PayGround, a trailblazer in the healthcare FinTech payments sector, recently closed a $19.7m oversubscribed Series A financing round.
This funding round was spearheaded by SixThirty, with notable participation from Rally Ventures, IA Capital Group, FCA Venture Partners, and Plug and Play Ventures.
This substantial investment underscores the growing confidence in PayGround’s unique proposition in the healthcare payments landscape. Over the past three years, the company has recorded an impressive 560% growth in annual revenue, a testament to its effective strategy and the market’s need for such a solution.
At its core, PayGround is dedicated to streamlining the healthcare payment process. The platform is designed to alleviate the complexities faced by individuals and families in managing their healthcare finances. PayGround offers a user-friendly digital wallet, enabling users to consolidate and manage all their healthcare provider bills in one convenient location. This approach not only simplifies the payment process but also enhances the financial outcomes for healthcare providers by offering more convenient payment options.
The fresh infusion of capital will fuel PayGround’s ambitious plans. The company intends to use the funds to accelerate its market expansion, primarily focusing on integrating its services into hospitals and health systems. Additionally, the investment will support the growth of its senior leadership team, further bolstering PayGround’s capabilities in delivering its mission.
PayGround’s vision extends beyond simplifying payments. The company is set to enhance its platform with additional features that benefit hospitals, health systems, independent practices, and patients, ensuring seamless connectivity between payors and providers.
Drew Mercer, co-founder and CEO of PayGround, highlighted the company’s mission, saying, “Most Americans have encountered the fragmented experience of paying healthcare bills. PayGround empowers individuals and families with a dedicated digital wallet in which they can manage and pay all their healthcare provider bills in one place.
“Plus, by providing patients with an incredibly convenient way to pay for healthcare, paired with financial optionality, the revenue cycle outcomes for healthcare providers are naturally strengthened. It’s a win-win for all key stakeholders.”
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