Finrise banks $5.4m for healthcare financing

Healthcare financing platform Finrise has raised $5.4m in a debt and equity seed round.

The funding was led by Mayfield with NFX Guild, WTI Holdings and angel investors also investing.

The California-based company aims to provide patients who are uninsured or cannot afford to pay for treatment with loans offered at standard rates.

Finrise intends to allow users to access the healthcare financing from a doctor’s office.

It is also hiring seasoned bank executive Richard Lewis as chief risk officer and head of capital markets.

The startup is was founded at the end of last year and is initially launching veterinarian service Vetary.com.

Finrise CEO and co-founder Garrett Smallwood said, “forty-five percent of patients would knowingly skip elective care if the out-of-pocket cost responsibility were greater than $1,000 — this isn’t okay.”

He said the company aims to make buying healthcare services as, “simple as checking out on Amazon.”

The company previously raised $120,00 in seed funding from NFX Guild and iAngels.

Copyright © 2016 FINTECH GLOBAL

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