Lynx, a provider of API-connected healthcare payments, banking, and e-commerce services, announced today it has emerged from stealth with $17.5 million in equity financing. The $17.5 million in equity consists of a new $15 million Series A and a previously unannounced $2.5 million seed round. Obvious Ventures and .406 Ventures led the Series A, with participation from Frist Cressey Ventures. Other investors include Winter Street Ventures, Shields Capital, and Huntington Avenue Ventures.
The company was co-founded by CEO Matt Renfro and CIO Ken Abel. The senior team previously held leadership roles at healthcare, financial services, and payment organizations, including Optum, UnitedHealthcare, Fidelity Investments, and American Express.
The Lynx platform enables any enterprise that touches healthcare payments, including health plans, health systems, payroll providers, benefit administrators, and digital health companies, to embed customizable and integrated health-fintech solutions that aim to improve affordability, drive health engagement, and enhance financial security for end customers and patients.
“Health and finance are inextricably linked for individuals. As a person’s financial status declines, their health status tends to follow, resulting in poor outcomes for both their wallet and personal health,” said Renfro. “Unfortunately, industry silos separating healthcare, financial services, and payments make it nearly impossible to empower people to improve their personal and financial health.”
“The Lynx platform closes this gap between health and finance, offering a suite of best-in-class financial and e-commerce solutions via API for our enterprise partners, allowing them maximum flexibility to embed smart solutions directly into their customer experiences.”
The platform offers real-time processing and data analytics, top-notch security and regulatory infrastructure, and highly attentive customer support.
“With Lynx, organizations will no longer need to juggle and integrate with multiple partners in order to serve all of their customer segments–commercial, Medicare, and Medicaid,” added Abel. “We handle all the hard stuff across a variety of financial accounts: cloud architecture, data model, data analytics, card production, payment processing, customer support, and banking and healthcare regulatory demands, including compliance and data security.”
“We see a massive opportunity in bringing modern fintech solutions to healthcare,” added Liam Donohue, managing partner and co-founder of .406 Ventures. “The Lynx team’s combination of industry experience, technical expertise, vision, and passion uniquely positions them to deliver new solutions that concurrently improve people’s health and financial security.”
“By bringing financial services offerings onto a single platform and providing consumers with a delightful, easy to navigate experience, Lynx enables companies to engage their customers in a way that drives NPS up and brings costs down,” said Vishal Vasishth, co-founder and managing director of Obvious Ventures. “Lynx is poised to be a step-change platform for payers, health systems, benefit administrators, and consumers alike.”