Health Fintech PayZen Secures $232 Million in Series B Round

The health fintech company PayZen announced an oversubscribed Series B this Tuesday. The tech startup secured $232 million—$32 million in equity, and $200 million in credit— to continue its growth, including new AI-powered solutions.

“This latest round is the next step in our journey to remove financial barriers to care for patients,” says Itzik Cohen, CEO & Co-Founder at PayZen in the press release. “We are honored to have found partners in both our investors and our health systems network that share the same vision for the future. This milestone, marked by a highly competitive and oversubscribed round, positions us to continue perfecting our platform and bridge healthcare’s financial gap for good.”

The San Francisco-based company provides healthcare financial solutions with the help of modern technologies, to help patients in the United States design personalized payment plans to cover medical expenses and make healthcare more accessible.

With the incorporation of AI and ML models, the company expects to provide better data-driven solutions to keep patients and healthcare providers reaching better financial agreements.

Among the participants in this series B round, the company counted previous investors like Viola Ventures, SignalFire, and 7wireVentures. PayZen has proven to increase growth and has reached 100% customer retention.

The startup also announced a new addition to the board of directors, Mohamad Makhzoumi, Co-CEO at NEA—the venture capital firm that led this recent Series B round. “Healthcare affordability is an enormous pain point for patients and providers in the U.S.,” said Makhzoumi in the press release, “We believe PayZen’s AI-enabled platform is a category leader, as evidenced by the company’s explosive traction in the past year and ability to disrupt a market that’s been historically difficult to address.”

The healthcare industry in the United States has been getting new tech solutions from different startups. The London-based nutrition startup Zoe recently raised $15M to expand its services in the country.