Veterinary Funding Service Scratchpay Lands $65 Million
Launched to help pet owners better finance veterinary care for their four legged friends, Scratchpay announced it landed new funding to boost that purpose.
The Los Angeles based startup raised $65 million in Series B funding. $15 million of this funding is equity funding provided by Companion Fund (lead investor for this portion of the funding round), along with TTV Capital, FJ Labs, and Struck Capital. This part of the funding will be used to build product development and advancing its proprietary underwriting model.
The remaining $50 million is the debt portion of the funding, which the startup will use to meet increasing demand from customers needing to take advantage of its pet care payment options.
“One of our goals is financial inclusion– you no longer need a perfect FICO score to qualify for financing,” said Scratchpay CEO John Keatley, in a statement. He added that Scrachpay customers see their payment terms upfront, unlike some payment options that have deferred interest and unforeseen costs.
Scratchpay (also known as Scratch Financial, Inc.) is a fintech company providing simple and friendly payment plans for veterinary care. It’s mission is to help more pets get access to care they need without trapping their owners with extra costs and interest payments. Scratchpay is partnered with 5,000 veternary hospitals, and is available nationwide.