Ness, a FinTech that builds credit cards to reduce the cost of wellcare, has raised $15.5m alongside the official launch of its first product, Ness Rewards App.
The seed round was led by Will Ventures, with commitments also coming from Core Innovation Capital, Accomplice, Digitalis, GFC, Portage Ventures, Refactor Capital, RiverPark and Atypical.
This round was also supported by the founders and senior executives from health and wellness companies, including Sweetgreen, Mirror, Headspace, Thrive Market, Whole30, Oura, Quartet Health, Four Sigmatic, RXBar, Everly Health, Pillpack, Ginger, One Medical, Galileo Health, Oscar Health, Noom and Hungryroot.
Funds have been earmarked to grow the product, team, user base and compliance.
Ness Rewards App lets consumers earn points for spending on healthy products. These “healthy actions”, which range from fitness activity to physician visits, will be rewarded. Users can redeem points for offers at wellness brands, such as Sweetgreen and Thrive Market.
In addition to all of this, Ness revealed it acquired WellSet’s 4,000-person nationwide network of practitioners. As a result, users will soon be able to redeem points to see health coaches, dieticians, therapists and doulas.
With eyes on the future, Ness is looking to release a suite of credit cards that accelerate those rewards and give cardholders exclusive access to unparalleled benefits from their favourite health and wellness brands.
It also plans to offer medical benefits, supplemental insurance and comprehensive health insurance on top of its credit cards.
Ness CEO and founder Derek Flanzraich said, “Ultimately, we see credit cards as the best platform for consumers to get health insurance that’ll stick with them for 30 to 40 years, not just 3 to 4.
“When we can justify investing in long-term health right now, that’ll lead to a healthier society with health plan incentives totally aligned for the first time.”
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