Scratchpay, the Los Angeles-based payment plan provider for veterinary care, has bagged $65m in debt and equity in a Series B round.
Companion Fund, the pet-centric investor, led the equity side of the round after having previously led Scratchpay’s $6.5m Series A round back in June last year.
Venture capital firms TTV Capital and Struck Capital also participated in the equity side of the round. The money will be used to invest in product development and advancing Scratchpay’s proprietary underwriting model.
The debt portion of the round was $50m and constituted of a warehouse facility with Credit Suisse. Scratchpay will use this part of the cash injection to develop ways to meet the demand of pet owners for the startup’s services.
“One of our goals is financial inclusion – you no longer need a perfect FICO score to qualify for financing,” said John Keatley (pictured right), CEO of Scratchpay.
Having co-founded the company with Caleb Morse (pictured left) in 2016, Keatly added “unlike payment options that have deferred interest and unforeseen costs, Scratchpay clearly shows customers their payment terms upfront.”
Scratchpay is not the only pet-centric FinTech startup to make the news recently. Earlier in October, private equity giant Warburg Pincus acquired pet health insurance Petplan.
Back in March 2018, InsurTech platform FIGO Pet Insurance raised $4m.
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