Panacea Financial – a financial technology company dedicated to providing sophisticated services to doctors and doctors’ practices – recently announced that it has raised $24.5 million in Series B funding to drive its strategic growth among the doctor community. Valar Ventures was the sole institutional investor in the round.
Panacea’s Series B financing will enable the company to expand its team of technology, financial services, and healthcare experts, introduce innovative products and services, and provide the doctor community with a more comprehensive and integrated financial platform. And since launching in November 2020, Panacea has experienced tremendous growth and become profitable on a GAAP basis for the full year 2023. Over the past year, the company more than doubled its revenues, maintained excellent credit quality and has now provided more than $450 million in total financing to doctors and their practices. And it is the preferred financial services partner for 20 national and state medical, dental and veterinary associations and organizations representing approximately 40 percent of all active doctors in the U.S.
Panacea recognizes that doctors are the key decision-makers in healthcare, directing over 70% of the $4.5 trillion in total U.S. healthcare spend in 2022. And Panacea is poised to become the preferred financial services company for doctors, positioning the company at the intersection of healthcare and finance with the ability to provide robust insights into healthcare and a myriad of services to support broader healthcare.
KEY QUOTES:
“We are proud to announce the successful completion of our Series B funding round. Our goal is to build a widely diversified and deeply integrated suite of financial products and services for doctors, their practices, and ultimately the broader healthcare industry. We chose Valar Ventures as our partner to help achieve this goal given their unmatched experience helping neobanks and fintechs significantly scale across the globe. I am incredibly proud of what our team has built so far, but I feel like we are just getting started.”
— Tyler Stafford, CFA, CEO and Co-founder of Panacea Financial
“We’re convinced that new ideas can make a difference, especially in areas the traditional industry cannot serve well. Valar has invested in financial services globally for many years, and the large investment we are making in Panacea shows the excitement we have in the team’s blend of knowledge of what healthcare professionals care about and the technical skill to use technology to transform financial services in a way that works for doctors.”
— Andrew McCormack, Founder and Managing Partner at Valar Ventures
“As a doctor-founded company, we built Panacea to address doctors’ financial needs in ways other financial services firms struggled to meet. Now having served thousands of doctors and their practices, it is clear that there are many additional ways we can further support the lives of doctors. This funding empowers Panacea to implement meaningful innovations, positioning us to achieve our goal of becoming the preferred financial services company for doctors nationwide.”
— Michael Jerkins, MD, M.Ed, President and Co-founder of Panacea Financial
