FinTech: Wellpay Raises $3.8M; Offers Zero-Interest, Zero-Fee Plans To Help With Medical Bills

April 13, 2020 | FinTech, Latest News, News

As healthcare providers and patients reel from the COVID-19 crisis, Wellpay steps up to help.

Fresh from a raising of $3.8 million from lead investors 8vc, Mubadala Capital-Ventures, Montage Ventures, TTCER, and, healthcare fintech Wellpay has accelerated the launch of its platform. (CROWDFUNDINSIDER)

Wellness and COVID-19

The platform will help both patients and healthcare providers through the medical bill payment process. The service will be relevant and useful at the time of the current coronavirus crisis.

“As the spread of COVID-19 continues, many Americans find themselves experiencing unprecedented financial hardship due to unanticipated employment terminations, layoffs, and changes in health insurance coverage, compounding the already stressful medical billing and payment situations,” said Mohammad Gaber, co-founder, and CEO at Wellpay, in a statement.

Wellness had planned its national rollout later this year but is taking its beta live immediately due to COVID-19.

How it works

Wellpay’s platform is enabled by AI and machine learning. Patients may immediately pay their medical bills through this hub. Alternatively, they can choose to defer payments, in which case Wellpay arranges for a zero-interest, zero-fees payment plan.

Healthcare providers may also rest assured that the payments side of the business will be in safe hands with Wellpay. They can, therefore, concentrate on more urgent tasks such as treatment of patients.

Other fintechs addressing healthcare

Last month, U.S. healthcare fintech SmartHealth PayCard waived its first-year annual fee for new card applicants for the next three months to support Americans during the coronavirus crisis. The firm offers a card prescription program as well as other benefits such as up to $5,000 in accident medical expense benefits and $5,000 accidental death.

Related Story: FinTech: FinFit Makes Its Financial Wellness Platform Free for Employers

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