Amsterdam-based CarePay International, a company that aims to make healthcare more affordable and accessible, announced that it has raised €10M in fresh funding.
The funding round included both existing and new investors. The Reinsurance Group of America (RGA), a Fortune 500 company, joins as a new long-term strategic investor.
Kenneth Schuit, Vice President of Ventures & Partnerships at RGA, says, “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), a fund supported by the Dutch Ministry of Foreign Affairs, also continues its support.
Nicole Spieker, CEO of HIF, says, “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.”
Capital utilisation
The investment will accelerate CarePay International’s global expansion and innovation, allowing it to extend its health insurance platform to new regions and markets, reduce healthcare costs, and improve direct connections with individuals.
Pieter Prickaerts, CEO of CarePay, says, “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.”
Access to good healthcare for everyone, everywhere
CarePay is a health insurance platform focused on enhancing accessibility and efficiency by connecting insurers, healthcare providers, and individuals in real-time.
The platform aims to improve operational efficiency, reduce costs, and provide secure, data-driven insights, addressing critical issues related to data access and quality in healthcare.
Founded in 2015, CarePay launched the M-TIBA mobile health wallet in Kenya. This initiative combined mobile technology and e-money to help users save for hospital expenses.
Over time, the platform has evolved into a comprehensive digital connector that enhances the flow of money through the healthcare system and lowers overall costs.
In collaboration with PharmAccess Foundation and Telco Safaricom, CarePay utilised Kenya’s mobile money revolution to develop a health wallet that links members directly with healthcare payers and providers via their mobile phones. This approach aims to reduce risks and administrative costs by ensuring faster hospital payments, unlocking better rates, and increasing transparency.
The platform’s digitisation and automation of processes are designed to improve the financial dynamics of the healthcare ecosystem, enabling hospitals to invest in quality care and insurers to offer more affordable solutions for the uninsured.
In 2017, CarePay expanded its operations by establishing its headquarters in Amsterdam. The company further advanced its growth in 2019 by completing a Series A funding round, raising $45M.
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