Panacea Financial, a Little Rock, AR-based financial technology company dedicated to providing financial services to doctors and doctors’ practices, raised $24.5M in Series B funding.
The round was led by Valar Ventures.
The company intends to use the funds to expand its team of technology, financial services, and healthcare experts, introduce products and services, and provide the doctor community with an integrated financial platform.
Founded by Michael Jerkins, MD. M.Ed., Ned Palmer, MD, MPH, and Tyler Stafford, CFA, Panacea Financial is a financial technology company dedicated to providing financial services for physicians, dentists and veterinarians through all stages of their training and practice. In the past year, Panacea more than doubled its revenues, maintained credit quality and has now provided more than $450M in total financing to doctors and their practices.
Through the Panacea Financial Foundation, its nonprofit arm, the company is dedicated to expanding ethnic and racial diversity within the medical field, providing more than $200K in scholarships and grants to underrepresented minority medical students, residents and fellows.
Commenting on the news, CEO Tyler Stafford said:”Our goal is to build a widely diversified and deeply integrated suite of financial products and services for doctors, their practices, and ultimately the broader healthcare industry. We chose Valar Ventures as our partner to help achieve this goal given their unmatched experience helping neobanks and fintechs significantly scale across the globe. I am incredibly proud of what our team has built so far, but I feel like we are just getting started.”
FinSMEs
16/01/2024