PayGround Announces $19.7M Oversubscribed Series A Funding Round
PayGround will utilize the funding to drive market expansion, expand the senior leadership team and continue to simplify healthcare payments for all
GILBERT, Ariz., Nov. 28, 2023 /PRNewswire/ -- PayGround, a healthcare fintech payments platform, today announced closing a $19.7M oversubscribed Series A financing led by SixThirty with participation from Rally Ventures, IA Capital Group, FCA Venture Partners and Plug and Play Ventures. The funding will bolster the company's rapid expansion into hospitals and health systems, building on its success in the ambulatory market, as well as grow its senior leadership team.
The company has grown annual revenue by over 560% over the past three years, demonstrating its ability to deliver on its mission to simplify how individuals and families pay for healthcare so they can spend their time on more important things.
"Most Americans have encountered the fragmented experience of paying healthcare bills. PayGround empowers individuals and families with a dedicated digital wallet in which they can manage and pay all their healthcare provider bills in one place," says Drew Mercer, co-founder and CEO of PayGround. "Plus, by providing patients with an incredibly convenient way to pay for healthcare, paired with financial optionality, the revenue cycle outcomes for healthcare providers are naturally strengthened. It's a win-win for all key stakeholders."
"Payments, and particularly out-of-pocket payments, continue to be a vexing pain point for healthcare providers and patients. With this current round of funding, PayGround will continue to grow as a recognized and trusted partner for providers and patients — modernizing the way healthcare payments are made in the U.S.," says Andrew Wegrzyn, Principal at SixThirty. "PayGround continues to enhance the patient and provider relationship, ensuring that advanced financial technology benefits patients and providers alike."
Funds will also be allocated to enhance PayGround's platform with additional value for hospitals, health systems, independent practices and patients that will further enable payor connectivity.
"PayGround's modern, patient-centric approach to healthcare payments fills a meaningful market need," says Matt Perlman, Partner at IA Capital Group. "We believe in PayGround's vision to help payors, providers and patients collaborate to cover out-of-pocket expenses, and we're excited to connect PayGround with IA's broad network and experience with insurance companies as they continue to innovate how people pay for healthcare."
"PayGround has proven its value in helping consumers better understand and pay for healthcare expenses, while improving the revenue cycle process for both provider and patient," adds Justin Kaufenberg, Managing Director at Rally Ventures. "Our team is eager to partner with PayGround and to contribute our expertise in identifying areas of opportunity and increasing revenue streams."
About PayGround
PayGround is a healthcare payments platform that streamlines the payment experience for providers and patients. For patients, it's an easy-to-use mobile app to manage, track and pay all medical bills in one secure place. For medical providers, it's a modernized payment platform that reduces costs, simplifies processes and boosts patient and employer satisfaction. PayGround – the meeting place for healthcare payments. Learn more at payground.com.
