QubeHealth Secures Fresh Funding, Aims to Make Healthcare Payments Frictionless
Healthcare payments firm QubeHealth (known as Qube) has secured an undisclosed amount in an extended Pre-Series-A funding round from Inflection Point Ventures, Green Ivy Ventures, and other Family Investment offices.
The funding round also saw participation from Keiretsu Forum and other existing shareholders of the company.
QubeHealth | FinTech for HealthTech
Co-founded by Chris George and Gagan Kapur, QubeHealth aggregates financing, insurance, and care providers to offer a payment system and healthcare credit line to employees of companies.
Employees can avail of these benefits by signing up for the QubeHealth-Credit product, offered as a complement to the group health insurance policy provided by employers.
Speaking on the development, Chris George, Co-Founder & CEO of Qube, highlighted that the startup is changing the way Indians pay for their family’s healthcare.
“Integrating payment methods, no-cost medical loans, and an open network of healthcare providers, we are on a mission to make healthcare payments frictionless. This funding round adds to our pre-series-A corpus and gives us a runway of up to two years, while setting us up for our upcoming Series-A.”
Available only through employers in India, the services offered by the startup empower employed Indians to borrow easily and pay quickly for any health or medical expense.
Statement from the Investor
Commenting on the development, Mitesh Shah, Co-founder of Inflection Point Ventures, said,
“The intersection of finance and healthcare is a very interesting area for us, and Qube has been at the forefront of this from the time we first invested in the company two years ago. Their focus and financially prudent approach to building a company has seen our initial investment grow four times, and we believe that they are on a path to dominate the healthcare payments sector in India.”
As per the startup, it has already activated Rs. 1000 Crore of medical credit to over 2 lakh employees of 270 corporates in India. To make its services more accessible, the startup has partnered with over 270 of India’s largest employers. It has over 600 brands of health service providers and over 11,000 hospitals, clinics, and doctors on board.
Taking its platform to the next level, QubeHealth aims to deploy Rs. 3000 Crore in medical credit, enabling quick payments via its mobile app to any hospital or clinic in the country. Users can enjoy more of the benefits offered by the startup by linking bank accounts, which can be used for insurance payments, employer reimbursements, and Qube’s own no-cost credit line in the next three years.
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