Health technology company PayZen has secured $232 million in series B financing round to continue tackling healthcare access and affordability through its payment platform.
Co-founded in 2019 by Itzik Cohen, Tobias Mezger, and Ariel Rosenthal, the EHR integrative platform aims to make medical bills affordable to patients while boosting cash flow for medical service providers.
PAyZen’s series B financing round was co-led by NEA and Magenta Medical, with a significant contribution from existing investors SignalFire, 7wire Ventures, and Viola Ventures, alongside other angel investors.
The latest funding comprised a $200 million credit warehouse from Viola Cred and other insurance companies, and $32 million was raised through equity financing.
PayZen will use the latest financing for growth and market expansion in the US, where healthcare affordability remains a challenge for many patients and healthcare providers.
As part of the investment deal, Mohamad Makhzoumi, Co-CEO of NEA, will join PayZen board, bringing over two decades of experience partnering with healthcare startups.
AI-driven Payment Solution for Healthcare Providers
With the skyrocketing healthcare costs in the United States, many people find it challenging to access quality care at an affordable cost, making some individuals forego care.
Leading US credit agencies have also scrapped paid medical debt from credit history, but that seems just a temporary solution to a persistent problem.
However, increasing funding for healthcare technology can help develop solutions capable of addressing such problems.
For instance, the Payzen payment solution leverages the power of AI to create personalized payment options that increase patients’ access to affordable healthcare services.
The company’s platform is built on AI, unique datasets, and a robust EHR integration to offer healthcare affordability solutions for everyone.
