PayZen Raises $32 Million in Equity and $200 Million Credit Facility

Fintech company PayZen has successfully raised $32 million in equity funding as part of its Series B round. The equity funding was led by New Enterprise Associates (NEA) and included participation from existing investors 7wireVentures, SignalFire, and Viola Ventures. In addition to the equity raise, PayZen secured a $200 million credit warehouse from Viola Credit, with additional support from a syndicate of insurance companies.

This latest funding round follows a $220 million growth round in November 2022, which comprised $20 million in equity and a $200 million credit facility. The new funds are intended to fuel PayZen's continued expansion and rapid growth, which the company reports has included a 6x year-over-year growth rate, 100% customer retention, and 132% net retention over the past two years.

PayZen, headquartered in San Francisco and founded in 2019, offers a platform designed to assist patients in managing medical bills through customized payment plans powered by proprietary AI and machine learning models.