PayGround secures USD 19.7 million in funding

Wednesday 29 November 2023 15:15 CET | News

Healthcare fintech payment platform PayGround has announced that it secured USD 19.7 million in oversubscribed Series A financing led by SixThirty.

In addition to SixThirty, Rally Ventures, IA Capital Group, FCA Venture Partners, and Plug and Play Ventures participated in the funding. With the new capital, the company intends to support its expansion into hospitals and health systems, solidifying its position in the ambulatory market, and growing its senior leadership team.

Healthcare fintech payment platform PayGround has announced that it secured USD 19.7 million in oversubscribed Series A financing led by SixThirty.

PayGround’s strategy of development

As per the information detailed in the press release, PayGround has grown its annual revenue by over 560% over the past three years, underlining its ability to deliver on its commitment to simplify how individuals and families pay for healthcare. According to the company’s officials, most Americans are confronted with a fragmented experience of paying healthcare bills. PayGround intends to enable individuals and families with a dedicated digital wallet in which they can manage and pay all their healthcare provider bills in one place. Additionally, by offering patients a convenient method to pay for healthcare, merged with financial optionality, the revenue cycle outcomes for healthcare providers can be strengthened.

Representatives from SixThirty stated that payments continue to represent a difficulty for healthcare providers and patients. With the current round of funding, PayGround has the ability to continue to expand as a partner for providers and patients, improving the manner healthcare payments are made in the US. The company intends to enhance the patient and provider relationship while also ensuring that they receive improved financial technology. Moreover, PayGround aims to use the funds to augment its platform with additional value for hospitals, health systems, independent practices, and patients.

IA Capital Group’s officials highlighted that PayGround’s patient-centric approach to healthcare payments can support a market need, with the investment firm backing the company in its vision of helping payors, providers, and patients collaborate to cover expenses. IA Capital Group also stated its enthusiasm regarding the connection of PayGround with its broad network and experience with insurance companies. Rally Ventures stated that PayGround can help consumers have a better understanding of healthcare expenses while also improving the revenue cycle process for both providers and patients. The company intends to collaborate with PayGround and provide its knowledge in identifying areas of opportunity and increasing revenue streams.

More information about PayGround

With its solutions, PayGround aims to simplify the payment experience for providers, as well as patients by offering them a user-friendly app to manage, track, and pay all medical bills in a secure environment. Medical providers receive a payment platform that can reduce costs, streamline processes, and increase patient and employer satisfaction. 

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Keywords: funding, investment, payments , financial services, payment methods
Categories: Payments & Commerce
Companies: PayGround
Countries: United States
This article is part of category

Payments & Commerce


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