PayGround, which helps people pay medical bills online, has closed its latest funding round on $5.5m as it looks to launch new marketing campaigns.
The round was led by FCA Venture Partners and Lewis & Clark Ventures, with commitments also coming from Triventures and unnamed angel investors.
In addition to marketing efforts, PayGround will use the funds to enhance its platform features.
PayGround enables patients to manage bills from all providers in a single platform. Its platform removes the complexities of paying medical bills by providing multiple payment methods that fulfil that responsibility, which is done through the PayGround Digital Wallet.
All patients need to do is take a photo of their bill, select their payment method and click pay in the PayGround mobile app. PayGround platform also streamlines the collections process for healthcare providers, with it claiming to increase collections by 23% in the first 90 days.
PayGround CEO Drew Mercer said, “We’re excited to add highly credible healthcare investors that have strong relationships with health systems like FCA Venture Partners and Lewis & Clark Ventures to our investment team.
“This investment round enables us to expand our commercial team to sell into the acute markets and build awareness with direct-to-consumer marketing campaigns. It also allows us to invest in our platform and develop more innovative features that change the way healthcare payments are made.”
The FinTech company previously raised $4m in its seed funding round in 2021. Over the past two years, PayGround has increased its annual revenue by more than 725%.
Last month, benefits brokerage platform Nava Benefits, which aims to provide all Americans with affordable healthcare and insurance, raised $40m in its Series B.
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