San Francisco based Health Savings Account (HSA) platform Lively has raised $4.2m in Series Seed funding from investors including Transmedia Capital, Streamlined Ventures, Y Combinator, SV Angel, Kevin Durant and Rich Kleiman’s The Durant Company. Lively aims to give users the ability to open up a health savings account with a high deductible health plan, and make it easier to get that money in and out of the account to pay for deductibles.
“More and more people just can’t afford your traditional low-deductible HMO and PPO plans,” co-founder Shobin Uralil said. “As that happens, the increase and the rise in popularity of the HSA has also seen that trend. We talked to people and they kept saying, I feel like I’m getting nickel-and-dimed, I can’t get my money out when I need it most. [They would say] nobody seems to want to help me save for the future. That, coupled with our personal experiences, made us decide.”