PayZen Secures $232M in Series B

PayZen, a fintech startup focused on making healthcare more affordable, recently announced an oversubscribed $232 million Series B funding round. Their "care now, pay later" product allows patients to pay medical bills in interest-free installments, helping to alleviate the growing burden of medical debt in the U.S.

• Growth Traction: PayZen's approach has resonated with consumers, leading to significant growth. The company reports a sixfold increase in revenue over the past two years.

• Funding Round: PayZen announced an oversubscribed $232 million Series B, led by NEA with participation from 7WireVentures, Signal Fire, and Viola Ventures. The round includes $32 million in equity and a $200 million credit warehouse from Viola Credit and a syndicate of insurance companies.

• Integration and Provider Impact: PayZen's solution is integrated directly into medical record portals like Epic’s MyChart, helping healthcare providers increase their collections rates by 35%. The company currently partners with over 60 health systems, making healthcare more accessible and affordable.

With strong growth and substantial backing, the company is well-positioned to continue its mission of easing the financial burden of healthcare in the U.S.