Specialist neobank Panacea Financial bags $24.5m Series B funding
Panacea Financial has raised $24.5 million in a Series B funding round and revealed new plans to expand its suite of digital financial services serving medical practitioners in the US.
Panacea Financial raises $24.5m Series B
Venture capital fund Valar Ventures was the sole institutional investor for the round.
Panacea Financial says it will use the capital to further develop its suite of loan, banking and insurance services, and to build out its team with a focus on technology, financial services and healthcare.
Michael Jerkins, president and co-founder of Panacea Financial, says the funding “empowers Panacea to implement meaningful innovations”, adding that “it is clear that there are many additional ways we can further support the lives of doctors”.
Tyler Stafford, CFA, CEO and co-founder of the company, explains that its goal is to create a “widely diversified and deeply integrated suite of financial products” with the intention to expand into all areas of the broader healthcare industry.
Operating as a division of Primis Bank, the company has displayed a keen interest in adopting new digital initiatives to achieve this goal since its inception in 2020.
Its latest funding announcement comes just days after former Seacoast Bank chief Ryan Gorney was unveiled as the company’s new CTO.
Prior to this, the firm also partnered with banking technology provider Bankjoy in September to adopt its end-to-end digital banking platform, which will be connected with its core system via Fiserv’s Communicator Open.
