Simplee (1)

Medical Payment Processor Simplee Raises $20m

May 20, 2024         By: Mike Dautner

The online payment industry has grown a lot over the past few years, and with that new types of payment processors are starting to branch off.

Payment systems are becoming more convenient and easier to use across the board, and financial technology companies are pushing into these industries with gusto.

We all know how complicated and even frustrating medical payments can be. They also seem to be more complicated than necessary.

But a new medical payment processor called Simplee has just come onto the scene in a major way.

Simplee was founded in Palo Alto, the home city of Stanford University, in 2010. The startup’s chief executive Tomer Shoval started the firm to simplify the medical payment process.

He aimed to create a service that would help healthcare providers engage their clients better, make payments easier and more convenient and bring the power of technology to medical payments.

After five years of business, Simplee now operates at over 900 hospitals, representing over 5 million patients and over $1 billion in payments yearly. And the company only has 50 employees in total, but it expects to double that this year.

Last week, Simplee announced that it had raised $20 million in a Series C funding round led by Social Capital. So far the fintech startup has raised close to $38 million and has recruited American Express Ventures as an investor.

“The patient financial experience is proving a brand differentiation source for healthcare providers in the rising consumer battle for patients,” said CEO 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.”