Paytient, a Columbia, MO-based supplier of Health Payment Accounts (HPAs), raised $40.5M Series B funding.
The spherical was comprised of $33M in fairness from new and current buyers and $7.5M in debt from Silicon Valley Bank. The fairness spherical included participation from Mercato Partners Traverse Fund, Bertelsmann Investments, Lightbank, Felicis Ventures, Box Group, Lachy Groom, Left Lane Capital, Commerce Bank, Crossbeam Ventures, Cultivation Capital, and Inspired Capital. Mercato Partners Traverse Fund managing director, Joe Kaiser, joined the corporate’s board of administrators whereas Thorsten Wirkes of Bertelsmann Investments joined the board as an observer.
The firm intends to make use of the funds to scale progress and product growth in 2023 and past.
Led by CEO Brian Whorley, Patyent supplies a Health Payment Accounts (HPAs), a sponsored profit that makes it simpler to pay for out-of-pocket healthcare bills. Its card offers entry to care with interest-free credit score, whereas the app permits members to handle and set up their healthcare spending. Paytient companions with tons of of employers, insurers, and main healthcare suppliers to make it simpler for members to entry and pay for care.
How Paytient HPAs Work:
- Employers, well being methods, and insurers companion with Paytient to supply HPAs to staff and members.
- Members activate their Paytient Visa card with no credit score examine and obtain the Paytient app.
- When a member makes use of their card, Paytient pays the supplier in full. Members create their most popular cost plan on the Paytient app— all the time with no curiosity or charges and versatile reimbursement phrases.
- Members select the reimbursement timeline and supply of funds— payroll deduction or the checking account of their selection. Payments may also be constructed from HSA and FSA accounts.
- Card sponsors will not be liable for unpaid balances.
Today, the corporate has almost 700 enterprise companions nationwide—together with noteworthy carriers and employers akin to Centene, Cigna, Coupe Health, Beta Health, and R.R. Donnelley.