Lendeavor, a U.S.-based fintech for healthcare practices, announced on Tuesday it has rebranded to Provide, as well as raised $34 million in Series A and B equity financing led by QED Investors, with additional funding from Fifth Third Bank, Montage Ventures, and Clocktower Technology Ventures. Founded in 2014, Provide describes itself as the modern practice finance company, innovating for dentists, veterinarians, and other healthcare professionals.
“The company’s mission is to offer, in collaboration with its bank partners, a fully integrated suite of financial products that makes starting and running a healthcare practice easier – giving providers more time to care for their patients.”
Provide further revealed that its first product was practice lending, which enables providers to start, buy, or expand healthcare practices. Speaking about the company’s development and funding, Provide CEO, Dan Titcomb, stated:
“Provide doesn’t just originate loans, we build deep and lasting relationships with customers. We are earning the trust of impressive healthcare entrepreneurs by solving their most challenging financial problem: getting the funding to start their practices. Provide members are eager for us to continue building on that foundation – as evidenced by the fact that we help the majority of our members open primary operating accounts with our bank partners and we facilitate more insurance policies than loans. Most importantly, we’re proud to watch our members make an impact as front-line heroes in the era of COVID-19.”
Frank Rotman, Co-Founder and Partner of QED Investors, added:
“The future of financial services lies in bringing customized best-in-breed products to specific groups of people who need them. That’s exactly what Provide is doing for independent healthcare providers. It simply doesn’t make sense to put healthcare practice leaders, shop owners and every other small business in the same category. We’re excited to work with Provide as the company finds new ways to serve customers by expanding its offerings, adding bank partnerships, and continuing to originate some of the safest loans in fintech.”
The new funding will be used to scale Provide’s second and third product offerings, which are business bank accounts and insurance.
