Healthcare paytech Paytient lands $40.5m Series B
Healthcare paytech Paytient, which enables patients to pay for care via instalments, has secured $40.5 million in a Series B funding round.
The round, which consists of $33 million in equity from new and existing investors and $7.5 million in debt from Silicon Valley Bank, brings the company’s total funding to date to $63 million.
Led by Mercato Partners Traverse Fund, the round saw participation from new investor Bertelsmann Investments and existing 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.
Mercato Partners Traverse Fund managing director Joe Kaiser has also joined the company’s board of directors and Thorsten Wirkes of Bertelsmann Investments has joined as an observer.
In partnership with Commerce Bank, Paytient’s Health Payment Account (HPA) provides interest-free credit on a Visa card via an app that allows users to set up flexible repayment plans to help make healthcare expenses more affordable.
Founded in 2018, Paytient now has nearly 700 partners across the US, with 700,000 users who have used their cards nearly 400,000 times.
Co-founder and CEO Brian Whorley says: “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.”