- Funding Announcement:
- PayZen, a US-based healthcare-focused fintech, secured $32 million in equity and a new $200 million credit warehouse in an oversubscribed Series B round.
- Lead Investors:
- The equity funding was led by New Enterprise Associates (NEA) and included participation from existing investors 7wireVentures, SignalFire, and Viola Ventures. Viola Group also provided the $200 million credit warehouse through Viola Credit.
- Previous Funding:
- This follows a similar $220 million growth round in November 2022, which included $20 million in equity and a $200 million credit facility.
- Growth and Market Expansion:
- PayZen reported a “6x YoY growth” over the last two years, with “100% customer retention and 132% net retention.” The new funding will support its continued rapid growth, market expansion, and the introduction of new AI-driven solutions.
- Company Background:
- Founded in 2019 in San Francisco, PayZen offers an affordability financing platform to help manage medical bills for healthcare patients in the US, using AI and machine learning to create personalized payment plans.
- Product Offering:
- PayZen launched a Care Card in October, combining post-service payment plans with recurring care scenarios to further assist patients.
- CEO’s Statement:
- CEO and co-founder Itzik Cohen described the investment as crucial in PayZen’s mission to remove financial barriers to care for patients.
- Board Appointment:
- NEA’s co-CEO, Mohamad Makhzoumi, has joined PayZen’s board of directors as part of the investment round.
