Payground raises $19.7m in Series A to boost healthcare payments

By Delisha Fernandes

PayGround, a healthcare FinTech payments platform, has closed a $19.7 million oversubscribed Series A financing led by SixThirty with participation from Rally Ventures, IA Capital Group, FCA Venture Partners and Plug and Play Ventures.

The funding aims to bolster the company’s rapid expansion into hospitals and health systems, building on its success in the ambulatory market and growing its senior leadership team.

“Most Americans have encountered the fragmented experience of paying healthcare bills. PayGround empowers individuals and families with a dedicated digital wallet to manage and pay all their healthcare provider bills in one place,” said Drew Mercer, co-founder and CEO of PayGround. “Plus, by providing patients with an incredibly convenient way to pay for healthcare, paired with financial optionality, the revenue cycle outcomes for healthcare providers are naturally strengthened. It’s a win-win for all key stakeholders.”

The company has grown annual revenue by over 560% over the past three years, demonstrating its ability to deliver on its mission to simplify how individuals and families pay for healthcare so they can spend their time on more important things. Funds will also be allocated to enhance PayGround’s platform with additional value for hospitals, health systems, independent practices, and patients, enabling payor connectivity.

“Payments, and particularly out-of-pocket payments, continue to be a vexing pain point for healthcare providers and patients. With this current round of funding, PayGround will continue to grow as a recognized and trusted partner for providers and patients — modernizing the way healthcare payments are made in the US.,” said Andrew Wegrzyn, Principal at SixThirty. “PayGround continues to enhance the patient and provider relationship, ensuring that advanced financial technology benefits patients and providers alike.”