HealthEquity is the largest HSA (Health Savings Account) provider in the U.S. by account count, administering 10.6 million HSAs with $36.5B in assets, plus 7.2 million complementary consumer-directed benefit (CDB) accounts including FSAs, HRAs, COBRA, and commuter benefits. HSAs are tax-advantaged accounts tied to high-deductible health plans, and because balances roll over indefinitely and can be invested, they function as both a healthcare spending tool and a long-term savings vehicle. HealthEquity uses a B2B2C model, reaching consumers through employers and Network Partners — health plans and benefits administrators — of which it is integrated with more than 200. Revenue comes from three sources: custodial revenue (~49% of revenue), earned by holding HSA cash balances and capturing a spread between what it earns on deposits and what it pays to depository partners; service revenue (~37%), from per-account administration fees; and interchange revenue (~14%), from member card transactions at healthcare merchants. Custodial revenue is the highest-margin line and grows as cash balances increase and as HealthEquity shifts deposits toward higher-yielding long-term "Enhanced Rate" insurance contracts. HealthEquity's growth strategy centers on adding new HSA accounts through employers and network partners, driving member spending engagement through its in-app marketplace, and converting more members from cash-savers to investors. HealthEquity also grows through acquisitions of HSA portfolios from banks and custodians for whom HSA administration is non-core, most recently acquiring BenefitWallet's ~616,000-HSA book from Conduent for $425M in FY25.