PayZen, a San Francisco medical financial technology startup, announced the completion of a $232 million Series B round of financing, led by NEA, with participation from 7wire Ventures, SignalFire and Viola Ventures. The funds will be used to expand PayZen's AI-based healthcare payment platform to provide more Americans with affordable, customizable healthcare payment options and launch new AI-driven solutions to meet patients' needs for affordable healthcare. . PayZen is committed to removing financial barriers to medical care. Its AI platform enables the creation of personalized payment plans while improving the financial health of the health system. It has achieved six-fold annual growth over the past two years and achieved a customer retention rate of 100%.
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NEA led the round, with existing investors 7wire Ventures, SignalFire and Viola Ventures also participating. The round includes $32 million in equity financing and a $200 million credit position provided by Viola Credit and several insurance companies.
PayZen plans to use the funding to bring its affordable, customizable healthcare payment options to more Americans and launch new AI-driven solutions to meet patient affordability needs. "This funding round is the next step in our journey to remove financial barriers to patient care," said Itzik Cohen, co-founder and CEO of the company. "We are honored to have investors and our network of health systems Find a partner who shares your vision.”
PayZen's platform leverages proprietary AI and machine learning models that are integrated into electronic medical record systems to streamline the patient payment process for healthcare systems. The company's AI platform analyzes various data points to create tailored payment plans that reduce financial burden on patients while improving collections for healthcare providers.
PayZen has reported significant growth, including six-fold growth annually over the past two years, a customer retention rate of 100%, and a net customer retention rate of 132%. "This milestone marks a highly competitive and oversubscribed round and allows us to continue to refine our platform and permanently bridge the healthcare financial gap," Cohen said.
Highlight:
? **$232M Financing**: PayZen closed a $232M Series B round of financing to expand its AI medical payments platform.
? **Personalized Payment Plan**: Use AI and machine learning models to create personalized payment plans for patients to reduce financial burdens.
**Significant Growth**: Over the past two years, PayZen has achieved six-fold annual growth with a 100% customer retention rate.
PayZen’s successful financing and significant growth demonstrate the huge potential of AI technology in solving medical payment problems, and also indicate that the field of medical financial technology will usher in more vigorous development in the future. Its innovative model is worth learning from and provides new ideas for the reform of the payment system in the medical industry.