Panacea: $24.5m Series B Boost fuels Fintech Growth

TLDR:

Panacea Financial, a fintech company specializing in financial services for doctors and medical practices, has raised $24.5m in Series B funding. The investment will fuel the company’s growth among the doctor community and enable the expansion of its team of professionals. Panacea aims to provide doctors with an updated and integrated financial platform.

Key Points:

• Panacea Financial raises $24.5m in Series B funding
• The investment will fuel the company’s growth in the doctor community
• Panacea aims to provide an updated and integrated financial platform for doctors

Panacea Secures $24.5m in Series B for Fintech Growth

Fintech company Panacea Financial has raised $24.5m in Series B funding to fuel its strategic growth among the doctor community. The technology-enabled financial services company specializes in providing financial options to doctors and medical practices and will use the investment to expand its team of professionals and provide an updated, more comprehensive, and integrated financial platform for doctors.

Panacea Financial, founded in 2020, has achieved significant growth since attaining profitability for the first time in FY2023. The company has provided over $450m in total financing to doctors and their practices and has become the preferred partner for 20 national and state-run medical, dental, and veterinary associations across the US. Panacea now represents 40% of all active doctors in the US, surpassing its fintech competitors.

With its new investment and sustainable growth, Panacea aims to become the preferred financial services company for the majority of US doctors, positioning itself at the intersection of the US healthcare and finance industries.

Valar Ventures, a global venture capital fund, led the Series B funding round. Andrew McCormack, the Founder, and Managing Partner at Valar Ventures, expressed excitement about Panacea’s blend of healthcare knowledge and technical skill in transforming financial services for doctors. Panacea chose Valar Ventures as a partner for its experience in helping neobanks and fintechs scale globally.

Panacea Financial’s CEO and Co-founder, Tyler Stafford, commented on the funding round, stating that the company is proud of its accomplishments so far and excited about building a diversified and integrated suite of financial products and services for doctors and the broader healthcare industry.