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Scratchpay raised the $35 million in a Series C round led by Norwest Venture Partners, with participation from Alumni Ventures, Companion Fund, Struck Capital, SWS Venture Capital and TTV Capital, among others.
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Thrive Pet Healthcare partners with fast-growing fintech, Scratch Financial, to bring cloud-based, omnichannel payment processing to its network of 350+ veterinary practices.
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Through the economic uncertainty of the COVID-19 downturn, Scratchpay has maintained high approval rates for people and pets in need of affordable medical care.
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"The Pasadena-based fintech company provides on-demand financing, primarily for veterinary services. Its revenue has grown more than 630% over the last three years, from just over $745,000 in 2017 to nearly $5.5 million last year."
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Struck Capital is now the fourth largest dedicated seed fund in Los Angeles, and has nearly $150 million in assets under management. Its portfolio companies include: Scratchpay, Sendoso, Mythical Games and Brainbase and has backed and exited a number of later-stage companies like Mojo Vision, Postmates, Nutanix, Latch, Grab and Wunder Mobility.
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Snout School has teamed up with Scratchpay to give vet clinics actionable, goal-focused marketing plans. Learn more about this partnership below.
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Veterinary Hospitals Association (VHA), the leading association for veterinary practices in the Midwest, has signed a partnership agreement with Scratchpay, a client finance provider offering simple, friendly payment plans for pet owners.
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The arrangement is intended to “ease the financial burden of both routine and emergency pet care,” an executive says.
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"At Scratchpay, we're always looking for ways to make our solution the most simple, fair and affordable financing option available to patients," says Caleb Morse, co-founder and COO of Scratchpay. "Take 5 checks all of these boxes, and we couldn't be more excited at the initial results we're seeing since the product release."
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“Today, we’re expanding our vision to include other verticals where many patients have historically been underserved in terms of their financing options. We want to help create a world where everyone has access to the health services needed to live healthy, happy lives.”
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“Proximity to Silicon Valley adds up to a net positive, said John Keatley, a native Angeleno who co-founded and helms Scratch Financial, a mobile app that connects pet owners with affordable veterinary care. The Pasadena-based company, widely known as ScratchPay, has raised about $73 million to date.”
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“Jin’s deep legal, governance and management expertise, along with his wealth of experience in financial technology, make him the perfect fit to serve as General Counsel,” said John Keatley, Scratchpay’s CEO. “Our recent $15M Series B equity round will allow us to make key hires like Jin that elevates our business,” added Keatley, noting that, “this is also a win for the entire LA tech ecosystem, which is really thriving right now.”
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“We know that the last thing a pet owner needs in a time of distress is a complicated loan or credit product with confusing terms. That's why Scratchpay has straightforward closed-end payment plans with fixed interest rates and equal payments.”
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“The $15 million in equity will be used to fund new technology and product development as well as make key new hires, such as a general counsel....The remaining $50 million in debt, provided by Credit Suisse, will be used to expand Scratchpay’s lending capacity as it continues to grow its client base.”
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“Our product is different in that we aren’t deciding on a $5,000 line of credit...we are approving you for a single transaction for a single procedure, so that risk we are taking is boxed. We have to decide if you can pay off this $1,000 in 12 months — that gives us an edge in the types of risk we can take.”
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"Scratchpay has facilitated thousands of procedures for animals in need, who otherwise would be euthanized....With integration in 1 out of every 10 vet facilities in the U.S. and world class strategic investors like Mars Petcare, Scratch has achieved tremendous impact."
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The Nilson Report is the most respected source of news on and analysis of the global card and mobile payment industry. The publication does not accept paid advertising of any kind. For more information on Scratchpay Savings, visit: scratchpay.info/savings
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"Scratchpay and Green Dot Bank announced on Wednesday a partnership to create a new kind of bank account to help pet parents save for expensive visits to the veterinarian."
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"Our clinic has a vested interest in growing alongside the next generation of tech loving pet parents and Scratchpay truly is a “next gen” financing solution. That is why, despite my staff and I being familiar with a variety of third-party and in-house financing options, I decided that my clinic would only offer Scratchpay."
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"The company announced the expansion by telling the story of an eastern Canadian pet owner whose dog needed a kidney stone removed. The owner, Sheldon Hancock of Goose Bay, Newfoundland, is Scratchpay’s first Canadian account holder. He took Mia, a Maltese Yorkie mix, to Valley Veterinary Clinic."
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"LendIt Fintech USA 2019 is the World’s leading event in financial services innovation. The Customer Alignment award will be presented on April 9th to the company that has demonstrated strong alignment with their customers so that in all circumstances they win only when their customers win."
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"Just a year after Scratchpay won the Pet Project Innovation Award—and a $25,000 prize—at the 2018 Veterinary Convention & Expo, the company now serves pet owners in all 50 states."
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"John Keatley is the Co-Founder and CEO of Scratchpay, a point-of-sale lender that aims to help pet owners quickly obtain affordable financing for veterinary care. John was formerly CFO for two different fintech “unicorns”, Green Dot and Klarna. He received an MBA from Harvard and an AB in Physics from Princeton University."
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“Besides being yet another opportunity to help our customers get care for their furry family members, the major benefit of our new payment option is that it will never negatively impact the borrower’s credit score with a hard inquiry, unlike a medical credit card,” said John Keatley, CEO of Scratchpay."
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“We will continue to invest heavily in the technology that drives our underwriting and provides a simple and frictionless experience for our clinics and pet parents,” said John Keatley, CEO and co-founder of Scratchpay."
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“As the standout pitch of Pet Project 2018, Scratchpay will receive a $25,000 cash prize and critical feedback to help accelerate their idea into a thriving business.”
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"Scratchpay, which helps veterinary clients pay for pet health care, joined a small number of companies that offer so-called pawternity leave. Industry giant Mars Petcare, for example, grants 10 hours of paid leave when an employee gets a new pet."
View Original ArticleScratch Plans originated in the United States are issued by WebBank. Scratch Plans originated in Canada are issued by ©Scratch Financial, Inc. ©Scratchpay (NMLS ID#: 1582666). Scratch Plans are loan products subject to eligibility.