Paytient, a provider of Health Payment Accounts (HPAs), a sponsored benefit that makes it easier for members to pay for out-of-pocket healthcare expenses and better manage and organize their healthcare spending, raised $40.5 million in Series B funding.
The Series B round, which consists of $33 million in equity from new and existing investors and $7.5 million in debt from Silicon Valley Bank, will enable the company to scale its growth and product development initiatives.
Mercato Partners Traverse Fund led the latest equity funding round with participation from Bertelsmann Investments and returning investors Lightbank, Felicis Ventures, Box Group, Lachy Groom, Left Lane Capital, Commerce Bank, Crossbeam Ventures, Cultivation Capital, and Inspired Capital, which led Paytient’s Seed and Series A rounds.
The latest round brings the company’s total funding to date to $63 million.
Commenting on the funding news, Brian Whorley, co-founder and CEO of Paytient, said: “Fundamentally, we believe the healthcare journey deserves its own financial products that enable equitable access to care. Our platform gives patients the power to control when and how they pay medical expenses in a way that’s good for their own wellbeing, and as historic inflation grips the market, this is solving an urgent need for employers and providers, too.”
“Every day, we hear from folks who use their Paytient card to help them better access care and manage healthcare spending,” added Brian Whorley. The Paytient card unlocks access to care with interest-free credit, while the app allows members to better manage and organize their healthcare spending. Paytient partners with employers, insurers, and leading healthcare providers to make it easier for members to access and pay for care.
Paytient serves nearly 700 enterprise partners nationwide — including noteworthy carriers and employers such as Centene, Cigna, Coupe Health, Beta Health, and R.R. Donnelley. Since launch, Paytient members have swiped their cards nearly 400,000 times to more easily pay providers and health systems across the U.S.
Digital health companies offering medical billing and payment solutions have raised more than $1 billion in funding to date, according to our database. More recently, PatientPay, a provider of end-to-end patient payment solutions, raised $6 million in growth capital led by Mosaik Partners and the Teaghlach Family Office.