Panacea Financial raises USD 24.5 million in Series B funding

Wednesday 17 January 2024 13:47 CET | News

US-based financial technology company Pancea Financial has raised USD 24.5 million in a Series B funding round.


The exclusive institutional investor in this round was Valar Ventures, a global venture capital fund, and the capital raised in the Series B financing will facilitate Panacea Financial's expansion, allowing the company to expand its team with experts in technology, financial services, and healthcare. 

The funds will also be utilised to introduce new products and services, enhancing the overall financial platform offered to the medical community. 

Regarding this new development, representatives from Panacea Financial expressed pride in the successful completion of the Series B funding round and outlined the company's objective to create a diversified and integrated suite of financial products and services designed for doctors and their practices. Valar Ventures was chosen as a strategic partner due to its extensive experience in supporting neobanks and fintechs in global scaling efforts. 

In the company press release, officials from Valar Ventures emphasised the firm's belief in the transformative power of new ideas, particularly in areas where traditional industries face limitations. Valar Ventures' investment in Panacea aims to reflect confidence in the team's ability to leverage healthcare professionals' insights and technical expertise. 

Positioned at a crossroads between healthcare and finance, Panacea aims to offer insights into healthcare and a range of services to support broader healthcare initiatives. In this context, Panacea Financial representatives also highlighted the company's origin as a doctor-founded entity designed to address financial needs specific to the medical community.


US-based financial technology company Pancea Financial has raised USD 24.5 million in a Series B funding round.


Pancea Financial’s partnership with Bankjoy 

In September 2023, Bankjoy, a prominent digital banking provider, has disclosed a strategic collaboration with Panacea Financial. Through this partnership, Panacea Financial aimed to improve its services for physicians, dentists, and veterinarians by integrating Bankjoy's suite of contemporary digital banking tools. 

Through Bankjoy's comprehensive digital banking platform, Panacea's clientele gained access to managing their personal and practice finances at their discretion and on their preferred devices. The collaborative effort ensured that Panacea's product and service offerings, accessible through Bankjoy's online and mobile banking interfaces, would be able to provide structured financial support to healthcare professionals. This support ranged from their educational journey, through residency training, and extended into professional practices.

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Keywords: funding, fintech, financial services, investment
Categories: Banking & Fintech
Companies: Pancea Financial
Countries: United States
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Banking & Fintech

Pancea Financial

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