HEALTHEQUITY Business Summary

HealthEquity, Inc. (HQY) operates as the nation’s largest independent health savings account (HSA) custodian, generating revenue through a high-margin, three-pronged model: service fees for account administration, custodial revenue from interest earned on cash balances, and interchange fees from payment card transactions. As of early 2026, the company manages approximately 10.6 million HSAs and $36.5 billion in assets, primarily serving the employer-sponsored benefits market. Its business is segmented into HSAs and complementary consumer-directed benefits (CDBs), including Flexible Spending Accounts (FSAs) and Health Reimbursement Arrangements (HRAs). HealthEquity maintains a dominant market position with roughly 21% market share, competing directly against diversified financial and healthcare giants such as Optum Financial (UnitedHealth Group), Fidelity Investments, and WEX Inc., as well as specialized fintech challengers like Lively. Founded in 2002 by Dr. Stephen Neeleman, David Hall, and Nuno Battaglia, the company is currently led by CEO Scott Cutler, who took the helm in January 2025 following leadership roles at StockX and eBay. The executive team includes EVP and CFO James Lucania, formerly of Ascensus, and EVP and CTO Elimelech Rosner, who previously served as Chief Product and Technology Officer at Finastra. The leadership is further bolstered by Chief Marketing Officer Mukund Ramachandran, a former Mastercard executive appointed in late 2025 to drive digital engagement. HealthEquity’s board of directors features high-pedigree industry veterans, including Chairman Robert W. Selander (former CEO of Mastercard), Evelyn Dilsaver (former CEO of Charles Schwab Investment Management), and Stuart Parker (former CEO of USAA), reflecting a strong institutional backing and a focus on scaling financial technology within the healthcare ecosystem.