San Francisco-based PayZen, which offers buy now, pay later services to the healthcare industry, has reportedly raised $20m in equity.
The funding round was led by 7wireVentures and brings the company’s total equity raised to $40m, according to a report from Silicon Valley Journals.
In addition to the equity, the payments company has received $200m in a warehouse credit facility from Viola Credit.
With the fresh funds, the FinTech company plans to expand its credit lines. It will also seek to accelerate its mission by enhancing and expanding its technology.
PayZen aims to make healthcare more affordable. Its platform leverages data and AI to create individualised patient payment plans that families can afford. It then supplies them with the funds, regardless of their credit score.
The platform provides individualised patient payment options with plans up to 60 months and no interest or fees.
It also offers the Care Card, which it says is perfect for pre-service payment, pharmacy and recurring care scenarios.
The system can integrate into a hospital’s revenue cycle systems and processes.
It claims that hospitals using the technology have increased patients’ access to healthcare while improving patient collections by 30% to upwards of 50%.
The company previously raised $15m for its Series A in 2021. The round was backed by SignalFire, Link Ventures and 7wireVentures.
In other healthcare FinTech news, Gradient AI, an AI insurance software provider, recently acquired Prognos Health’s analytics business underwriting unit.
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