Scratchpay Health Financier Gets $35M Series C • CableFree TV

Published by
Peter Kavinsky

Pasadena, Calif.-based pet care finance turned healthcare financier Scratchpay has completed a new $35 million funding round.

This is a sign that investors are still looking at the development of the fintech scene, despite falling markets and recognition from investors of a slowdown in investment growth.

scratchplay raised $35 million in a Series C round led by Norwest Venture Partners, including Alumni Ventures, Companion Fund, Struck Capital, SWS Venture Capital, TTV Capital and others. The company has now raised over $108 million in funding since its founding in 2016. The company last raised a $65 million Series B round.

Recently, the company has been focusing on its recent attempt to expand its financial services from veterinary to healthcare. Scratchpay provides financial services for dentistry, optometry and other healthcare sectors. Veterinary care and health care are combined into one big category.

According to Scratchpay founder John Keatley, the round’s funds will be used to “accelerate the development of new technologies to help healthcare providers better connect with their customers and manage end-to-end patient care.”

“In addition to payment processing and financing, we now have a lot of clients asking and demanding additional services,” Keatley told TechCrunch in an interview. “We are already integrated into their core patient records systems and they are asking us to do things like deliver digital invoices or provide appointment reminders and other types of communication services.”

In an interview with TechCrunch, Keatley also teased the idea that the company would eventually expand to include car financing. However, according to him, veterinary care is still the number one sector most used by users.

Scratchpay says it differs from rival Care Credit in that it grants a one-dollar approval rather than a credit limit. Interest rates on repayment can reach up to the mid 20%.

Companies like Klarna and Affirm offer a “buy now, pay later” system, but Keatley described Scratchpay as a “care now, pay later” company that also follows the BNPL model. While they allow someone to purchase services first and bring them back gradually, Keatley said the services offered help the user with their needs rather than allowing them to buy what they need.

“It’s about helping people get the goods and services they really need to live a healthy life,” he said.

By the end of the year, Scratchpay is expected to make more than $1 billion in loans to patients—human and non-human—in all of its markets at more than 10,000 clinics, according to the company.

Ryan McDonald, director of Norwest Venture Partners, said in a written statement: “Scratch is well positioned to lead the market by simplifying patient care and streamlining the needs of veterinary and medical practices with a platform that combines payments, care financing and intuitive tools. SaaS. ”

Peter Kavinsky

Peter Kavinsky is the Executive Editor at cablefreetv.org

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