CarePay International, an Amsterdam-based startup, has secured €10 million in additional funding to further its mission of making healthcare more affordable and accessible. The funds will be utilized to expand CarePay’s presence in new international markets and innovate its health insurance platform. With an increasing emphasis on leveraging data for AI-driven healthcare solutions, CarePay aims to enhance operational efficiency and reduce costs for healthcare providers and insurers. This new injection of capital underscores the rising importance of data-driven approaches in modernizing healthcare systems and improving patient outcomes globally.
How Does New Funding Empower CarePay?
The latest investment includes contributions from both existing and new investors, notably the Reinsurance Group of America (RGA). RGA, a Fortune 500 company, has joined as a long-term strategic investor.
“We are excited to support CarePay as they enter this next phase of growth. Their state-of-the-art platform’s capability to ensure secure, scalable, and high-quality data makes them a compelling investment for making financial protection accessible to all,” said Kenneth Schuit, Vice President of Ventures & Partnerships at RGA.
The Health Insurance Fund (HIF), supported by the Dutch Ministry of Foreign Affairs, also continues to support CarePay.
“Our ongoing investment in CarePay reflects our belief in their vision to drive meaningful change in health markets by expanding patient-centric access to care, including the previously uninsured,” commented Nicole Spieker, CEO of HIF.
What Is CarePay’s Strategy for Global Expansion?
CarePay plans to leverage this funding to expand its health insurance platform across new regions and markets, focusing on reducing healthcare costs. The platform functions as a real-time connector among insurers, healthcare providers, and individuals. Its goal is to improve operational efficiency and offer secure, data-driven insights to tackle key issues related to data access and quality in healthcare.
Established in 2015, CarePay started with the M-TIBA mobile health wallet in Kenya. This initiative combined mobile technology with e-money to assist users in saving for healthcare expenses. Over the years, CarePay has evolved into a comprehensive digital platform that enhances the flow of finances within the healthcare system, reducing costs.
In partnership with PharmAccess Foundation and Telco Safaricom, CarePay developed a health wallet leveraging Kenya’s mobile money revolution. The wallet connects members directly with healthcare payers and providers via mobile phones, minimizing risks and administrative costs while ensuring faster payments to hospitals.
In 2017, CarePay expanded its operations by establishing its headquarters in Amsterdam. In 2019, the company completed a Series A funding round, generating $45 million for further growth. The historical funding enabled CarePay to broaden its platform’s capabilities and extend its reach into new markets while enhancing digital solutions for healthcare access.
CarePay’s ongoing quest to make healthcare more accessible is heavily reliant on modern digital solutions. By automating processes and digitizing the healthcare ecosystem, CarePay seeks to improve financial dynamics, enabling hospitals to invest in quality care and insurers to provide more affordable solutions for uninsured populations. The company’s innovative platform aims to lower overall healthcare costs while enhancing transparency and efficiency.
