# First Dollar

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/first-dollar

- Industry: Insurance
- Headquarters: Austin, US
- Website: www.firstdollar.com
- Total disclosed funding: $19M
- Latest round: Series A (Jan 27, 2022)
- Investors on record: 4

## About

First Dollar is a technology company that provides innovative software and APIs to facilitate health spending benefit management for organizations, including financial institutions and third-party administrators.Founded in 2019 and headquartered in Austin, US, First Dollar, Inc. specializes in health spending benefits management. The company was co-founded by Colin Anawaty and Jason Bornhorst, who has a background in establishing technology solutions in the healthcare sector. First Dollar has completed two deals, with its most recent funding round being a Series A of USD 14.000 mn led by BlueCross BlueShield Venture Partners on January 27, 2022, raising a total of USD 14.000 mn to date with a current company valuation of USD 44.386 mn.First Dollar provides a suite of software and APIs designed to enable organizations, including third-party administrators (TPAs) and financial institutions, to manage health spending benefits effectively. The core offerings include the Health Wallet—a user-friendly application and card that facilitate the utilization of health benefits, along with a range of tools for administering stipends, reimbursement programs, and pre-tax accounts. These products aim to simplify the administrative processes associated with health benefit management, allowing employers and employees to save tax-free funds for qualified expenses and directing spend programs to close gaps in member healthcare. First Dollar's services cater primarily to organizations operating in the United States, particularly focusing on sectors such as healthcare, finance, and employee benefits.First Dollar generates revenue through partnerships with TPAs, financial institutions, and health plans, leveraging a transaction structure that typically involves subscription fees for access to its software solutions and APIs. The firm offers its clients the ability to embed health spending benefits directly into their platforms, which can enhance customer retention and promote the adoption of health savings accounts (HSAs). While specific pricing structures for individual products are not publicly disclosed, the company’s flagship offerings, including the Health Wallet and Benefit Suite, are integral to its revenue model. These products are designed to streamline operations for administrators and improve the member experience, ultimately driving transaction volume and enhancing financial outcomes for partners in the health and wellness industries.The recent Series A funding of USD 14.000 mn will be utilized to enhance the First Dollar Health Wallet platform and further strengthen the company's technology-first approach. The company plans to introduce new features and products to streamline health benefit management, although specific release dates have not been disclosed. Additionally, First Dollar aims to expand its market presence, targeting new geographic regions and sectors within healthcare and employee benefits by the end of 2023.

## Funding rounds

- Series A, Jan 27, 2022, $14M — BlueCross BlueShield Venture Partners, Next Coast Ventures, Meridian Street Capital
- Seed, May 5, 2020, $5M — Capital Factory, Next Coast Ventures, Meridian Street Capital

## Investors

- Capital Factory (https://capitalatlas.ai/funds/capital-factory) — Seed
- Next Coast Ventures (https://capitalatlas.ai/funds/next-coast-ventures) — Seed, Series A
- Meridian Street Capital (https://capitalatlas.ai/funds/meridian-street-capital) — Seed, Series A
- BlueCross BlueShield Venture Partners (https://capitalatlas.ai/funds/bluecross-blueshield-venture-partners) — Series A