Nibble Health startup raises $8.5m to humanize healthcare payments
Nibble Health, a B2B healthcare payments company, announced a $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.
Steven Greene, Co-founder and CEO, Nibble Health: "Installment payments have taken over e-commerce, but healthcare financing has been left behind. It's a broken space that needs new solutions. 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."
Zach DeWitt, Partner, Wing Venture Capital: "When employees delay important medical procedures it severely impacts company performance. 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."
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.