FinTech for Healthcare Leader Simplee Raises $20MM Series C

PALO ALTO, CA--(Marketwired - May 10, 2016) - Simplee®, the financial technology leader for healthcare, today announced $20 million in a Series C funding round led by Social Capital, with participation from existing investors 83North and Heritage Group, and new investor American Express Ventures. Simplee is part of the growing fintech movement in healthcare and the $330 billion in annual out of pocket medical spend, a total that eclipses online retail spending. 

"Many components of our healthcare system are ripe for transformation by technology-minded companies, and payments represents one of the biggest near-term opportunities," said Ted Maidenberg, co-founder and partner at Social Capital. "Patient payments are largely broken, and we're excited to expand our investment in Simplee as they bridge the consumer experience gap and set a new bar for how patients engage and pay in healthcare."

"The patient financial experience is proving a brand differentiation source for healthcare providers in the rising consumer battle for patients," said Simplee CEO and co-founder Tomer Shoval. "We are thrilled to have support of investors like Social Capital and American Express Ventures as well as returning investors 83North and Heritage Group as we define the financial technology future of healthcare."

The Simplee Financial Engagement™ software platform is healthcare's first patient engagement solution unifying hospital and physician estimates, statements, payments, and credit. Since launching its enterprise platform in 2013, Simplee now works with nearly 900 hospitals and physician groups, and 5 million patients across the US representing over $1 billion in annual payments.

"Simplee has developed a smart technology platform that reduces the friction in healthcare payments, an increasingly complex ecosystem to navigate," said Harshul Sanghi, Managing Partner, American Express Ventures. "We're pleased to invest in solutions that provide a more seamless experience for patients and providers alike."

The nation's leading health systems and community hospitals use Simplee to transform their patient financial experience, achieving higher patient satisfaction, greater payment success, and lower costs. On average, Simplee customers achieve net promoter scores 4x the healthcare norm for billing and payment experience, a 50% higher adoption of digital engagement benefiting revenue cycle and marketing initiatives, and a 3x return on investment driven by lower costs and higher net collections.

About Simplee

Simplee® is transforming the patient financial experience. The Simplee Financial Engagement™ software platform is the world's first single enterprise solution for patient engagement, billing, estimates, payment, point-of-service, and financing. With Simplee, healthcare providers get award-winning technology (Fierce Healthcare, Webby, and more) that creates a payment experience patients and staff love, driving satisfaction, payments, and more. Headquartered in Palo Alto, Calif., Simplee is founded and led by eCommerce veterans, and its investors include Social Capital, 83North, Heritage Group, and American Express Ventures. For more information on Simplee, visit simplee.com or follow @SimpleePay.