PayZen Secures $23M Series B to Revolutionize Healthcare Payments
Image Payzen Healthcare
PayZen, a leading financial technology startup, has announced the successful closing of a $23 million Series B funding round led by NEA (New Enterprise Associates). In addition to this capital raise, the company has also raised $200 million in debt financing. These funds will be instrumental in expanding its innovative Care Now, Pay Later (CNPL) platform, designed to make healthcare more accessible and affordable to patients across the United States.
The platform allows patients to spread the cost of medical expenses over time without incurring interest or fees. This model is particularly relevant in the current economic climate, where out-of-pocket healthcare costs continue to rise, leaving many patients struggling to pay for necessary treatments. With this new capital injection, they plan to expand their operations, reach more healthcare providers and enhance their AI-based platform that underpins the CNPL solution. The company's goal is to ease the financial burden on patients and ensure that healthcare providers can get paid more efficiently.
Itzik Cohen, CEO and co-founder of PayZen, stressed the importance of this funding in advancing its mission. “Healthcare costs are a significant burden for many families, and our goal is to ensure that no one has to forgo needed care due to financial constraints. This new capital will allow us to expand our reach and continue to provide an essential service to those in need.”
The inclusion of $200 million in debt financing will allow them to fund more patient loans and expand their financial support to a broader demographic. This move positions the company to meet the growing demand for flexible healthcare payment solutions.
The latest round of funding reflects growing investor confidence in the startup's ability to transform the healthcare payment landscape. With their innovative approach and strong financial backing, they are well on their way to becoming a major player in the healthcare financial technology sector.
