PayZen, which is on a mission to help patients pay for hospital care in a more manageable way, has secured $15m in its Series A as it gears up its AI development.
SignalFire, a venture capital firm that leverages data and technology to help its portfolio company, acted as the lead investor. The round was also backed by Link Ventures and 7wireVentures.
Previous PayZen backers, Viola Ventures and Picus Capital, also joined the round.
The FinTech company claims medical debt is a $300bn problem in the US, with nearly one in three Americans having delayed medical care due to cost.
With the support of the Series A funds, PayZen hopes it can solve the medical debt problem through its services, as well as bolstering its care now, pay later support. Funds will also be used to expand the product offering and provide more people with access to affordable healthcare payment options.
PayZen claims to be a first-of-its-kind solution that enables hospitals, health systems and large physician groups to determine a patient ability to pay. Its AI-powered technology will qualify all patients and give them a flexible repayment system that does not have any interest or fees.
The FinTech company will invest into its AI and machine learning technology to bolster its underwriting capabilities across financial, medical and alternative data sets. It claims that many of the existing market solutions are designed for elective procedures rather than continuous care.
The company hopes it can grow its customer base by 500% and payment volume by 10,000% in the next 12 months.
PayZen’s CEO and co-founder Itzik Cohen said, “Patient payment responsibility has more than doubled throughout the last two decades, placing a disproportionate burden on Americans who can’t afford large lump sum medical invoices.
“At PayZen, our mission is to address healthcare affordability for everyone, no matter the stage of care. With this fresh round of capital, we’re excited to improve the quality of more people’s lives, while serving as a trusted technology partner to medical providers across the country.”
With the close of the Series A, the FinTech company has raised a total of $20m in funding. PayZen previously raised $5m in its seed round which closed in in February this year.
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![Temenos (SIX: TEMN) today announced that National Bank of Iraq (NBI), part of the Capital Bank Group, has successfully gone live with Temenos core banking and payments. NBI, which has 27 branches across Iraq, offers a comprehensive range of services to individuals and businesses in the country. Since 2005, NBI has been majority owned by Capital Bank, one of the top financial institutions operating in the Jordanian and regional markets, with assets of approximately JOD 7.6 billion[1]. With this implementation, NBI moved from its legacy systems onto the same core banking platform as other entities in the Capital Bank Group. This will enable NBI to operate more efficiently and integrate seamlessly with other systems to develop new products faster and deliver an improved customer experience. Capital Bank Group is a long-standing Temenos customer with other entities in the Group including Capital Bank of Jordan, Bank Audi, Société Générale Bank Jordan and NBI Saudi Arabia, already on the Temenos platform. NBI also becomes the first part of the group to adopt Temenos Payments, which enabled the bank to process more than 100,000 transactions of incoming and outgoing domestic and international payments in the first 15 days of operation, with a 99% straight-through processing rate. The migration to the Temenos platform for core banking and payments at NBI was completed in under 12 months thanks to Temenos’ pre-configured banking and payments capabilities and APIs which reduced the need for complex customizations, as well as close collaboration between Temenos, NBI, Capital Bank and delivery partner ITSS. This success was recently recognized in the IBS Intelligence Innovation Awards, with Capital Bank winning ‘Best Implementation of Core Banking Services'. The implementation at NBI follows several other successful transformation projects with Temenos for Capital Bank in the last few years, including the launch of NBI’s branch operations in Saudi Arabia in just 45 days, as well as the integration of Bank Audi and the former Jordanian operations of Société Générale, each of which was achieved in under four months. Collectively, these projects helped Capital Bank to increase operational efficiency by more than 50% within three years, bringing significant cost savings and an improved customer experience. With faster, more accurate processing and immediate service requests, the bank has maintained high customer retention rates and a reputation for service excellence. Izzidin Abusalameh, Chief Operations Officer, Capital Bank Group, commented: “This achievement marks a significant milestone in our digital transformation journey and positions us as a leading player in the banking industry. We have seamlessly transitioned the National Bank of Iraq to a cutting-edge core banking system which will not only enhance operational efficiency but also support providing our customers with a superior digital banking experience. Our continued partnership with Temenos has not only provided us with an advanced technological platform but has also facilitated a culture of flexibility and adaptability, enabling us to execute our ambitious growth plans.” Lee Allcorn, Managing Director, Middle East & Africa, Temenos, said: “Congratulations to National Bank of Iraq and the Capital Bank team on this successful implementation that gives NBI business agility and the same modern technology platform and ability to deploy fast with pre-configured banking capabilities as the rest of the group. With Temenos, Capital Bank Group is future-ready, and we are proud to support them as they continue to innovate and leverage our platform to grow sustainably and enhance the banking experience for customers.”](https://fintech.global/wp-content/uploads/2024/04/rupixen-Q59HmzK38eQ-unsplash-2-218x150.jpg "Flutterwave teams up with Acquired.com to streamline outward remittances in EU and UK")
