Buy Now, Pay Later (BNPL) healthcare startup Walnut has raised $110m in a Series A funding round led by Gradient Ventures.
The round saw participation from new and existing investors including Newark Ventures, Afore Capital, 2048 Ventures, CityRock Ventures, AngelList, Weekend Fund, Company Ventures, Banana Capital, Goodwater Capital, and Muse Capital. Founders and executives from Teachable, Clearbit, and Afterpay also participated.
The round is composed of $10m in equity financing and $100m in debt financing; the debt portion of the round was provided by Clear Haven Capital.
Founded 18 months ago, Walnutâ€™s mission is to increase access to affordable healthcare in the US. The company does this though a transparent FinTech product that it said helps patients afford care whenever they incur out-of-pocket costs by enabling them to spread costs over time, without fees or interest.
â€œBeing able to provide a valuable service without acting as an inflationary force on the cost of healthcare is a core part of our offering.Â We typically describe this as â€œbuy-now-pay-laterâ€ for healthcare. By enabling patients to pay in monthly instalments, we alleviate the financial burden for our patients to help them afford and access the care they need,â€ the company said in an announcement of the funding.
Walnut said the round will allow it to double down on its mission by expanding its product and team to new geographies and specialties within healthcare.
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