Paytient, the creator and leading provider of Health Payment Accounts (HPAs) has finalized a $7.5M venture debt facility with Silicon Valley Bank (SVB), a division of First Citizens Bank, which was first announced in January of this year. Since it was founded in 2018, the company has raised $55.5M in equity from leading investors including Mercato, Bertelsmann Investments, Lightbank, Felicis Ventures, Box Group, Lachy Groom, Left Lane Capital, Commerce Bank, Crossbeam Ventures, Cultivation Capital, and Inspired Capital.
Paytient serves over 1,000 enterprise clients in partnership with most of the Fortune 100’s major payors. The company’s Health Payment Account solution is offered by three major carriers alongside individual marketplace health plans in seven states, four major dental carriers, and has been white labeled into a number of digitally forward health benefits companies like Gravie, who is thoughtfully enabling patient access via Gravie Pay.
The funds will be used to develop new product features for release later this year in pursuit of the company’s mission to not only ensure people have the power to pay for healthcare but also to help them more easily access quality care for better prices. As healthcare prices are expected to rise 7% in 2024, solutions that increase access while lowering costs are becoming increasingly important to payers and self-funded groups.
“In March, I shared my faith in our friends at SVB—particularly Dennis Grunt and Matt Johnson— and my belief that innovation will always outrun fear in the long run as they worked to rebuild trust. As promised, we have continued our relationship, and we are grateful for the faith they have put in us by extending capital we’ll use to grow in this next chapter of Paytient’s mission to help Americans better access and afford healthcare,” said Paytient founder and CEO Brian Whorley.
“With its innovative solutions and extensive partnerships, Paytient is helping Americans access and afford quality healthcare care,” said Dennis Grunt, Market Manager and Midwest and Mid-Atlantic Lead with SVB. “Silicon Valley Bank has a long-standing history of supporting companies, like Paytient, who are working to improve the lives of others. We’re excited to continue to work closely with Brian and the Paytient team and provide them with the financial products and advice they need to grow their business and help more people manage their healthcare costs."