American healthcare fintech Nitra announces seed round of USD 62 million
Nitra, a fintech for the US healthcare industry, has raised US$62 million in seed funding from investors including Andreessen Horowitz (a16z) and New Enterprise Associates (NEA).
The New York-based startup, which was only founded last year, will use the money to scale its team, accelerate growth and launch new products. Nitra plans to roll out a Visa business card along with expense management software tailored to the needs of doctors and their practices.
The Visa business card allows doctors to earn unlimited rewards on common expenses such as medical and surgical equipment, office equipment and business-related expenses with no annual fee. It will be accompanied by customized software that provides cost management, business analysis and reconciliation. Nitra then plans to expand its range of financial services and build additional healthcare-specific software tools that support the needs of practices and hospitals.
The full range of investors participating in Nitra’s US$62 million seed round also includes Pantera Capital, KB Financial Group, Jerry Yang/AME Cloud Ventures and Will Smith’s Dreamers VC, with CoVenture providing a debt facility.
Nitra brings fintech solutions to the US healthcare sector
Nitra’s founder and CEO Jonathan Chen says, “We are excited to bring the transformative and disruptive digital financial technologies of Silicon Valley to new verticals. 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 practice and better focus on their patients.”
Rick Yang, Head of Consumer Investments at NEA, added: “The Nitra team has strong experience building and scaling technology companies in regulated environments and is uniquely positioned to impact the massive and largely outdated B2B payments market. We are thrilled to Support Nitra as they work to usher in a new generation of services at the intersection of financial services, software and healthcare.”
Nitra was founded in 2021 by Chen, a former co-founder at legaltech unicorn FiscalNote. He will be joined by Tim Hwang, his co-founder of FiscalNote, who will serve as chairman of Nitra.
Nitra ‘poised to benefit’ from $4 billion industry
“The next wave of fintech will be dominated by vertical software companies that provide customized and differentiated financial products for industries,” says Hwang, “Having worked with Jonathan in the early days at FiscalNote as a co-founder, I have confidence that Nitra and the management team are poised to take advantage of this transformation for the $4 billion U.S. healthcare industry.”
Based in New York with a presence in San Francisco, the fintech outfit has already partnered with a large network of providers and suppliers in the healthcare sector, and has recently been on a hiring spree. The experienced management team lists the likes of Amazon, American Express, Citi and PayPal among their previous employers. Nitra is still recruiting for more talent to join the team, including a variety of engineering roles and senior product manager positions.
