The following is from a news release by healthcare industry startup Paytient, founded by Brian Whorley, PMBA 2012. The release was dated January 10, 2023.
Paytient, the creator and leading provider of health payment accounts, announced a $40.5 million Series B funding round, bringing the company’s total funding to $63 million. The funds, consisting of $33 million in equity from new and existing investors and $7.5 million in debt from Silicon Valley Bank, will be used to scale growth and product development in 2023 and beyond.
“Few people plan on getting sick, and even fewer are immune to the financial impact of unexpected out-of-pocket healthcare costs,” Brian Whorley, co-founder and CEO, said in a statement. “Over 15 years in hospital administration, I saw how challenging this was for patients, providers, and employers.”
Leading the funding round: Utah-based Mercato Partners Traverse Fund, with participation from Bertelsmann Investments. They were joined by existing investors Lightbank, Felicis Ventures, Box Group, Lachy Groom, Left Lane Capital, Commerce Bank, Crossbeam Ventures, Cultivation Capital and Inspired Capital, which led Paytient’s Seed and Series A rounds. Mercato Partners Traverse Fund managing director, Joe Kaiser, joins the company’s board of directors and Thorsten Wirkes of Bertelsmann Investments joins the board as an observer.
Founded in 2018, Paytient partners with employers and insurers to empower Americans to more easily pay out-of-pocket healthcare costs that too often feel out of reach. Paytient’s HPAs provide a new source of funds—interest-free credit on a Visa card—and an app that allows cardholders to set up flexible repayment plans that fit their budget.
“Fundamentally, we believe the healthcare journey deserves its own financial products that enable equitable access to care,” Whorley said. “Our platform gives patients the power to control when and how they pay medical expenses in a way that’s good for their own wellbeing.”
In partnership with Commerce Bank, the Paytient platform enables employers to provide a low-cost, flexible benefit that creates a better experience around paying for care that supports their strategic workforce objectives.
“Paytient is really a healthcare company built on empathy,” Whorley said. “We hear from people leaders who pride themselves on giving their employees a more dignified and less stressful way to take care of their families.”