Lively Valuation, Funding & Investors
Lively is valued at $106M as of October 2019.
Last Lively valuation
$106M
Series B · Oct 2019
Last Lively funding round
$80M
Series C · Oct 2021
Cumulative funding Lively raised
$122M
across 4 funding rounds
Key investors in Lively
Costanoa Ventures
Y Combinator
PJC
Friále
Liquid 2 Ventures
FundersClub
About Lively
Lively is a San Francisco-headquartered platform that streamlines Health Savings Accounts for employers and individuals through its mobile app and web portal. The service integrates with payroll providers like Gusto and ADP, automating contributions and reimbursements for qualified medical expenses. Lively supports over 1,000 employers and handles billions in HSA assets, offering tools for investment tracking and tax-free withdrawals. Launched in 2015, it emphasizes user-friendly dashboards for expense categorization and provider search.
Founded
2016
HQ
San Francisco, CAWebsite
Status
Privately held
Customer focus
B2B & B2C
Revenue model
Subscription
Valuation
$106M (Oct 2019)
Lively Valuation
Lively is currently valued at $106M, based on its Series B in October 2019.
The $27M round was led by Costanoa Ventures, with participation from Friále, Teamworthy Ventures, Y Combinator, Streamlined, Liquid 2 Ventures and 2 other investors.
Lively valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Oct 2019 | Series B | $106M |
Lively Funding History
Lively has raised a total of $122M across 4 funding rounds.
Lively's first fundraising round was a $4M seed round in September 2017. The most recent completed round was a $80M Series C in October 2021.
Lively funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Oct 2021 | Series C | B Capital (lead); Titanium Ventures; Costanoa Ventures | $80M | - | Lively, Inc. is a US-based provider of a modern online health savings account (HSA) platform that enables customers to acquire tax-deductible health insurance policies, focusing on consumer-centric tools for healthcare and retirement savings. The company announced an $80 million Series C funding round on October 13, 2021, led by B Capital Group, with participation from Telstra Ventures and existing investor Costanoa Ventures, bringing total funding to over $120 million. This round supports expansion of its platform, partnerships with financial institutions, and enhancements to healthcare and financial tools. Lively reported supercharged growth in 2021, growing four times faster than legacy HSA incumbents and projecting to cross $1 billion in assets under management early the following year, positioning it as the fastest HSA provider to reach that milestone. The HSA market was projected to approach $88 billion in assets by the end of 2021. Prior rounds included a $27 million Series B in October 2019 led by Costanoa Ventures, an $11 million Series A in 2018, and a $4.2 million seed in 2017, with investors like Ally Ventures, Y Combinator, and others. The funding aims to invest in technology, team growth, and market penetration in the employer and consumer segments, emphasizing personalized service and integrations with payroll and HRIS platforms. Lively was named a top HSA provider by Morningstar for the third consecutive year in 2021. |
| Oct 2019 | Series B | Costanoa Ventures (lead); Friále; Teamworthy Ventures; Y Combinator; Streamlined; Liquid 2 Ventures; PJC; Ally Ventures | $27M | $106M | Lively is a fintech company providing modern Health Savings Accounts (HSAs) aimed at simplifying healthcare saving and spending for individuals and businesses. It offers a consumer-centric platform with personalized tools, tailored customer service, and partnerships to modernize HSAs, targeting both consumers and employers. The company was founded to address legacy HSA providers' shortcomings by prioritizing user experience and growth in the healthcare financial services market. On October 16, 2019, Lively raised $27 million in its Series B funding round led by Costanoa Ventures, with participation from Ally Ventures, Liquid 2 Ventures (also referred to as Titanium Ventures in some sources), PJC, Streamlined, Teamworthy Ventures, Y Combinator, and others. The funds were intended to expand Lively’s HSA experience, invest in technology, enhance consumer tools, and grow the team to personalize healthcare saving and spending. This followed a $11 million Series A round on October 30, 2018, also led by Costanoa Ventures, bringing total funding at that point to around $42.2 million. One source lists a post-money valuation of $105.72 million for this Series B round. Lively demonstrated strong traction post-round, later achieving 4x faster growth than legacy incumbents and crossing $1 billion in assets under management early in 2022, becoming the fastest HSA provider to do so. It was recognized as a top HSA provider by Morningstar for multiple years. Subsequently, Lively raised an $80 million Series C round on October 13, 2021, led by B Capital Group with Telstra Ventures and Costanoa Ventures, pushing total funding over $120 million. This supported further platform investments, financial institution partnerships, and expansion into broader healthcare and financial tools. Investors like Costanoa Ventures focused on enterprise software and fintech, aligning with Lively's positioning in the competitive HSA and benefits administration space. |
| Oct 2018 | Series A | Costanoa Ventures (lead); Transmedia Capital; Y Combinator; PJC | $11M | - | Lively, creators of the modern Health Savings Account (HSA), raised $11 million in a Series A funding round on October 30, 2018, led by Costanoa Ventures with participation from Y Combinator, Point Judith Capital (PJC), and Transmedia Capital. The funding aimed to accelerate growth, expand its free consumer HSA offering, and penetrate the employer market. Costanoa’s partner Mark Selcow joined Lively’s board. This followed a $4.2 million seed round in September 2017 led by Streamlined Ventures, Transmedia Capital, Y Combinator, SV Angel, PJC, and others to expand the team, deepen technology, and automate integrations with payroll and HRIS platforms. Lively continued raising capital, including a $27 million Series B in October 2019 led by Costanoa Ventures to enhance HSA experiences, invest in technology, and grow the team. |
| Sep 2017 | Seed | Friále; CSC Upshot; Isaac Oates; Jeff Epstein; Haystack; Fifty Years; FundersClub; 515 Ventures; Cantos; Brad Flora; Duro Ventures; Bossa Invest | $4M | - | Lively is a health savings account (HSA) platform that offers consumers paperless account management, transparent pricing, payroll syncing, and investment capabilities through integration with TD Ameritrade. The company raised $4.2 million in a seed round on September 26, 2017, from investors including Streamlined Ventures, Transmedia Capital, Y Combinator, SV Angel, PJC, The Durant Company, Liquid 2 Ventures, Haystack Partners, Paul Buchheit, Isaac Oates, Frederic Kerrest, and Jeff Epstein. The funds were intended to expand the team, deepen technology offerings, and automate integrations with payroll and HRIS platforms. This round coincided with the launch of investment features allowing HSA users to invest in ETFs, stocks, bonds, or mutual funds with no minimum balance. |
Who has invested in Lively?
