PayGround Raises $5.5M in Latest Funding Round
PayGround announced the completion of a $5.5M funding round led by FCA Venture Partners and Lewis & Clark Ventures with participation from existing investors, Triventures and notable angel investors. This financing, which fortifies the $4M seed funding PayGround raised in 2021, will help expand into new markets, invest in new marketing campaigns and enhance the platform’s features.
PayGround enables patients to manage bills from all providers in one platform. PayGround removes the complexities of paying medical bills by providing multiple payment methods to fulfill that responsibility — all from their PayGround Digital Wallet. All a patient needs to do is take a picture of their bill, select their payment method and click pay in the PayGround mobile app.
The platform also streamlines the collections process for healthcare providers. In fact, providers who use PayGround experience a 23% increase in collections within the first 90 days and decrease their invoices’ time in accounts receivable by an average of 6.7 days.
“FCA Venture Partners is committed to identifying and supporting healthcare companies that are poised to deliver significant value through breakthrough solutions and to do so while building a sustainable business model,” says Todd Johnson, Partner at FCA Venture Partners. “PayGround fits that mold. Their experienced leadership team has envisioned the future of healthcare payments. We are thrilled to partner with PayGround as they lead the way toward a better healthcare experience for patients.”
“PayGround’s technology platform is a unique combination of a value-added payment processor for healthcare providers and a digital wallet for patients. This creates a win-win for providers and patients,” says Helen Ciesielski, Principal at Lewis & Clark Ventures. “Providers can increase the amount collected, decrease collection expenses and delight their patients by allowing them to pay by ACH, credit card, HSA/FSA or financing all in one seamless experience.”
Over the past two years, PayGround has grown its annual revenue by over 725%, a testament to the company’s strategic investments and ability to meet the needs of healthcare consumers and providers.
“We’re excited to add highly credible healthcare investors that have strong relationships with health systems like FCA Venture Partners and Lewis & Clark Ventures to our investment team,” says PayGround CEO Drew Mercer. “This investment round enables us to expand our commercial team to sell into the acute markets and build awareness with direct-to-consumer marketing campaigns. It also allows us to invest in our platform and develop more innovative features that change the way healthcare payments are made.”