Scratch Financial, a Los Angeles, CA-based patient financing company, raised $35M in Series C funding.
The round was led by Norwest Venture Partners, with participation from Alumni Ventures, Companion Fund, Struck Capital, SWS Venture Capital, and TTV Capital.
The company intends to use the funds to accelerate the development of new technology to help medical providers connect with their clients and manage the end-to-end patient experience.
Led by CEO John Keatley, Scratch is a financial technology company connecting patients and medical practices in the care now, pay later economy. Medical practices of every size, from independent practices to large enterprises, use the platform to operationalize payments and better connect to patients.
Scratch was founded in 2016 with a “care now, pay later” product, Scratchpay, to help pet owners cover the cost of pet care and to help veterinary health providers grow revenues and reduce accounts receivable. The company has covered the cost of healthcare for hundreds of thousands of patients and pet owners through its simple, friendly payment plans and now partners with 1 in 3 veterinary practices across the U.S. and Canada. Building on success in veterinary patient financing, the company expanded its scope in 2020 to support a growing number of human elective medical providers, including dental, optical and chiropractic care services. Through its platform of lending, payments and communications products, Scratch supports omnichannel payment processing and cloud-based point of sale.
More than 10,000 practices use its payment and financing tools, and the company is on track to have processed nearly $1 billion of patient payments by the end of 2022.