Quality healthcare tends to be expensive, but that doesn’t mean it should be inaccessible. Pasadena-based Scratch Financial has taken this idea to heart and built a fintech solution for care providers everywhere. The company announced Tuesday a Series C funding round to further its product.
Scratch offers veterinary clinics and human medical practices tools to operationalize payments and extend a “care now, pay later” model to their patients. The company secured $35 million in its latest capital raise led by Norwest Venture Partners.
The company started out in 2016 with its flagship product Scratchpay, working to help pet owners cover the cost of pet care while helping veterinarians grow revenue and reduce accounts receivable, according to the company. Since then, Scratch has expanded into human health services in areas like dental, optical and chiropractic care.
Scratch enables these providers to offer their patients payment plans while simplifying billing and collections on their side of the desk. Its platform supports omnichannel payment processing and cloud-based point of sale capabilities through a suite of lending, payments and communications products.
Today, Scratch’s software is active in one in three veterinary practices across the U.S. and Canada, according to the company, and over 10,000 practices use its financial solutions. Having served hundreds of thousands of patients to date, the company expects to have processed almost $1 billion in patient payments by year’s end.
It’s investing its new capital in achieving this goal. Scratch’s Series C proceeds will support new tech development geared toward helping medical providers better connect with their clients.
“Financial inclusion has always been a goal for our company — helping connect more people with transparent and personalized financing options to get the care they need for themselves or their loved ones,” John Keatley, co-founder and CEO of Scratch, said in a statement. “I am incredibly proud of Scratch’s evolution, and this new funding will be instrumental in helping us create new products and better experiences to redefine the end-to-end patient experience.”
