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 folks full time, most of whom are within the Seattle space, and can proceed to function its present platform and serve its purchasers.
The startup was co-founded by CEO Devin Miller, CTO Bassam Saliba, and TV character and best-selling creator Suze Orman.
Miller beforehand led Stability Monetary, a Seattle-area startup acquired by Blucora’s TaxAct subsidiary in 2013. He later joined Guidant Monetary as government vice chairman and later president. Saliba is one other longtime entrepreneur who bought Avado to WebMD in 2013 and was a board member/performing CTO at Stability Monetary alongside Miller.
SecureSave raised about $28 million to this point, 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 to this point.
Miller mentioned the corporate had a robust 12 months of development and that curiosity within the class could 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 sudden bills with out having to faucet into their retirement accounts.
In a publish on LinkedIn, Miller wrote about how the HSA deal got here collectively and why it is going to be “an enormous leap ahead for ESAs.”
Miller pitched SecureSave throughout the 2022 season of GeekWire’s “Elevator Pitch” sequence.
