Healthcare buy now, pay later (BNPL) firm Walnut says it is planning to expand following a $110 million Series A funding round.
“This round allows us to truly double down on our mission by expanding our product and team to new geographies and specialties within healthcare,” the company said on its website Friday (May 6). “With this round, we’re continuing to execute on our promise to revolutionize how patients pay for healthcare.”
Based in New York and founded in 2020 by CEO Roshan Patel and CTO Yash Joshi, Walnut aims to make sure everyone who needs or wants healthcare can afford to access it. The company offers an alternative to credit cards or loans, offering patients the flexibility of BNPL at almost any provider.
“On the flip side, we help healthcare providers capture more revenue by removing price as a barrier for their patients,” the company said. “We also speed up their revenue cycle and increase collection rates, all while increasing patient satisfaction.”
Earlier this year, Walnut formed a partnership with the digital healthcare marketplace Tripment Health to integrate the Walnut financing tool into Tripment’s booking platform.
Walnut says it serves more than 50 providers in several healthcare specialties, including behavioral health, dermatology, orthodontics, cosmetic surgery, orthodontics, fertility and primary care. Patients can go directly to their providers and when the time comes to pay, Walnut is integrated into checkout, letting people pay in monthly installments.
The Series A round was led by Gradient Ventures with participation from new and existing investors including Newark Ventures, Afore Capital, 2048 Ventures, CityRock Ventures, AngelList, Weekend Fund, Company Ventures, Banana Capital, Goodwater Capital and Muse Capital. Founders and executives from Teachable, Clearbit and Afterpay also participated. The round is made up of $10M in equity financing, along with $100M in debt financing from Clear Haven Capital.