SAN FRANCISCO, Dec. 15, 2020 /PRNewswire/ -- Lendeavor, the modern finance company for healthcare practices, has raised $34 million in Series A and B equity financing led by QED Investors, with additional funding from Fifth Third Bank, Montage Ventures and Clocktower Technology Ventures. The company also announced a new name and brand identity as Provide.
The new identity reflects Provide's broadened ambition to simplify finance for healthcare practices. The company's mission is to offer, in collaboration with its bank partners, a fully integrated suite of financial products that makes starting and running a healthcare practice easier – giving providers more time to care for their patients. Provide's first product was practice lending, which enables providers to start, buy, or expand healthcare practices. The new funding will be used to scale Provide's second and third product offerings: business bank accounts and insurance.
While COVID-19 has brought unprecedented challenges to many non-bank small business lenders, Provide's unique vertical focus positions the company for success. Healthcare practices are among the safest, best-performing risk segments in small business lending and have fared well during the recent downturn. Provide has just one default in its history and is on track to originate nearly $500 million in loans in 2020.
"Provide doesn't just originate loans, we build deep and lasting relationships with customers," said CEO Dan Titcomb. "We are earning the trust of impressive healthcare entrepreneurs by solving their most challenging financial problem: getting the funding to start their practices. Provide members are eager for us to continue building on that foundation – as evidenced by the fact that we help the majority of our members open primary operating accounts with our bank partners and we facilitate more insurance policies than loans. Most importantly, we're proud to watch our members make an impact as front-line heroes in the era of COVID-19."
"The future of financial services lies in bringing customized best-in-breed products to specific groups of people who need them," said Frank Rotman, co-founder and partner of QED Investors. "That's exactly what Provide is doing for independent healthcare providers. It simply doesn't make sense to put healthcare practice leaders, shop owners and every other small business in the same category. We're excited to work with Provide as the company finds new ways to serve customers by expanding its offerings, adding bank partnerships, and continuing to originate some of the safest loans in fintech."
Provide's mission is to create financial products that make starting and running a healthcare practice easier. Provide's offerings include practice lending, business bank accounts, and insurance. The company was founded in 2013 by Daniel Titcomb and James Bachmeier III, who were both raised by small business owners and felt they could make it simpler for healthcare practitioners to become successful business owners.
Prosek Partners for Provide
Prosek Partners for QED Investors