FDIC-Insured – Backed by the full faith and credit of the U.S. Government
Series B funding will allow the company to enhance its product and technology offerings for doctors
LITTLE ROCK, Arkansas — Panacea Financial, the financial technology company dedicated to providing world class financial services to doctors and doctors’ practices, today announced that it has raised $24.5 million in Series B funding to fuel its strategic growth among the doctor community. Valar Ventures, a global venture capital fund, was the sole institutional investor in the round.
Panacea’s Series B financing will enable the company to expand its team of technology, financial services, and healthcare experts, introduce innovative products and services, and ultimately provide the doctor community with a more comprehensive and integrated financial platform. Since its launch in November 2020, Panacea has experienced tremendous growth and became profitable on a GAAP basis for the full year 2023. In the past year, the Company more than doubled its revenues, maintained excellent credit quality and has now provided more than $450 million in total financing to doctors and their practices. In addition, it is the preferred financial services partner for 20 national and state medical, dental and veterinary associations and organizations representing approximately 40 percent of all active doctors in the U.S.
“We are proud to announce the successful completion of our Series B funding round,” said Tyler Stafford, CFA, CEO and Co-founder of Panacea Financial. “Our goal is to build a widely diversified and deeply integrated suite of financial products and services for doctors, their practices, and ultimately the broader healthcare industry. We chose Valar Ventures as our partner to help achieve this goal given their unmatched experience helping neobanks and fintechs significantly scale across the globe. I am incredibly proud of what our team has built so far, but I feel like we are just getting started.”
“We’re convinced that new ideas can make a difference, especially in areas the traditional industry cannot serve well,” said Andrew McCormack, Founder and Managing Partner at Valar Ventures. “Valar has invested in financial services globally for many years, and the large investment we are making in Panacea shows the excitement we have in the team’s blend of knowledge of what healthcare professionals care about and the technical skill to use technology to transform financial services in a way that works for doctors.”
Panacea recognizes that doctors are the key decision-makers in healthcare, directing more than 70 percent of the $4.5 trillion in total U.S. healthcare spend in 2022. Panacea is poised to become the preferred financial services company for doctors, positioning the company at the intersection of healthcare and finance with the ability to provide robust insights into healthcare and a myriad of services to support broader healthcare.
“As a doctor-founded company, we built Panacea to address doctors’ financial needs in ways other financial services firms struggled to meet,” said Michael Jerkins, MD, M.Ed, President and Co-founder of Panacea Financial. “Now having served thousands of doctors and their practices, it is clear that there are many additional ways we can further support the lives of doctors. This funding empowers Panacea to implement meaningful innovations, positioning us to achieve our goal of becoming the preferred financial services company for doctors nationwide.”
About Panacea Financial
Panacea Financial Holdings, Inc., is a financial technology company founded by Michael Jerkins, MD. M.Ed., Ned Palmer, MD, MPH, and Tyler Stafford, CFA, dedicated to providing world class financial services for physicians, dentists and veterinarians through all stages of their training and practice. Through the Panacea Financial Foundation, its nonprofit arm, the Company is dedicated to expanding ethnic and racial diversity within the medical field, providing more than $200,000 in scholarships and grants to underrepresented minority medical students, residents and fellows. For more information, visit PanaceaFinancial.com. Follow Panacea Financial on Instagram, Facebook, Twitter and LinkedIn.
About Valar Ventures
Valar Ventures is a venture capital fund based in New York, NY, founded by Andrew McCormack, James Fitzgerald, and Peter Thiel. The firm seeks out exceptionally talented teams and invests globally in high-margin, fast-growing financial technology companies that are pursuing huge market opportunities such as Xero, Wise (formerly TransferWise), N26, BlockFi, Bitpanda, Qonto, Stash, Bestow, Taxfix, Neo, Mondu and Moss.
