Lynx, a leading fintech platform that is simplifying healthcare payments and administration, announced the closing of an oversubscribed $27 million Series A funding round. The round was led by Flare Capital Partners, with participation from CVS Health Ventures, McKesson Ventures, and existing investors .406 Ventures, Obvious Ventures, and Frist Cressey Ventures. And this round brings the total funding to over $44 million since launching in 2022.
Lynx plans on using the funding to scale operations and accelerate Lynx’s growth in the following strategic areas:
1.) Innovating in Medicare Advantage supplemental benefits, Medicaid value-added benefits, and ICHRA
2.) Enhancing Consumer – Directed Health (CDH) account administration and compliance capabilities for health plans and financial institutions
3.) Developing tailored and API-driven products to streamline the consumer experience and operations for benefits administrators and health plans
Lynx’s platform spans the entire spectrum of healthcare payment types, from CDH accounts to Medicare Advantage supplemental benefits, Medicaid value-added benefits, and Individual Coverage Health Reimbursement Arrangements (ICHRA). And it has rapidly gained traction among leading healthcare and financial organizations.
Lynx’s platform was built for customization and scalability. And it utilizes a single API-first approach, enabling companies to build and launch solutions like CDH accounts, SKU-restricted payment cards for Medicare Advantage, and custom OTC storefronts in as little as 10 weeks.
This platform can be fully embedded within partner websites and applications via API while also offering customizable front-end experiences and mobile applications for notable clients, including large health plans, financial institutions, and benefits administrators.
Victor Lanio, a Partner at Flare Capital Partners, will join Lynx’s board in connection with the investment
KEY QUOTES:
“In a fragmented healthcare payments landscape, Lynx is the only platform that supports all healthcare payment types and use cases—from large, established markets like CDH administration to emerging markets like ICHRA and Medicare Advantage supplemental benefits. This oversubscribed round is a testament to Lynx’s exceptional traction, visionary leadership, and the growing demand for a truly unified solution. We look forward to being a part of the Lynx story as they continue redefining the healthcare payment and administration space.”
- Victor Lanio, Partner at Flare Capital Partners
“We’ve addressed critical challenges for major health plans, such as preventing January 1st debit card outages in Medicare Advantage programs, and enabling leading technology platforms managing consumer-directed health accounts to introduce unmatched flexibility and configurability to their platforms. Additionally, we are pioneering innovation in the rapidly growing ICHRA market, with the payment account of an estimated 10% of all ICHRAs having been built on the Lynx platform. This recent funding will fuel our expansion across all channels, empowering us to continue driving innovation and delivering exceptional value to health plans, financial institutions, administrators, and members alike.”
- Matthew Renfro, Co-Founder & CEO of Lynx
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