Seven-year-old, King of Prussia-based fintech company FinPay, which services the healthcare industry, announced a $15 million round of fundraising aimed at product and staff growth this week.
The round was led by PeakSpan Capital, the company’s newest investor, and was joined by existing investor Montreux Growth Partners. A significant amount of this round will go toward accelerating FinPay’s product development and tech rollouts this year and next, President and CEO Tim Kowalski told Technical.ly in an email.
“PeakSpan offers a great wealth of experience working with technology companies in their growth stage with specific expertise in the payments and healthcare vertical markets,” Kowalski said. “We are equally excited that our existing institutional investor, Montreux Growth Partners, further invested through this round. Montreux has significant experience helping companies like us realize exponential growth. It was important to us to have institutional investors who understood companies of our size and rapid growth model.”
FinPay makes a tech-enabled patient engagement and financial management platform, with a focus on healthcare providers in behavioral health and acute care markets. Kowalski said its tech team has a “robust” product roadmap for its platform, including omnichannel capabilities, its new admissions advisor product and a self-learning analytics suite. Clients will see the first two features this year, and the self-learning suite in 2023.
“FinPay attacks one of the most pernicious, opaque and costly pain points in healthcare today, the payment,” said Jack Freeman, partner of PeakSpan Capital, in a statement. “In a world where out-of-pocket medical expenses are rising at an alarming rate, FinPay’s solution has become increasingly relevant, driving immense value for both healthcare providers and patients.”
FinPay has seen more than 360% revenue growth in the last two years, and has plans to grow its team of 61 by about 70% this year, Kowalski said, up from 30 last year. (It also made the Inc. 5000 list of fast-growing companies in 2021 — and, hey, Technical.ly’s 2017 RealLIST Startups.) See its current open roles.
The company is primarily working remotely, though much of its staff is in the Philadelphia region.