PayGround – a healthcare fintech payments platform – recently announced it closed a $19.7 million oversubscribed Series A financing led by SixThirty with participation from Rally Ventures, IA Capital Group, FCA Venture Partners, and Plug and Play Ventures. This funding round will bolster the company’s rapid expansion into hospitals and health systems, building on its success in the ambulatory market, and grow its senior leadership team.
The company grew annual revenue by over 560% over the past three years, demonstrating its ability to deliver on its mission to simplify how individuals and families pay for healthcare so they can spend their time on more important things. The funds will also be allocated to enhance PayGround’s platform with additional value for hospitals, health systems, independent practices and patients that will further enable payor connectivity.
KEY QUOTES:
“Most Americans have encountered the fragmented experience of paying healthcare bills. PayGround empowers individuals and families with a dedicated digital wallet in which they can manage and pay all their healthcare provider bills in one place. Plus, by providing patients with an incredibly convenient way to pay for healthcare, paired with financial optionality, the revenue cycle outcomes for healthcare providers are naturally strengthened. It’s a win-win for all key stakeholders.”
— Drew Mercer, co-founder and CEO of PayGround
“Payments, and particularly out-of-pocket payments, continue to be a vexing pain point for healthcare providers and patients. With this current round of funding, PayGround will continue to grow as a recognized and trusted partner for providers and patients — modernizing the way healthcare payments are made in the U.S.. PayGround continues to enhance the patient and provider relationship, ensuring that advanced financial technology benefits patients and providers alike.”
— Andrew Wegrzyn, Principal at SixThirty
“PayGround’s modern, patient-centric approach to healthcare payments fills a meaningful market need. We believe in PayGround’s vision to help payors, providers and patients collaborate to cover out-of-pocket expenses, and we’re excited to connect PayGround with IA’s broad network and experience with insurance companies as they continue to innovate how people pay for healthcare.”
— Matt Perlman, Partner at IA Capital Group
“PayGround has proven its value in helping consumers better understand and pay for healthcare expenses while improving the revenue cycle process for both provider and patient. Our team is eager to partner with PayGround and to contribute our expertise in identifying areas of opportunity and increasing revenue streams.”
— Justin Kaufenberg, Managing Director at Rally Ventures
