Scratchpay, a Los Angeles, CA-based provider of payment plans for veterinary care, secured $65m in debt and equity through a Series B funding round.
The equity part of the round, led by Companion Fund, with participation from TTV Capital, FJ Labs and Struck Capital, will be used to invest in product development and advancing the company’s proprietary underwriting model. The debt portion of the round, a $50M warehouse facility with Credit Suisse, will be used to meet demand from pet owners for the company’s payment options.
Founded in 2016 by John Keatley and Caleb Morse, Scratchpay leverages proprietary data elements, advanced machine learning models and other alternative data sources in order to finance care for as many pets as possible. Since launching in 2016, the company has enabled owners of over 70,000 pets to receive vital veterinary care through its mobile-first financing platform.
Scratchpay is now partnered with over 5,000 pet hospitals in all 50 U.S. states, Washington D.C., and nine Canadian provinces to offer payment plans.