PatientFi Closes $15 Million Equity Round
Investment to accelerate commercial growth
IRVINE, Calif.--(BUSINESS WIRE)--PatientFi®, an emerging leader in patient financing, today announced the completion of a $15 million investment round. The round was led by Patriot Financial Partners with participation from Curql Collective, through Curq Fund, as well as existing investors.
PatientFi has become one of the fastest growing patient payment solutions for "out-of-pocket” healthcare expenses. In partnership with healthcare practices, PatientFi offers patients a friendly financing alternative to pay for procedures and treatments not covered by insurance. Today, the Company has a national presence and partners with healthcare practices across plastic surgery, dermatology, dentistry, fertility, audiology, and ophthalmology.
Todd Watts, PatientFi’s CEO and Co-Founder commented, “Despite the growing adoption of point-of-sale financing as a standard payment alternative in many other industries, patient financing largely remains a last resort form of payment presented by healthcare practices to their patients. As a result, many prospective patients don’t move forward with a life-changing procedure due to cost and affordability. We are changing that.”
PatientFi has solved many of the pain points of traditional patient financing by designing a frictionless platform that caters to the unique workflows of healthcare practices and their daily interactions with patients. The Company empowers patients through fair and transparent financial products, helping them avoid common traps like compounding interest and hidden penalties. By making the upfront cost more affordable through patient-friendly financing, PatientFi in turn helps healthcare practices drive growth and new patient acquisition.
“We believe PatientFi’s team, technology and highly differentiated customer acquisition strategy has laid the foundation for the Company to become one of the leading payment solution providers in healthcare,” said Kirk Wycoff, Managing Partner at Patriot Financial Partners, “Given the Company’s impressive commercial traction and the quality of its credit performance in a highly competitive market, the platform’s value proposition is clearly resonating with healthcare practices, patients and lending partners. We look forward to playing an integral part in helping PatientFi scale its offering to additional healthcare specialties and to expand its strategic partnerships with banks and credit unions.”
Watts added, “The Company reached profitability last year and we were very interested in accelerating our commercial growth with the right equity partner. Patriot Financial Partners stood out because of their team’s deep experience in the banking industry, both as operators and investors. This was an important differentiator as banks and credit union are key beneficiaries of PatientFi’s value proposition. We are excited to partner with highly strategic investors like Patriot Financial Partners and Curql Collective as well as grateful for the continued confidence and support of our existing shareholders.”
Nick Evens, President & CEO of Curql Collective, commented, “The PatientFi team's extensive experience in both consumer finance and healthcare has enabled them to deliver a highly differentiated solution to expand patient access to elective procedures and treatments. We continue to look for new ways to help our credit union partners to provide their members great rates, and an even greater member experience, and are excited to include PatientFi in the Curql family.”
PatientFi’s point-of-sale platform is used by healthcare providers to seamlessly offer their patients a friendly financing alternative to pay over time for out-of-pocket medical expenses. By replacing cost barriers with a friendly way to pay, the Company’s mission is to make healthcare procedures and treatments more accessible to more patients. PatientFi today serves a broad nationwide network of healthcare providers across plastic surgery, dermatology, dentistry, fertility, audiology, and ophthalmology. For more information, visit PatientFi.com and follow PatientFi on Instagram and LinkedIn.
About Patriot Financial Partners
Founded in 2007, Patriot Financial Partners is a private equity firm based focused on investing in community banks, thrifts and financial technology and services related companies throughout the United States. Patriot’s objective is to seek superior risk-adjusted returns by applying a hands-on, value-added investment model to non-control investments within the community banking sector. Patriot has expanded its focus to include adjacent niche markets within the financial services sector.
About Curql Collective
Curql Collective is a collaborative approach that brings investment capital, credit unions, and fintech together. Launched in 2020, Curql is steered by a collective of forward-thinking credit unions, including former founders, operators, and leaders in the fintech and investment spaces. The group's flagship – Curql Fund I – invests in the visions of entrepreneurs who thoughtfully and purposefully develop financial services technology that revolutionizes and innovates how people engage with their money.