Health Savings Account Provider Starship Secures $11 Million in Total Funding

Starship, a health savings account provider for drivers, delivery persons and carriers who use the Uber app, announced on Wednesday it secured $11 million in total funding. This news comes just after the company raised the first $7 million through its Series A funding round, which was led by Valar Ventures.

ecFounded in 2016, Starship describes itself as a “new kind” of HSA that combines savings, investing, and health tracking tools in a mobile app.

“Starship is on a mission to help people take control of their financial wellness. We’re redefining the health savings industry by making saving, spending, and investing in your health easy, and oh-so accessible.”

The mobile app allows the following:

  • Contribute tax-free dollars into an account that earns an industry-leading interest rate; 
  • Pay for qualifying healthcare expenses with the sleek and secure Starship HSA debit card (or through Apple Pay or Google Wallet); and 
  • Invest in low-fee index funds to take advantage of the long-term growth potential of an HSA as a healthcare nest egg for retirement.  

Speaking about the company’s service, Sean Engelking, Starship CEO and Co-Founder, stated:

“As the way we make a living has evolved, the need to make the most of your health dollars has only gotten greater. Starship is excited to address this changing landscape with these great partners and additional funding. Starship is built to meet workers’ evolving needs while also offering an enterprise platform with administrative tools employers need to manage and match W2 workers’ HSA contributions.”

Engelking also explained:

“Healthcare affordability is a personal mission for me. I know how crippling medical debt can be. I’ve seen it first-hand—it’s affected my family. There is no silver bullet to fixing the healthcare industry, but the Starship app at least gives people a chance to make healthcare expenses more manageable.”

Starship noted that it is planning to use the funding to improve and expand its offerings for customers, including banking options and payment processing.

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