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DriveWealth to Bring Fractional Trading to HSAs

DriveHSA will develop technology to allow individuals to trade fractional shares of equities, ETFs, ADRs and mutual funds inside HSAs.

Trading software provider DriveWealth is launching a new division aimed at modernizing the investing tools within Health Savings Accounts. The technology will allow individuals to trade real-time fractional shares of U.S. equities, exchange-traded funds, American Depositary Receipts (ADRs) and mutual funds inside HSAs.

The technology will be based on DriveWealth’s turnkey cloud-based, API-driven brokerage platform.

“Our full brokerage infrastructure offers HSA platform providers throughout the U.S. a complete solution, delivered via a modern suite of APIs, to bring an engaging HSA investing experience to end-users,” said Stan Smith, managing director of DriveHSA, the new division.

“As the need for HSAs continues to grow, offering a program that lets end-users invest their tax-advantaged health savings will attract new clients for our partners as well as keep their employees contributing year after year, improving their potential to earn significantly more over time.”

DriveWealth recently partnered with RIA-focused custodial and technology platform Altruist, which will be using DriveWealth’s broker/dealer capabilities to settle trades executed in U.S. trading venues.

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TAGS: Equities ETFs
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