PORTLAND, Ore., March 18, 2022 (GLOBE NEWSWIRE) -- medZERO added two partners, Solera National Bank and LoanPro, who will enable the startup to rapidly expand its innovative app-based solution offering a smarter way to access and pay for healthcare.
Partnering with Solera National Bank, with its national lending capabilities, allows medZERO to offer its zero-interest, zero-fee loans to employers across the country. Solera is based in Colorado and specializes in the banking needs of emerging businesses.
"We're extremely pleased to be working with medZERO," said Solera's Vice Chairman Jordan Wright. "It allows us to leverage our national banking network to support their mission of improving access to healthcare."
Integrating with LoanPro's API-based lending platform software streamlines loan servicing, facilitating faster growth for the startup.
"Our loan management software solutions will help medZERO improve automation and visibility while decreasing expenses," said Lloyd Roberts, Chief Revenue Officer and Co-Founder of LoanPro.
"These two partnerships position us for rapid growth, which will allow us to bring much-needed relief to a larger range of businesses and customers," said Howard Michalski, medZERO President.
medZERO, a healthcare-focused fintech company, is offering an employer-sponsored solution to the growing problem of unaffordable health care and increasing medical debt. U.S. households currently have $88 billion in outstanding medical debt, according to the Consumer Financial Protection Bureau.
"With our easy-to-use app, employees can instantly save up to 30 percent on out-of-pocket healthcare expenses," Michalski said. This is because medZERO routes payments through the employee's Health Savings Account, capitalizing on tax advantages for both employers and employees. It's an elegant add-on benefit, especially in a competitive hiring market. About 60 percent of employers offer HSAs according to a new study by the Society for Human Resource Management.
Since securing $5.7 million in seed funding last year from Silicon Valley powerhouses True Ventures, Village Global and other angel investors, the company launched its app in November 2021 and has been signing up a wide range of customers.
Last month, LG Electronics selected medZERO as one of its "First 50" startups for its large-scale Mission for the Future competition targeting new developments within the areas of Connected Health, Energizing Mobility, Smart Lifestyle, The Metaverse and Innovation for Impact.
Media Contact:
Traci Williams
traci@medZERO.com
503-747-9261
About medZERO
medZERO, based in Portland, Ore., is an employer-sponsored financial wellness platform that provides employees a smarter solution to pay for healthcare. medZERO is led by an experienced executive team and backed by industry-leading investors. Learn more at medzero.com.
About Solera National Bancorp, Inc.
Solera National Bancorp, Inc. was incorporated in 2006 to organize and serve as the holding company for Solera National Bank, which opened for business in September 2007. Solera National Bank is a community bank serving the needs of emerging businesses and real estate investors. At the core of Solera National Bank is welcoming, attentive and respectful customer service, a focus on supporting a diverse economy, and a passion to serve our community through service, education and volunteerism.
About LoanPro
LoanPro offers the only truly API-based, mid-market & enterprise Loan Management Software in the U.S./Canadian marketplace. Hosted on Amazon Web Services (AWS) or "the cloud," LoanPro's platform streamlines loan servicing and loan collection workflows. LoanPro is trusted by 600+ lenders, who enjoy increased transparency, control, flexibility, real-time database access, calculation accuracy, and scalability, all on a PCI, SOC I, & SOC II certified platform.
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