Panacea Financial, a financial technology company dedicated to healthcare professionals, has extended its Series B funding round to $62 million with a new $37 million investment from Valar Ventures. And this brings Valar’s total equity investment in Panacea to $62 million, marking it as one of the largest fintech investments in a healthcare-specialized financial platform.
Panacea aims to revolutionize financial services for doctors and their practices by addressing their unique challenges, such as high debt and delayed earnings, which traditional banks often overlook. Founded by doctors, Panacea offers tailored solutions built around the realities of a doctor’s life. With deep industry expertise, innovative solutions, and a focused client base, Panacea is poised to become the go-to financial partner for medical professionals nationwide.
Since its launch in November 2020, Panacea has processed over $2 billion in loan applications from doctors and their practices, with an expectation to surpass $1 billion in funded loans by 2025. Its vertically integrated platform—encompassing banking, lending, and advisory services—delivers innovative, data-driven financial solutions specifically for doctors.
Panacea’s specialty-focused underwriting has led to remarkable efficiency and portfolio performance, with average annual net charge-offs of just 0.3% since inception, significantly outperforming traditional lenders. As it expands, Panacea plans to accelerate its already rapid time-to-funding further and improve credit performance by leveraging its proprietary, AI-powered credit decisioning platform.
The new capital will be used to expand further Panacea’s integrated digital platform, which currently includes banking, lending, legal, and advisory services. It will also accelerate the development of intelligent tools that use proprietary data to personalize and streamline financial decisions for doctors and their practices. For example, Panacea recently launched its in-house-built Digital Account Opening software on its fiSense platform, enabling physicians, dentists, and veterinarians to open and fund accounts in under three minutes from their mobile devices, anytime, anywhere. This streamlined experience highlights Panacea’s deep understanding of the time constraints and specialized financial needs of doctors and doctor-owned practices.
KEY QUOTES:
“We’re not just building better financial solutions for doctors – we’re building the financial operating system for doctors. With this fundraise, we’re scaling a platform that is purpose-built to evolve alongside our customers’ needs – from student loans to practice ownership – all within one intelligent ecosystem.”
Tyler Stafford, CFA, CEO and Co-founder of Panacea Financial
“What started as a simple idea to help our community has now delivered real value to thousands of doctors and their practices. But now we are building something much bigger – a complete financial platform solely designed to give doctors the tools they need to succeed.”
Michael Jerkins, MD, M.Ed, President and Co-founder of Panacea Financial
“Panacea is the leader in financial services for doctors and practice finance. We have led multiple funding rounds in the Company; this reflects the strong conviction we have in their vision and their ability to execute. Their focus, creativity, and disciplined growth make them one of the standouts in vertical fintech.”
Andrew McCormack at Valar Ventures
