Neobank Panacea Financial Secures $24.5 Million in Series B Funding

Panacea Financial, a specialised neobank catering to medical practitioners in the US, has successfully secured a substantial sum of $24.5 million in Series B funding. The prominent venture capital fund Valar Ventures led the funding round, serving as the sole institutional investor for this phase of financing.

The company has elucidated its intentions to utilise the capital to further enhance its array of loan, banking, and insurance services, and to expand its team, with a focus on recruiting individuals with expertise in technology, financial services, and healthcare. Michael Jerkins, President and co-founder of Panacea Financial, conveyed his enthusiasm for the funding, emphasising its potential to drive significant innovations and bolster the company’s ability to provide even greater support to the medical community.

Meanwhile, Tyler Stafford, CFA, CEO and co-founder of Panacea Financial, articulated the company’s vision to establish a comprehensive suite of financial products deeply integrated into the broader healthcare industry. As a subsidiary of Primis Bank, Panacea Financial has consistently demonstrated its commitment to adopting cutting-edge digital initiatives to advance its mission since its establishment in 2020.

Significantly, the funding news closely follows the appointment of Ryan Gorney, former Seacoast Bank chief, as the company’s new Chief Technology Officer. This strategic addition to the team underscores the company’s dedication to unlocking new opportunities for growth and development. Furthermore, Panacea Financial strengthened its digital infrastructure by entering into a collaboration with leading banking technology provider Bankjoy in September. This partnership will enable the seamless integration of Bankjoy’s end-to-end digital banking platform with Panacea Financial’s core system through Fiserv’s Communicator Open.

In conclusion, Panacea Financial’s successful Series B funding represents a significant milestone in its mission to provide tailored financial solutions for medical professionals. With a solid foundation and a clear strategic roadmap, the company is poised to drive impactful change within the healthcare industry, benefiting both practitioners and patients alike.