Lynx, a provider of digital healthcare payments solutions, announced the closing of $27 million Series A funding round, bringing its total funding to over $44 million since its inception in 2022.
Flare Capital Partners led the investment round with participation from CVS Health Ventures, McKesson Ventures, .406 Ventures, Obvious Ventures, and Frist Cressey Ventures.
According to Lynx FinHealth website, they serve a diverse range of clients by integrating specialized healthcare financial services across various verticals:
- They work with health plans—including commercial, Medicare Advantage, and other insurance programs—to embed payment solutions directly into the member experience;
- Partner with financial institutions and fintech companies seeking to enhance their product offerings with healthcare-specific financial products; collaborate with digital health companies that require integrated payment, banking, and e-commerce services;
- Support benefit administrators in streamlining the management of employee benefits such as HSAs and FSAs;
- Assist payroll companies in incorporating health-related benefits seamlessly into their processes;
- and enable healthcare providers like hospitals and clinics to simplify patient billing and improve overall care delivery.
Lynx said it will earmark the latest capital injection to scale up its operations, with a focus on further developing “tailored, API-driven products to streamline the consumer experience and operations for benefits administrators and health plans”.
“We’ve addressed critical challenges for major health plans, such as preventing January 1st debit card outages in Medicare Advantage programs and enabling leading technology platforms managing consumer-directed health accounts to introduce unmatched flexibility and configurability to their platforms. Additionally, we are pioneering innovation in the rapidly growing ICHRA market, with the payment account of an estimated 10% of all ICHRAs having been built on the Lynx platform,” said Matthew Renfro, Co-Founder & CEO of Lynx.
“This recent funding will fuel our expansion across all channels, empowering us to continue driving innovation and delivering exceptional value to health plans, financial institutions, administrators, and members alike,” added Matthew Renfro.