Panacea Financial raises $24.5 million

Panacea Financial, a company offering financial services to doctors, has raised $24.5 million in Series B funding from Valar Ventures.

Founded in 2020 and based in Little Rock, AR, Panacea provides financial services for physicians, dentists and veterinarians through all stages of their training and practice. Some of the products the company offers include loans, mortgages, and banking accounts. Panacea also offers life, disability, business, and malpractice insurance in partnership with Treloar & Heisel, an Epic company.

Since its launch in November 2020, Panacea has provided more than $450 million in total financing to doctors and their practices.

“We are proud to announce the successful completion of our Series B funding round. Our goal is to build a widely diversified and deeply integrated suite of financial products and services for doctors, their practices, and ultimately the broader healthcare industry. We chose Valar Ventures as our partner to help achieve this goal given their unmatched experience helping neobanks and fintechs significantly scale across the globe. I am incredibly proud of what our team has built so far, but I feel like we are just getting started.” – Tyler Stafford, CFA, CEO and co-founder of Panacea Financial.

“We’re convinced that new ideas can make a difference, especially in areas the traditional industry cannot serve well. Valar has invested in financial services globally for many years, and the large investment we are making in Panacea shows the excitement we have in the team’s blend of knowledge of what healthcare professionals care about and the technical skill to use technology to transform financial services in a way that works for doctors.” – Andrew McCormack, founder and managing partner at Valar Ventures.