PayZen, a technology company tackling healthcare affordability with AI-powered solutions, announced an oversubscribed Series B, led by NEA, with full participation from existing investors including 7wireVentures, SignalFire, Viola Ventures, and others. The round includes $32M Equity and a new $200M credit warehouse from Viola Credit and a syndicate of insurance companies. This additional credit facility will support its continued rapid growth and market expansion.
Leveraging proprietary AI/ML models, automation, and seamless integration into EMR/EHR systems, PayZen simplifies the patient payment process for health systems while making it easier for millions of patients to access and afford the care they need. Specifically, its award-winning, data-driven, personalized payment plans ease the financial burden for patients while improving financial results for health systems. PayZen has spearheaded a culture of innovation and high-quality delivery in the Revenue Cycle Management market, challenging the status quo that has left many patients unable to afford care and has exacerbated the friction and administrative burden on healthcare providers.
Over the last 2 years, PayZen has consistently achieved a remarkable 6x YoY growth. It also boasts 100% customer retention and 132% net retention. PayZen aims to continue this momentum into the second half of 2024, bringing its affordable, customized healthcare payment options to even more Americans and introducing new AI-driven solutions that further address the affordability needs of patients.
“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. “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.”
In conjunction with the financing, Mohamad Makhzoumi, Co-CEO, NEA, will be joining PayZen’s Board of Directors. Makhzoumi has more than two decades of experience at NEA, partnering with transformative healthcare startups across all stages of company-building.
“Healthcare affordability is an enormous pain point for patients and providers in the U.S.,” says Makhzoumi. “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. Itzik and the PayZen team are driving positive change in healthcare payments, and we’re thrilled to partner with them on this next phase of growth and expansion.”
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