Bend Financial

Bend Financial, established in 2017, operates as a Boston-based financial technology company focused on the Health Savings Account (HSA) market. The company was co-founded by CEO Tom Torre, a serial entrepreneur with extensive experience in financial services and consumer-directed healthcare, along with technology veteran Gary Rush, finance and operations expert Gregg Santabarbara, and consumer healthcare innovator Kerry Leonard. Torre's background includes leading successful exits for venture-backed enterprises and holding executive roles at companies like FIS Global and Alegeus Technologies, reflecting a deep history in the fintech and health tech sectors.

The firm provides HSA and financial wellness solutions to a diverse client base that includes individuals, employers, and various organizations within the group benefits distribution market, such as health plans and brokers. Bend Financial's business model centers on its proprietary cloud-based platform, Bend HSA, which aims to simplify the management and utilization of health savings accounts. Revenue is generated through a per-participant-per-month fee, which can be paid by either the employer or the employee.

The Bend HSA platform is engineered to address the complexities often associated with HSAs by leveraging artificial intelligence and machine learning. A key feature is the Bend Advisor, which analyzes user behavior and provides personalized, actionable advice to help account holders optimize their tax benefits and health spending. The platform can link to personal spending accounts to identify and flag HSA-eligible expenses, helping users maximize their savings. For employers, Bend offers streamlined administration through features like automated payroll integration and flexible contribution methods. For individual users, the platform provides tools to track contributions, manage reimbursements, monitor tax savings, and, once a $1,000 balance is reached, access a fully integrated investment platform with options for mutual funds and ETFs. In February 2022, Webster Financial Corporation, the parent company of HSA Bank, acquired Bend Financial to enhance its digital offerings and user experience.

Keywords: Health Savings Account, HSA provider, financial wellness, fintech, consumer-directed healthcare, Bend HSA, Tom Torre, employee benefits solutions, HSA platform, tax optimization, healthcare savings, benefits administration, HSA investments, AI in finance, group benefits, employer health solutions, digital health, cloud-native HSA, financial guidance, Webster Financial