Startup introducing modern fintech to healthcare aiming to connect health and finance for all Americans
Lynx, the leading API-connected healthcare payments, banking, and e-commerce platform, announced that it has emerged from stealth with $17.5 million in equity financing. The $17.5 million in equity consists of a new $15 million Series A and a previously unannounced $2.5 million seed round. Obvious Ventures and .406 Ventures led the Series A, with participation from Frist Cressey Ventures. Other investors include Winter Street Ventures (an investment subsidiary of Commonwealth Care Alliance), Shields Capital, and Huntington Avenue Ventures.
Lynx was co-founded by Matt Renfro (CEO) and Ken Abel (CIO) to close the gap between health and finance for all Americans. Renfro, Abel, and the broader Lynx team previously held senior executive roles at top healthcare, financial services, and payment organizations, including Optum, UnitedHealthcare, Fidelity Investments, and American Express.
The Lynx platform enables any enterprise that touches healthcare payments, including health plans, health systems, payroll providers, benefit administrators, and digital health companies, to embed customizable and integrated health-fintech solutions that improve affordability, drive health engagement, and enhance financial security for end customers and patients.
“Health and finance are inextricably linked for individuals. As a person’s financial status declines, their health status tends to follow, resulting in poor outcomes for both their wallet and personal health,” said Matt Renfro, Lynx’s co-founder and CEO. “Unfortunately, industry silos separating healthcare, financial services, and payments make it nearly impossible to empower people to improve their personal and financial health.”
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Renfro added, “The Lynx platform closes this gap between health and finance, offering a suite of best-in-class financial and e-commerce solutions via API for our enterprise partners, allowing them maximum flexibility to embed smart solutions directly into their customer experiences.”
The Lynx platform offers real-time processing and data analytics, top-notch security and regulatory infrastructure, and highly attentive customer support. In addition, Lynx’s expert team works closely with clients to determine their needs and designs customized solutions for their customer bases.
“With Lynx, organizations will no longer need to juggle and integrate with multiple partners in order to serve all of their customer segments–commercial, Medicare, and Medicaid,” added Ken Abel, Lynx’s co-founder and CIO. “We handle all the hard stuff across a variety of financial accounts: cloud architecture, data model, data analytics, card production, payment processing, customer support, and banking and healthcare regulatory demands, including compliance and data security.”
“We see a massive opportunity in bringing modern fintech solutions to healthcare,” said Liam Donohue, managing partner and co-founder of .406 Ventures. “The Lynx team’s combination of industry experience, technical expertise, vision, and passion uniquely positions them to deliver new solutions that concurrently improve people’s health and financial security.”
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“By bringing financial services offerings onto a single platform and providing consumers with a delightful, easy to navigate experience, Lynx enables companies to engage their customers in a way that drives NPS up and brings costs down,” states Vishal Vasishth, co-founder and managing director of Obvious Ventures. “Lynx is poised to be a step-change platform for payers, health systems, benefit administrators, and consumers alike.”
“In healthcare, we have a lot of work to do to close the gap in consumer experience relative to almost every other industry,” said Navid Farzad, partner at Frist Cressey Ventures. “Lynx is not only modernizing this healthcare experience for the consumer; they are also driven to provide their easy and simple health-fintech solution to the underserved to solve the access inequities today.”
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