Inspira Financial announced recently that it has acquired First Dollar, a technology company specializing in consumer-directed health benefit solutions, in a strategic move to enhance its health and benefits platform.
Financial terms of the acquisition were not disclosed. The deal brings Austin-based First Dollar’s technology infrastructure and development team into Inspira’s operations, expanding the company’s capabilities in health and financial services.
First Dollar, founded in 2019, had raised $19 million in venture funding, according to Pitchbook.
Matt Marek, president of Inspira Financial, said the acquisition aligns with the company’s mission to improve health outcomes and provide more customizable solutions for insurance providers and distribution channels.
First Dollar’s technology platform includes a Health Wallet for members, a Health Wallet Manager for administrators, and a Health Wallet Platform for partners. The company provides flexible infrastructure for managing health spending benefits, pre-tax accounts, and supplemental benefits.
Inspira Financial, which serves over 8 million clients with more than $62 billion in assets under custody, aims to strengthen its position in health consumerism through this strategic investment.
The acquisition is expected to help Inspira create a more unified platform that connects healthcare and financial services, potentially simplifying how individuals manage their health benefits.
First Dollar’s development team will join Inspira, bringing expertise in consumer-driven technological solutions. The company has 33 employees, primarily at its Austin headquarters, according to Pitchbook.