Healthcare-focused fintech startup Care.fi raises $2.6 million

Healthcare-focused fintech startup Care.fi raises $2.6 million financingwhich includes $2 million in debt capital from venture debt companies Trifecta Capital and another $600,000 from UC Inclusive Credit.

UC Inclusive Credit is a non-banking finance company backed by Aarin Capital and TV Mohandas Pai.

The funds will be used to increase the size of the company’s portfolio, expand operations, enhance the business and strengthen the team.

What does Care.fi do?

Founded in 2021 by Sidak Singh and Vikrant Agrawal, Care.fi aims to become a small financial bank focused on the healthcare sector.

The startup provides smart financing solutions to hospitals, doctors and allied providers, bridging the financial gaps in the healthcare industry.

Its flagship product, CareCred, allows hospitals to collect invoice-based financing with real-time updates on payment rates and transactions. This system includes features like automatic payment, which helps hospitals avoid manual reimbursement processes.

Focused on business expansion and growth

“From here on, it’s only uphill. Based on our understanding of the market and patient pain points, we have seen that optimizing the operational side, especially for insurance at a time when patients are anxious to settle payments and go home, is very important,” said Sidak Singh, co-founder of Care.fi.

“We intend to deploy this funding across two key pillars, namely the expansion and growth of the company and strengthening the team with new qualified talent to reach new heights,” said Vikrant Agrawal, co-founder of Care.fi.

Partnership with over 50 hospitals

Care.fi says it has partnered with over 50 hospitals and has assisted more than 2,000 patients with their claims. The startup also says its total disbursements have quadrupled in the last financial year, reaching a cumulative total of $48 million.

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