CarePay completes $45million Series A financing to roll out an international division | 26th May 2020
CarePay recently announced it has completed a $45 million Series A financing round for its International division, to roll out its mobile health finance platform to new international markets.
This fundraiser enables the companies to rapidly mobilize in other large-scale health finance schemes across the continent. The CarePay International Series A includes investments from the Investment Fund for Health in Africa through its second healthcare fund (IFHA-II). It also has obtained investment from Elma Investments and The Dutch Ministry of Foreign Affairs.
Kees van Lede CEO, CarePay Limited, says, “As the Kenya team, we’re incredibly proud that M-TIBA has grown to be the preferred health financing platform for government, retail and private health. CarePay International aims to leverage this expertise to connect millions more people far beyond Kenya to better healthcare.”
Onno Schellekens, CEO of CarePay International says, “CarePay’s technology has been developed in Africa to address the specific issues facing each different scheme in each different country. It is creating unprecedented opportunities to remodel how health is being financed. At CarePay International we are focused on mobilizing global funding and supporting our teams in Africa who are breaking new ground and delivering impact every day.”
CarePay International is based in the Netherlands and was first established in 2017. It has acquired the international rights to CarePay’s technology and has a partnership contract with CarePay Limited (the company in Kenya) for ongoing collaboration on software engineering and platform management.
CarePay International has recently deployed in Nigeria through combined international and Kenyan teams. It has been selected by Lagos State Health Management Agency (LASHMA) and Kwara Health Insurance Fund (KHIF) to run registrations and scheme administration for mandatory health insurance schemes covering over 30 million Nigerians.
In Kenya, CarePay has developed and manages M-TIBA. It now has over 4 million lives registered on the platform and over 1,200 healthcare providers contracted. PharmAccess Foundation and Safaricom are founding partners of the M-TIBA platform. PharmAccess Foundation recently deployed M-TIBA for registrations on universal health coverage pilots for three of four pilot counties in Kenya (Kisumu, Nyeri and Machakos).
Bob Collymore, CEO, Safaricom, says, “CarePay can do for healthcare inclusion what M-PESA has done for financial inclusion. It provides speed, accountability and massively simplifies the user payments experience.”
CarePay’s technology gives health scheme administrators a detailed view of how healthcare is being utilised and paid for. It informs decision-making on investments, epidemic responses, and quality of care. CarePay digitally connects health payers (e.g. insurers), beneficiaries and healthcare providers on to one mobile platform. This means greater accountability and speed – reducing the time to settle an insurance claim from an average 2.5 months to less than 48 hours.
Isaiah Okoth, Country Director, Kenya, PharmAccess Foundation, says, “Through M-TIBA we have proven the impact of mobile phones on access to healthcare. We know the power of entrepreneurial developers and healthcare professionals in delivering commercially sustainable solutions. We look forward to working with CarePay in many more countries across Africa.”