Bankjoy, a digital banking provider, announced its partnership with Panacea Financial, a digital financial services company designed specifically for the banking needs of doctors.
Through the partnership, Panacea Financial will “empower its growing client base of physicians, dentists, and veterinarians with Bankjoy’s suite of modern digital banking tools.”
Founded for doctors by doctors, Panacea is “a nationwide digital neobank providing banking services designed to meet the unique needs of these healthcare professionals.”
It operates as “a division of Primis, a publicly traded and state chartered member of the FDIC, and one of the largest banks in Virginia.”
Using Bankjoy’s end-to-end digital banking platform, Panacea’s clients will “be able to easily manage their personal and practice finances on their preferred device at any time.”
Panacea’s product and service offerings, “which will be accessible via Bankjoy’s online and mobile banking, are built to provide financial support to physicians, dentists, and veterinarians throughout their careers: from school, through residency training, and into their practice.”
Bankjoy enables digital banks and neobanks “to target specific markets and demographics with a superior digital banking experience while maintaining their existing core system.”
Bankjoy will directly “integrate with Panacea’s core system via Fiserv Communicator Open.”
The company’s intuitive digital banking platform, “its ability to integrate with a variety of core banking platforms and other third parties, online account opening features, and award-winning user experience make Bankjoy’s platform an excellent fit for neobanks like Panacea.”
Tyler Stafford, CFA, CEO and Co-Founder of Panacea Financial, said:
“Doctors – whether they are in school, training, or actively practicing – face unique financial stressors. Our mission is to eliminate the stress that physicians, dentists, and veterinarians feel when managing their finances, and our partnership with Bankjoy will help us achieve that.”
Michael Duncan, CEO of Bankjoy, said:
“In 2023, neobank transactions are expected to reach $4.74 trillion, with a customer base of nearly 377 million by 2027. This market continues to gain traction as more neobanks and digital challenger banks identify niche markets with distinct financial needs. Panacea Financial is doing this for an essential market segment – healthcare professionals that entire communities rely on each and every day. We are honored to partner with Panacea and empower their clients to lead their best financial lives with the help of our digital banking technology, so they can focus on helping patients.”
As noted in the update, Detroit-based FinTech, Bankjoy, says it “delivers modern banking technology, including mobile banking, online banking, and a banking API to banks and credit unions — big and small.”
The company prides itself on “creating beautiful products with advanced features, simple navigation, modern look and feel, and world class user experiences shaped by talking to users. Bankjoy is a Curql Collective, Bessemer Venture Partner, Y Combinator-, and CheckAlt-backed company.”