BOSTON, April 18, 2018 /PRNewswire/ -- Bend Financial, co-founded and led by a proven team with deep experience at the intersection of financial services and consumer-directed healthcare, is poised to disrupt the increasingly essential Health Savings Account (HSA) market. The company is backed by funding from .406 Ventures and RRE Ventures.
Bend Financial's powerful platform, Bend HSA, launches later in 2018. Bend HSA fulfills unmet needs by dramatically evolving the consumer HSA experience while delivering substantial benefits to employers and an expansive array of partners in the HSA distribution network.
"HSAs are an increasingly important benefit that can be hard to understand or effectively use, which has caused challenges for consumers and employers," said Raju Rishi, General Partner, RRE Ventures. "It has been far too long since the HSA market has seen true innovation to help address these challenges. Bend is changing that with the right product and the right team, at the right time."
HSA account enrollment continues to rise and is expected to top 30 million by 2020. Bend HSA aligns with this great market opportunity and resolves the challenges with current market offerings. The platform makes HSAs easy for everyone to use, maximizes tax benefits, and solves the fragmented and dated user experience.
Bend HSA gives employers an opportunity to offer a truly inventive product that will drive higher utilization of HSAs while increasing employee satisfaction. It allows health plans, brokers, third-party administrators, and other organizations involved in benefit administration to provide an innovative and differentiated solution.
"The combination of Bend's outstanding team, the enormous market size, and the potential for disruption – this is exactly the type of opportunity that we back at .406," said Liam Donohue, Managing Partner and co-founder of .406 Ventures. "We could not be more excited to partner with Tom again and to join RRE as a founding investor."
Bend Financial is led by Tom Torre, a serial entrepreneur who has steered venture- and private equity-backed enterprises to successful exits. He has more than 20 years of financial services and consumer-directed healthcare experience. Torre co-founded Bend Financial with startup technology veteran Gary Rush, corporate finance and operations expert Gregg Santabarbara, and consumer healthcare experience innovator Kerry Leonard.
"Our concept is simple. We think HSAs should be easy for everyone to use, and we've built a genuinely innovative and helpful product – coupled with an incredible team and investors – to make it happen," said Torre.
About Bend Financial
Bend Financial is a Boston-based technology and services company that provides health savings account and financial wellness solutions to individuals, employers, and organizations in the group benefits distribution market. Its innovative approach and product offerings simplify the use of HSAs while making the product attractive to all types of healthcare consumers.