Healthcare-focused fintech startup Care.fi raises $2.6 million

Healthcare-focused fintech startup Care.fi has raised $2.6 million in funding, which includes $2 million in debt capital from venture debt firm Trifecta Capital and an additional $600,000 from UC Inclusive Credit.

UC Inclusive Credit is a non-banking financial company backed by Aarin Capital and TV Mohandas Pai.

The funding will be directed towards scaling the company's book size, expanding operations, enhancing the business, and strengthening the team.

What does Care.fi's do?

Founded in 2021 by Sidak Singh and Vikrant Agrawal, Care.fi aims to become a healthcare-focused small finance bank.

The startup provides smart financing solutions to hospitals, doctors, and allied suppliers, addressing financial gaps within the healthcare industry.

Its main product, CareCred, allows hospitals to raise finance against their invoices with real-time updates on payment dues and transactions. This system includes features such as autopay, which helps hospitals avoid manual repayment processes.

Focused on expanding and growing the business

"The journey is upwards only from here. Based on our understanding of the market and the pain points of the patients, we have seen that optimizing the operational bit, especially for insurance at a time when patients are eager to wrap up payments and go home, is very important," said Sidak Singh, Co-founder of Care.fi.

"We are going to deploy this funding across two major building blocks, i.e. expansion and growing the business and strengthening the team with fresh, relevant talent to achieve new milestones," said Vikrant Agrawal, Co-founder, Care.fi.

Partnership with over 50 hospitals

Care.fi claims to have partnered with over 50 hospitals and assisted more than 2,000 patients with their claims. The startup also claims that its total disbursals have increased fourfold in the last financial year, reaching a cumulative total of $48 million.