Webster Bank Close to Snapping up HSA Platform Bend Financial

Webster Financial Corporation is getting close to finalizing an acquisition deal for Bend Financial, a cloud platform for health savings accounts (HSA), according to a press release on Wednesday (Feb. 16). The financial terms were not disclosed.

Under the definitive agreement, Bend will initially maintain the same daily operations and continue to serve clients as it normally does. The plan is to expand Bend’s “personalized and connected user experience” and transition it over to HSA Bank consumers. Webster acquired HSA Bank in 2015.

“Bend complements HSA Bank’s ability to drive even better outcomes and value for the millions of consumers we serve,” Chad Wilkins, president of HSA Bank, said in the announcement. “This accelerates efforts underway to deliver enhanced user experiences.”

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“This acquisition demonstrates Webster’s commitment to enhance HSA Bank’s client experience through strategic technology investments,” Webster President and CEO John R. Ciulla said.

Bend has a cloud-native technology and user-centered design that is also client-facing. The overall experience offers a simplified and modern approach to HSA management and engagement.

“Our goal is to simplify healthcare saving and make it easy for everyone to manage their long-term financial wellness,” said Tom Torre, president and CEO of Bend.

Torre added that the deal empowers the company to carry on with that mission. Per the release, the transaction is anticipated to close before the end of this year’s first quarter.

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Webster Financial Corporation is headquartered in Stamford, Connecticut, and is the holding company for Webster Bank, National Association, and its HSA Bank division.

Webster is among the leading commercial banks in the Northeast that provides commercial banking, consumer banking and its HSA Bank division, one of the country’s largest providers of employee benefits solutions.

Headquartered in Boston, Massachusetts, Bend Financials cloud-based solutions help accountholders and partners improve their financial wellness through a next-generation HSA platform. The company’s complementary financial solutions help employers, brokers, health plans and financial institutions of all types and sizes.