The following is a press release submitted to SOURCE via its business wire
SAN JOSE, CALIFORNIA – Vive Benefits and Avidia Bank have expanded their partnership, securing a $5 million revolving credit facility to fund loans that will be advanced to Vive members. The additional support from Avidia follows their partnership with Vive in September 2019 that included sponsoring Vive’s debit card and Health Savings Account (HSA).
“When we approached Avidia Bank last year about sponsoring our program, they immediately understood its value to our members and the potential for being part of such an innovative solution,” said Ron Weidner, founder of Vive Benefits. “They have been a great and reliable partner and we are excited about expanding our partnership to include the funding of our loan program.”
In January 2020, Vive launched its innovative payment solution that is seamlessly integrated into an employer-sponsored High Deductible Health Plan. Through a universal debit card, linked to an HSA and proprietary loan program, each member has the financial means to fund and pay for out- of-pocket medical expense at their time of need.
“Avidia Bank is thrilled to expand our partnership with Vive Benefits,” said Robert Conery, COO and EVP at Avidia Bank. “We are committed to innovation, and Vive’s unique payment solution brings value to a market that needs it while offering true financial protection for their members.”
Vive is a modern solution to High Deductible Health Plan shortfalls that integrates directly into a health plan providing defense against out-of-pocket medical debt using tax-free contributions and a zero-interest line of credit. After seeing the impact rising medical costs had on people across the country, Vive set out to solve the problem of medical debt. Backed by an HSA and credit program, Vive offers a soft landing for employers looking to cut healthcare costs without exposing employees to financial risks.
Avidia Bank provides state-of-the-art electronic banking capabilities to businesses and consumers across Central Massachusetts and beyond through robust online and mobile platforms. Avidia Bank is a $1.2 billion mutual bank, headquartered in Hudson, with branches in Hudson, Westborough, Clinton, Leominster, Marlborough, Northborough, Shrewsbury and Framingham.