Little Rock, Ark. Monday, January 222, 2024 – US-based Panacea Financial, a fintech company specializing in financial services for doctors and medical practices, secured $24.5 million in Series B funding to fuel its strategic growth within the doctor community.
This investment from global venture capital fund Valar Ventures will significantly expand Panacea’s reach and offerings.
“We are proud to announce the successful completion of our Series B funding round,” said Tyler Stafford, CEO and Co-founder of Panacea Financial. 1
“Our goal is to build a comprehensive and integrated suite of financial products and services for doctors, their practices, and ultimately the broader healthcare industry. We chose Valar Ventures as our partner to help achieve this goal given their extensive experience helping neobanks and fintech’s scale globally,” he said.
Since its launch in 2020, Panacea has achieved remarkable growth. The company became profitable under GAAP principles in 2023, doubled its revenues, maintained excellent credit quality, and provided over $450 million in total financing to doctors and practices. Panacea is now the preferred financial services partner for 20 national and state medical associations, representing 40% of all active doctors in the US, far exceeding its fintech competitors.
With this new investment and sustained momentum, Panacea aims to become the preferred financial services company for the majority of US doctors (over 50%).
“We’re convinced that new ideas can revolutionize under-served sectors like healthcare finance. Valar has a long history of investing in global financial services, and our significant investment in Panacea reflects our confidence in their team’s unique blend of healthcare expertise and technical skill to transform financial services for doctors.” Andrew McCormack, Founder and Managing Partner at Valar Ventures, commented. 1
This funding allows Panacea to expand its team and hire additional experts in technology, financial services, and healthcare to strengthen its offerings.
It will also help to develop new products and services and introduce innovative financial solutions tailored to the needs of doctors and practices.
In addition, the funding also helps Panacea enhance its platform and create a more comprehensive and integrated financial platform for its doctor community.
- Business wire: https://www.businesswire.com/news/home/20240102177584/en/%C2%A0Panacea-Financial-Raises-24.5M-Series-B-to-Fuel-Strategic-Growth[↩][↩]
