Scratchpay, a payment plan provider for veterinary care, has reportedly netted $6.5m in its Series A funding round.
The investment was led by Companion Fund, which is the investment arm of pet care product developer Mars Petcare, according to a report by Crunchbase. Participation also came from TTV Capital, Struck Capital, and SWS Venture Capital, the article said.
Los Angeles-based Scratchpay is a payment plan provider for veterinary care that helps owners to prepare for vet bills. The solution doesn’t use a credit card, has no hidden fees, or differed interest and approves most applications with affordable rates as low as 0 per cent APR.
The service works by an owner applying for a payment plan on their phone or desktop, choosing a rate and then picking the payment plan.
Scratchpay is currently looking to boost its reputation with veterinary clinics and in the future, will look to create partnerships with companies in the space to drive growth, the article reports. Capital from the Series A will be used for making these partnerships and aiding international expansion.
Earlier in the year, Scratchpay won the VMX Pet Project 2018, a North American competition to identify the best ideas in the vet health industry. The victory came with a cash prize of $25,000 and critical feedback to help drive growth.
Earlier in the year, TTV Capital led the $11.4m Series A investment into employee instant pay check access app Instant Financial. The firm also led the undisclosed Series B round of sales and marketing platform for financial services Micronotes.
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