Amsterdam-based CarePay International, a health insurance platform dedicated to making healthcare more affordable and accessible, has announced it has raised €10m in funding.
The tranche saw participation from both existing and new investors, including the Reinsurance Group of America (RGA), a Fortune 500 company that joins as a new long-term strategic investor, according to Silicon Canals.
The company intends to utilise the new capital to accelerate its global expansion and innovation. This will allow CarePay to extend its platform to new regions and markets, reduce healthcare costs, and improve direct connections with individuals.
CarePay connects insurers, healthcare providers, and individuals in real-time, enhancing accessibility and efficiency in the healthcare market.
The platform focuses on improving operational efficiency, reducing costs, and offering secure, data-driven insights to solve issues related to data access and quality in healthcare.
Founded in 2015, CarePay initially launched its M-TIBA mobile health wallet in Kenya, combining mobile technology and e-money to help users save for hospital expenses.
Since then, the platform has evolved into a digital solution aimed at improving financial dynamics in the healthcare ecosystem by enabling hospitals to invest in quality care and helping insurers offer more affordable options.
The Reinsurance Group of America’s Vice President of Ventures & Partnerships, Kenneth Schuit, expressed optimism about CarePay’s future, saying, “We are excited to support CarePay as they enter this next phase of growth. Their state-of-the-art platform’s capability to ensure secure, scalable, and high-quality data makes them a compelling investment for making financial protection accessible to all.”
The Health Insurance Fund (HIF), which is supported by the Dutch Ministry of Foreign Affairs, also continues its backing of the company. Nicole Spieker, CEO of HIF, noted, “Our ongoing investment in CarePay reflects our belief in their vision to drive meaningful change in health markets by expanding patient-centric access to care, including the previously uninsured.”
CarePay’s CEO, Pieter Prickaerts, called the funding a significant milestone for the company, stating, “Securing this fresh funding is a significant milestone for CarePay. It underscores the growing emphasis on leveraging high-quality data for AI-driven disruptions in healthcare. Our goal is to make healthcare more accessible and efficient for people globally.”
The company previously raised $45m in a Series A funding round in 2019, further aiding its mission to provide affordable healthcare solutions globally.
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