commuter benefits, selling both direct to employers and white-label to health plans and banks — a near-identical go-to-market and product set as Further.
• Benefit Resource: Benefit Resource administers COBRA, FSA, HRA, HSA, commuter, and tuition benefit accounts for employers and third-party administrators. Closely comparable product portfolio and target market to Further, particularly on employer-side benefits outsourcing.
• HealthEquity: Further's parent company (NASDAQ: HQY) and "the nation's largest non-bank HSA custodian." HealthEquity administers HSAs, FSAs, HRAs, and COBRA for employers and health plans nationwide, directly overlapping Further's product suite, target buyers, and white-label distribution model.
• Optum Financial (ConnectYourCare): Optum (UnitedHealth Group) acquired ConnectYourCare, a leading HSA, FSA, and HRA administrator serving large employers and health plans. Operates the same consumer-directed health benefits model as Further, with similar white-label and direct-to-employer distribution.
• Fidelity HSA: Fidelity's HSA platform is one of the largest in the market, combining HSA custody with brokerage investment options. Competes directly with Further on individual HSA enrollment and large employer relationships.
• HSA Bank (Webster Bank / HPS): A leading HSA custodian offering HSA, FSA, and HRA administration to employers, individuals, and health plans with FDIC-insured cash sweep options. Directly competes with Further for employer HSA contracts and individual account holders.
• Bank of America HSA: Bank of America offers an HSA product alongside Preferred Rewards cash-back incentives, competing for employer-sponsored HSA programs and individual accounts on the same dimensions (fees, interest, integrated banking) as Further.

Emerging players

• Lively: Lively is a modern HSA custodian with a no-fee individual HSA product and growing employer channel. Targets the same consumer-driven health benefits space as Further, particularly tech-forward employers and individual consumers.

Broad incumbents

• Benefitfocus: Benefitfocus (now part of Voya Financial) provides a broad benefits enrollment and administration platform for health, welfare, and voluntary benefits including CDH accounts. Overlaps Further on enrollment, FSA, and HRA administration but positions as a wider benefits marketplace.
• Voya Financial (Voya Benefits): Voya offers full-service benefits administration including HSAs, FSAs, HRAs, COBRA, and commuter benefits as part of a broader retirement and employee benefits suite — competing for large employer benefits outsourcing deals where Further is also in consideration.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks7 records

Key highlights6 records

Customer concentration

• Xx.com/HelloFurther
• Facebookfacebook.com/HelloFurther
• LinkedInlinkedin.com/company/hellofurther

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Further