Paytient Raises $$40.5M in Series B Funding

Paytient, a Columbia, MO-based provider of Health Payment Accounts (HPAs), raised $40.5M Series B funding.

The round was comprised of $33M in equity from new and existing investors and $7.5M in debt from Silicon Valley Bank. The equity round 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 company’s board of directors while Thorsten Wirkes of Bertelsmann Investments joined the board as an observer.

The company intends to use the funds to scale growth and product development in 2023 and beyond.

Led by CEO Brian Whorley, Patyent provides a Health Payment Accounts (HPAs), a sponsored benefit that makes it easier to pay for out-of-pocket healthcare expenses. Its card gives access to care with interest-free credit, while the app allows members to manage and organize their healthcare spending. Paytient partners with hundreds of employers, insurers, and leading healthcare providers to make it easier for members to access and pay for care.

How Paytient HPAs Work:

• Employers, health systems, and insurers partner with Paytient to provide HPAs to employees and members.
  
• Members activate their Paytient Visa card with no credit check and download the Paytient app.
  
• When a member uses their card, Paytient pays the provider in full. Members create their preferred payment plan on the Paytient app— always with no interest or fees and flexible repayment terms.
  
• Members choose the repayment timeline and source of funds— payroll deduction or the bank account of their choice. Payments can also be made from HSA and FSA accounts.
  
• Card sponsors are not responsible for unpaid balances.

Today, the company has nearly 700 enterprise partners nationwide—including noteworthy carriers and employers such as Centene, Cigna, Coupe Health, Beta Health, and R.R. Donnelley.

FinSMEs

12/01/2023