Starship, a New York, NY-based fintech startup, raised $7m in Series A funding.
The round – which brought total funding raised to date to $11m – was led by Valar Ventures with participation from Broadhaven, Clocktower, Third Prime, and 500Startups.
The company intends to use the funds to continue to expand its offerings for customers, including banking options and payment processing.
Founded by Sean Engelking, Adam Pruden and Christoph Oberhofer in 2017, Starship provides an experience-driven healthcare banking platform for health savings accounts (HSAs). Anyone with an eligible health plan can install the app on their iOS or Android phone to save, spend and invest their funds.
– Contribute tax-free dollars into an account that earns an industry-leading interest rate;
– Pay for qualifying healthcare expenses with the 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.
On-demand delivery platform Postmates has partnered with Starship to launch health savings accounts to its fleet of 350,000 workers nationwide to increase savings through the pre-tax vehicle, reducing medical expenses over time.