A fintech company that started out offering Buy Now, Pay Later services for petcare and has since expanded into healthcare finance for humans has announced it has raised $35 million in funding to help it grow and expand its product.
Called Scratchpay, the company has now raised more than $108 million since its founding in 2016. It has 10,000 veterinary and medical providers using its platform and is on pace to finance $1 billion worth of patient payments by the end of 2022, according to a published report. Beyond petcare and healthcare, the company also has its sights set on the auto finance market.
The difference between Scratchpay and other BNPL offerings is the type of product being financed, Scratchpay’s founder said in the report. Rather than allowing consumers to make retail purchases and pay it back in installments, Scratchpay is helping people with their needs and not their wants.
Scratchpay appears to offer three different levels of payment plan — five payment installments made bi-weekly with no interest, and either 12 monthly payments or 24 monthly payments with an interest rate that depends on the amount being financed.
“In addition to payment processing and financing, we now have a lot of clients that are asking for and demanding additional services,” Scratchpay founder John Keatley said in the report. “We’re already integrated into their core patient health record systems, and they’re asking us to do things like deliver digital invoices, or provide appointment reminders and other sorts of communication type services.”