Starship

Starship, legally known as Brighter Financial Inc., is a financial technology company specializing in Health Savings Accounts (HSAs). The firm was established in 2016 by co-founders Sean Engelking (CEO), Adam Pruden (CPO), and Christoph Oberhofer (CTO), with some sources indicating a 2017 founding date. CEO Sean Engelking was personally motivated to start the company after his father faced bankruptcy due to medical bills, an event Engelking believes could have been mitigated with better HSA knowledge and tools.

The company targets the growing segment of the U.S. workforce that does not receive benefits from a traditional employer, such as gig economy workers and freelancers. Starship has forged partnerships with major platforms like Uber and Postmates to offer portable HSAs to their vast networks of independent contractors. The business model centers on providing a mobile-first platform that simplifies the management of HSAs for individuals who may have multiple income sources. Revenue is generated through a nominal monthly fee for investment services; it charges $1 per month for invested balances under $5,000 and adds a 0.35% AUM fee for balances over $5,000. The core spending and saving account is offered without monthly maintenance, transaction, or debit card fees.

Starship's primary service is a user-friendly HSA accessible via an iOS or Android app, which allows users to save, spend, and invest tax-free funds for healthcare expenses. The platform's key features include a spending account with a debit card compatible with Apple Pay and Google Wallet, and an integrated robo-advisor for investing. A distinguishing characteristic is the absence of a minimum balance requirement to begin investing, allowing users to invest from the first dollar. The investment component offers a choice of managed portfolios based on the user's risk tolerance. In 2019, Starship secured a $7 million Series A funding round led by Valar Ventures, bringing its total funding to over $11 million. More recently, Starship was acquired by Optum Health, with plans to migrate existing HSAs to the Optum Health platform.

Keywords: Health Savings Account, HSA, fintech, personal finance, gig economy benefits, freelance HSA, healthcare savings, robo-advisor, tax-advantaged accounts, individual healthcare, mobile banking, medical expenses, Sean Engelking, Valar Ventures, Postmates partnership, Uber partnership, portable benefits, Optum Health, Brighter Financial Inc., investment management