Berlin-based health and fintech company Nelly has raised €50 million in Series B funding. The round was led by Cathay Innovation (which recently invested in Bioptimus and AQEMIA) along with Notion Capital as well as existing investors b2venture, Lakestar, Motive Ventures, and arc investors.
Funds utilisation
With this investment, the company aims to accelerate the digitalisation of the European healthcare sector. The funds will accelerate Nelly’s mission to become Europe’s largest fintech for healthcare, drive international expansion, and solidify its position as the Financial Operating System for medical practices. The new capital will be used to advance international expansion and to fund the development of additional product lines tailored to the evolving needs of healthcare providers.
What challenge does it tackle?
A study by McKinsey & Company highlights the urgent need for digital transformation in healthcare. According to the study, 70% of healthcare professionals in Europe view outdated administrative processes as a major barrier to efficiency and patient satisfaction. Nelly’s Patient Experience Platform and Financial Operating System (FinOS) has been specifically developed for medical practices to streamline workflows such as patient intake, document management, and payment processing.
Automates administrative processes
Founded in 2021 by Niklas Radner, Lukas Eicher, Rasmus Schults, and Laurids Seibel in Berlin, Nelly aims to minimise the administrative burden for doctors, medical staff, and patients. It was founded after they realised that society deserves a more efficient, transparent, and accessible healthcare system. By digitising time-consuming, manual processes, the company aims to reduce the administrative burden on healthcare professionals, improve the patient experience and ultimately optimise treatment outcomes.
As the first digital factoring provider in the DACH region, Nelly offers a comprehensive solution that not only enables the digitalisation of patient data but also automates receivable management for medical practices. The platform provides a fully GDPR-compliant digital process, from patient intake to payment with a single click.
By seamlessly integrating with practice management software, Nelly enables practices to optimise operations, giving medical professionals more time to focus on patient care. Patients also benefit from a fully digital experience, allowing them to manage their entire journey from check-in to payment securely via their smartphone.
Nelly has already digitised 30 million paper documents and digitally processed over 2 million patients, saving an average of 10 minutes per patient. This translates into hundreds of thousands of hours saved in the healthcare sector.
“The support of our investors not only underscores confidence in our team and business model but also in our ability to improve outcomes for healthcare professionals and patients,” said Niklas Radner, co-founder and CEO of Nelly. “We are excited to continuously automise administrative workflows and enable process innovation to build the largest fintech in healthcare.”
“One of the core investment theses at Cathay Innovation is to find solutions that improve efficiency in the healthcare space. We are also deeply committed to supporting innovative Fintech companies that bring transformative value to their industries. We are therefore extremely proud to support Nelly in transforming medical practices with new financial and operational processes. Meeting such an exceptional team has convinced us that they are uniquely positioned to become the leading bank for medical practices in the future. We are excited to help accelerate their growth across the continent and beyond”, said Jacky Abitbol, Managing Partner at Cathay Innovation.
“Notion is thrilled to partner with Nelly to help them build the next generation of operational and financial products for clinics. At Notion we’ve partnered with some of the leading vertical software leaders like Mews Systems (hospitality vertical) and Glofox (fitness vertical), and we’re excited to help Nelly scale and achieve their global ambitions. Their unique combination of software and fintech positions them exceptionally well to become a category leader in this space, and we’re eager to support their journey“, stated Itxaso del Palacio, General Partner at Notion.
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