Nitra raises $62 million to revolutionize Fintech for the healthcare sector
Nitra raised a seed round from leading investors including Andreessen Horowitz, NEA, Pantera, KB Financial Group, Jerry Yang, Will Smith’s Dreamers VC, CoVenture and others.
NEW YORK, 23 August 2022 /PRNewswire/ — Nitra, a fintech company founded by successful serial entrepreneurs, announced today that it has raised 62 million dollars in equity and debt capital from leading investors including Andreessen Horowitz (a16z), New Enterprise Associates (NEA), Pantera Capital, KB Financial Group, Jerry Yang/AME Cloud Ventures, and Will Smith’s Dreamers VC, with CoVenture providing the debt facility. Other participants in this initial round include Primer Sazze Partners, SparkLabs Taipei & Global, Dunamu, Expa, Soma Capital, Slope Capital, K50 Ventures, 8090 Partners, Comma Capital, Gaingels and Gold House Ventures.
The first product on Nitra’s entrepreneurial roadmap is a Visa Business Card and expense management software tailored to the needs of physicians and their practices.
Nitra was founded with a mission to bring modern financial products, integrated medical software and supply chain solutions to healthcare practitioners and physicians. The funding will be used to scale the team, accelerate growth and launch new products.
“We are excited to bring the transformative and disruptive digital financial 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 physicians better manage their practices and better focus on patients.”
With the increase, Nitra is launching its first product, a Healthcare Visa Business Card that allows doctors to earn unlimited rewards on common practice expenses – medical and surgical supplies, office and business expenses and dining. The card comes with no annual fee and is backed by sophisticated cost management, business analytics and reconciliation software that demonstrates the innovative, customer-centric solutions the company creates for the healthcare industry. With upcoming plans to expand its suite of financial services and build customized healthcare-specific software tools to support practices and hospitals across the country, Nitra has just begun its journey as a mission-driven startup addressing the vital needs of physicians and their practices.
Tim Hwang, chairman and CEO of legaltech unicorn FiscalNote — which he co-founded with Chen — will serve as chairman of Nitra while continuing his role at FiscalNote. “The next wave of fintech will be dominated by vertical software companies that provide 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 teams are ready to take advantage of this transformation for 4 trillion dollars the health care system in the United States.”
“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,” said Rick Yang, general partner and head of consumer investment at NEA. “We are excited to support Nitra as they work to usher in a new generation of services at the intersection of financial services, software and healthcare.”
Nitra has also partnered with a large network of providers and suppliers in the healthcare sector such as Jaanuu, PatientPop, Betty MillsDirectShifts, Vitality Medical, OhMD, LendingUSA and others to bring an unparalleled network of support partners across the country and deliver seamless transaction experiences on their platform.”
With headquarters in New York with presence in San Francisco, Nitra has been on a hiring spree to support the growing healthcare industry and is joined by an ambitious and experienced leadership team from Amazon, American Express, Dropbox, Facebook, Citi, Lyft, DoorDash, AvidXchange and PayPal. They are supported by an expert group of advisers such as Sam Wenco-founder of Square, former governor of Maryland Martin O’MalleyDr. Richard Parkthe founder of CityMD, Ryan Howardthe founder of EHR software company PracticeFusion, Raymond Sternformer marketing manager for Intuit/TurboTax, and Dr. Lester Zuckermanfounder of the National Spine & Pain Centers.
Nitra is actively hiring across various roles and functions and is looking for top people to help carry out its mission.
Consult:
Maud Ricaurte
Head of Brand, Nitra443-994-0263
[email protected]
Nitra.com
SOURCE Nitra
