HealthEquity is a technology-enabled platform that helps consumers manage tax-advantaged health savings accounts (HSAs) and consumer-directed benefits (CDBs) such as flexible spending accounts and health reimbursement arrangements. The company serves consumers primarily through employer clients, benefits brokers, health plans, and benefits administrators, generating revenue from service fees for account administration, earnings on invested HSA assets, and interchange fees from member payment card transactions. As the largest HSA provider by account count in the U.S., HealthEquity differentiates through its bundled offerings, cloud-based technology platform with investment advisory services, data connectivity, and strong member retention, competing against larger players like Fidelity and Optum while maintaining market leadership in the HSA space.