Fintech startup Care.fi, focused on the healthcare sector, has secured $2 million in debt from venture debt firm Trifecta Capital. It also received an additional $600,000 from UC Inclusive Credit, an impact-focused non-banking financial company (NBFC) backed by TV Mohandas Pai’s Aarin Capital.
Care.fi aims to transform into a healthcare-focused small finance bank, facilitating supply chain financing for hospitals, pharmacies, manufacturers, and suppliers within the healthcare industry.
Sidak Singh, Co-founder of Care.fi, revealed that the new funds will be instrumental in expanding the company’s book size, which saw a fourfold increase in disbursals over the last financial year, reaching $48 million.
“The journey is only upwards from here. Based on our understanding of the market and the pain points of the patients, we have seen that optimizing the operational bit, especially for insurance at a time when patients are eager to wrap up payments and go home, is very important,” Singh said, as quoted by Financial Express.
Care.fi’s flagship product, CareCred, empowers hospitals to secure financing against their invoices while providing real-time updates on payment dues and transactions. The platform also allows hospitals to set up autopay, minimizing the need for manual repayment processes.
“We are going to deploy this funding across two major building blocks, i.e. expansion and growing the business and strengthening the team with fresh, relevant talent to achieve new milestones,” said Vikrant Agrawal, Co-founder of Care.fi, as per the report.
He further noted that the company has collaborated with over 50 hospitals and assisted more than 2,000 patients with their claims.