22 investors have backed Lively across its funding rounds, including Costanoa Ventures, Y Combinator, PJC, Friále, Liquid 2 Ventures and FundersClub.
Lead investors include B Capital and Costanoa Ventures.
Lively Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| San Francisco, CA | 3 | Lead | Oct 2018 | |
| San Francisco, CA | 2 | Participant | Sep 2017 | |
| San Francisco, CA | 2 | Participant | Oct 2018 | |
| Boston, MA | 2 | Participant | Oct 2018 | |
| San Francisco, CA | 1 | Participant | Sep 2017 | |
| United States | 1 | Participant | Oct 2018 | |
| United States | 1 | Participant | Oct 2019 | |
| San Francisco, CA | 1 | Participant | Oct 2019 | |
![](data:image/svg+xml,<svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 20 20"><rect fill="%23e5e7eb" width="20" height="20" rx="4"/></svg>){kind=small} Isaac Oates | New York City, NY | 1 | Participant | Sep 2017 |
| San Francisco, CA | 1 | Participant | Oct 2019 | |
| San Francisco, CA | 1 | Participant | Sep 2017 | |
| United States | 1 | Participant | Oct 2021 | |
| San Francisco, CA | 1 | Participant | Sep 2017 | |
This data is available for Pro users. Sign up to see all 22 Lively investors. Start Free Trial | ||||
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Start Free TrialLively Competitors
Lively competitors include listed companies like Orion Digital and Fiinu, and private ones like Alif, OY!, Brightside and Tenge Bank.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 London | Private | - | - | $100M | - | |
 Jakarta | Private | - | - | $100M | - | |
| San Francisco, CA | Private | - | - | $120M | - | |
 Tashkent | Private | - | - | $124M | - | |
 Canada | Publicly listed | $49M | $4M | $24M | 0.5x | |
| United Kingdom | Publicly listed | $890K | ($14M) | $19M | - |
Lively Public Comps
Lively is still privately-owned, but its public comps include Financiera Confianza, Studio Financial Holdings, FSA Group, Plenti Group, MNC Financial Services, Qualicorp, Haugesund Sparebank, Yiren Digital, Findep and Finance of America.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $156M | - | 1.0x | - | - | - | |||
| - | - | - | - | - | - | |||
| $5M | ($35M) | 182.5x | - | (24.1x) | - | |||
| $217M | $127M | 9.6x | 8.9x | 16.4x | 97.8x | |||
| $210M | $91M | 0.6x | - | 1.3x | - | |||
| $277M | $124M | 0.9x | 0.9x | 2.0x | 2.6x | |||
| $52M | - | 1.7x | 1.8x | - | - | |||
| $853M | ($13M) | - | - | - | - | |||
This data is available for Pro users. Sign up to see all Lively competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Lively
| When was Lively founded? | Lively was founded in 2016. |
| Where is Lively headquartered? | Lively is headquartered in San Francisco, CA, United States. |
| Is Lively publicly listed? | No, Lively is a private, VC-backed company. |
| What is Lively's valuation? | Lively was last valued at $106M in its Series B in October 2019. |
| How much funding has Lively raised? | Lively has raised $122M across 4 funding rounds. |
| What was Lively's last funding round? | Lively's last funding round was a $80M Series C in October 2021, led by B Capital. |
| Who are Lively's investors? | Lively's investors include Costanoa Ventures, Friále, Y Combinator, PJC, CSC Upshot, Transmedia Capital, Teamworthy Ventures, Streamlined, Isaac Oates, Liquid 2 Ventures and 12 others. |
| Which companies are comparable to Lively? | Companies comparable to Lively include Alif, OY!, Brightside, Tenge Bank, Orion Digital and Fiinu. |
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