Starship, which is improving the way Americans pay for healthcare, has scored $7m in Series A funding led by Valar Ventures.
Other contributions to the round came from Broadhaven, Clocktower, Third Prime, and 500Startups. The new funds will be used to help expand its current offerings including banking options and payment processing.
The company offers a healthcare banking platform for health savings accounts (HSAs) which are available to anyone with an eligible health plan/ The app, which comes with a debit card, enables users to save, spend and invest their funds.
Starship has a robo-advisor tool which helps users build a portfolio to maximize their long-term growth. The app also supports eligible expenses for certain healthcare work.
Two-thirds of Americans cite medical bills as the reason for filing for bankruptcy and the median amount of medical debt owed nationally is $681, Starship claims.
Starship CEO Sean Engelking said, “Healthcare affordability is a personal mission for me.
“I know how crippling medical debt can be. I’ve seen it first-hand—it’s affected my family. There is no silver bullet to fixing the healthcare industry, but the Starship app at least gives people a chance to make healthcare expenses more manageable.”
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