US healthcare fintech Walnut raises $110m in Series A round

New York-based fintech Walnut, which enables users to pay for healthcare costs via its buy now, pay later (BNPL) offering, has raised $110 million in a Series A round led by Gradient Ventures.

Walnut secures $110m Series A

New and existing investors also participated in the round including Newark Ventures, Afore Capital, 2048 Ventures, CityRock Ventures, AngelList, Weekend Fund, Company Ventures, Banana Capital, Goodwater Capital and Muse Capital, among others.

The round comprises of $10 million in equity financing and $100 million in debt financing.

Walnut says the new funding will help the firm expand its “product and team to new geographies and specialties within healthcare”.

The start-up provides a platform to help patients afford medical care by enabling them to spread costs over time, without any fees or interest.

“We describe this as ‘buy now, pay later’ for healthcare. By enabling patients to pay in monthly installments, we alleviate their financial burden to help them afford and access the care they need,” the firm says.

The fintech claims to serve over 50 healthcare providers in various specialties including dermatology, orthodontics, fertility and primary care. The Walnut platform is embedded into the checkout process, enabling simplicity for patients.