Innovative model eliminates financial barriers to care for patients while delivering outsized ROI to enterprise partners
NEW YORK, June 21, 2022 /PRNewswire/ -- Nibble Health, a B2B healthcare payments company, today announced an $8.5 million seed round co-led by Wing Venture Capital and Tiger Global Management, with participation from A* Capital and Expa.
There is a critical need for affordable and accessible financing solutions in healthcare. Two-thirds of all personal bankruptcies in the US are caused by medical debt, roughly half of patients need financial assistance for bills over $500, and at least one-third of patients defer care because they don't know how they're going to pay for it.
Nibble Health enables leading organizations to provide zero-interest, zero-fee healthcare financing as an employee benefit. Employees can use their Nibble Health card to pay for out-of-pocket healthcare expenses in free installments over time, creating a healthcare safety net that removes financial barriers to care, and companies can lower overall medical costs while increasing employee satisfaction.
"Installment payments have taken over e-commerce, but healthcare financing has been left behind. It's a broken space that needs new solutions," says CEO Steven Greene. "Our goal in starting Nibble Health is to provide affordable, transparent, easy to use healthcare payments products that empower patients to seek care without worrying about upfront cost. Employers are the perfect enterprise partners to help us achieve this goal at scale."
"When employees delay important medical procedures it severely impacts company performance," says Zach DeWitt, Partner at Wing Venture Capital. "Nibble Health is a transformational solution for businesses looking to generate outsized ROI while doing right by their team members. It offers a trifecta of value–improving employee health, increasing employee retention, and directly saving companies money."
Founded in 2021 by Steven Greene and Phil Markunas, Nibble Health is introducing zero-cost healthcare financing as one of several tools to help patients better access the healthcare system.
The company, whose name was inspired by the idea of taking small bites out of large bills, is tackling the $365 billion of out-of-pocket expenses incurred by Americans each year and providing a vital benefit that directly ties financial wellness to physical wellness.
For career opportunities at Nibble Health, please visit https://jobs.lever.co/NibbleHealth
Nibble Health is a B2B healthcare payments company working to empower patients through financial technology.
Founded in 2013, Wing works with ambitious founders to enable the Modern Enterprise, which is an agile workplace built on data and powered by AI. Wing invests early, before it's obvious, leading Seed and Series A financings and engaging deeply with signature company-building skills and resources. The current Wing portfolio includes some of today's most important enterprise technology companies such as Snowflake, Cohesity, and Gong.
Tiger Global Management is an investment firm focused on private and public companies in the internet, software, and financial technology sectors. Since 2001, Tiger Global has invested in hundreds of companies, across more than 30 countries, at stages ranging from seed to pre- and post-IPO. The firm aims to partner with dynamic entrepreneurs operating market-leading companies in its core focus areas. Tiger Global's investments have included JD.com, UiPath, Stripe, Databricks, Bytedance, Snowflake, Facebook, Alibaba, Procore, Chime, Blend, Nubank, Attentive, LinkedIn, Flipkart, and Toast.
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SOURCE Nibble Health