PayZen Secures $232 Million Series B Funding

PayZen, a healthcare fintech startup, has successfully raised $232 million in an oversubscribed Series B funding round led by NEA, with significant contributions from existing investors such as 7wireVentures, SignalFire, and Viola Ventures. The funding includes $32 million in equity and a $200 million credit warehouse designed to support market expansion and product development. PayZen's AI-powered platform simplifies patient payments and offers affordable, interest-free payment plans, addressing the growing issue of medical debt which totals approximately $220 billion in the U.S. PayZen has seen impressive growth, achieving a sixfold increase in revenue over the past two years and a 100% customer retention rate. With plans to expand its operations and enhance its technology, PayZen aims to alleviate financial burdens on patients while improving revenue collection for healthcare providers. CEO Itzik Cohen emphasized the company's mission to make medical services accessible to all, highlighting the urgent need for solutions in the face of rising healthcare costs.