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Nitra raises funds to optimize the healthcare sector through a visa business card, their first product to facilitate the healthcare industry.
FREMONT, CA: "We are excited to bring the transformational and disruptive digital finance technologies of Silicon Valley to new verticals," says Jonathan Chen, Nitra's Founder and CEO. "Our goal is to partner with practitioners to provide an ecosystem that combines innovative fintech and cutting-edge software solutions to help doctors better manage their practices and better focus on their patients."
Nitra, a fintech company founded by successful serial entrepreneurs, revealed that it had raised $62 million in equity and debt capital from leading investors, such as Andreessen Horowitz (a16z), New Enterprise Associates (NEA), Pantera Capital, KB Financial Group, Jerry Yang and AME Cloud Ventures, and Dreamers Ventures. A debt facility has been provided by CoVenture. Primer Sazze Partners, SparkLabs Taipei & Global, Dunamu, Expa, Soma Capital, Slope Capital, K50 Ventures, 8090 Partners, Comma Capital, Gaingels, and Gold House Ventures also joined in this round.
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This raise will allow Nitra to roll out its first product - a Visa Business card explicitly designed for the healthcare industry. It will enable physicians to earn unlimited rewards on most practice expenses, including medical and surgical supplies, office supplies, and eating out. The company is creating innovative, customer-centric solutions for the healthcare industry with its card, which has no annual fee and supports sophisticated spend management, business analytics, and reconciliation software.
The Nitra team is embarking on a mission-driven startup journey to support the needs of doctors and their practices. They plan to expand their financial products line and build custom software tools to support practices and hospitals across the country.
"The Nitra team has strong experience building and scaling tech companies in regulated environments and is uniquely positioned to make an impact on the massive and largely outdated B2B payments market," said Rick Yang, general Partner and Head of Consumer Investing at NEA. "We're thrilled to support Nitra as they work to usher in a new generation of services at the intersection of financial services, software, and healthcare."
Tim Hwang, Chairman and CEO of legaltech unicorn FiscalNote - which he co-founded with Chen - will serve as the Chair of Nitra's Board of Directors while continuing his role at FiscalNote. "The next wave of fintech will be dominated by vertical software companies who deliver customized and differentiated financial products for industries," said Hwang, "Having worked with Jonathan in the early days at FiscalNote as a co-founder, I have confidence that Nitra and its management team are ready to take advantage of this transformation for the $4 trillion healthcare industry in the United States."
A large network of healthcare vendors and suppliers, including Jaanuu, PatientPop, Betty Mills, DirectShifts, Vitality Medical, OhMD, and LendingUSA, has also collaborated with Nitra to establish a comprehensive network of support partners across the country and facilitate transactions seamlessly.
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