The fundraising isn’t done, said CEO Chris Wolfington, with another million scheduled to close on Nov. 11. The funding, the exec said, will let the company expands its operations in the face of an uptick in demand of its financial services for patients.
The Baker family, owners of Edgewater, N.J.-based Riverside Medical Group, led the round. Initially approached as customers, the family decided to invest in the company.
“Now they are individual investors and we are starting the process of on-boarding Riverside as a customer,” Wolfington said. “I guess that is the ultimate two birds with one stone.”
FinPay, which over the summer concluded Ben Franklin Technology Partners and Village Capital’s fintech accelerator alongside seven other Philly startups, offers patients ways to manage healthcare payments. On its website it promises healthcare providers the collection of “74 percent or more of patient financial responsibility”.
“We were awarded a sizeable contract from a local health system,” Wolfington told Technical.ly. “The funding is gearing toward hiring: we’ve doubled staff and have about a dozen still left to hire.”
The FinPay camp is 14 staffers split between Philly and King of Prussia offices. It recently brought on John Ziegler, formerly of benefits insurance and risk management services company M.F. Irvine. Also on the FinPay team is VP of Product Jen Nucci, formerly Senior Product Manager at Clutch (and who’s married to Guru’s Rick Nucci.)
“We seem to be hitting our groove,” Wolfington said. Fueled by the seed round, the company will now chart a course toward regional expansion.
We asked Wolfington for a lesson on fundraising:
“Don’t be afraid to get a mentor that you can listen to,” the FinPay boss said. “I’m 52 years old and I went and got a mentor.”-30-
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