Healthcare payments company QubeHealth tops up its Pre-Series-A funding round with investments led by Inflection Point Ventures, Green Ivy Ventures, and various Family Investment offices. Existing shareholders, including Keiretsu Forum, have also contributed to the undisclosed funding amount.
Speaking on the funding, Chris George, Co-Founder & CEO, Qube said, “Qube is changing the way Indians pay for their family’s healthcare. Integrating payment methods, no-cost medical loans, an open network of healthcare providers, we are on a mission to make healthcare payments, frictionless. This funding round adds to our pre-series-A corpus and gives us a runway of up to two years, while setting us up for our upcoming Series-A.”
Qube offers a payment system and healthcare credit line to employees of companies that subscribe to its QubeHealth-Credit product. This offering complements the group health insurance policies provided by employers.
Users of Qube can borrow and pay for various healthcare expenses, including medical bills not covered or partially covered by health insurance, non-cashless bill payments, or outpatient department (OPD) costs. Users can choose the amount they need, the healthcare provider, and a payback period of up to one year, all without incurring interest or fees on repayments. The credit line is provided to employees free of charge, with the employer covering a small subscription fee on behalf of the employee.
With medical inflation doubling in the last five years, insurance is turning out to be inadequate. Add to this a high friction insurance claims experience, and cashless payments continuing to be a burden, Indians are paying over $55 Billion every year on healthcare expenses, from their pockets. Qube operates in this part of the healthcare market, using embedded finance and payment systems to provide better access and options for healthcare to employed Indians.
Although specific funding amounts were not disclosed, Qube stated that it has already activated Rs. 1000 Crore in medical credit for over 2 lakh employees of 270 corporations in India. Over the next three years, the company anticipates deploying Rs. 3000 Crore in medical credit. This credit enables quick payments via the Qube mobile app to any hospital or clinic in the country, linking a user’s bank account, insurance payments, employer reimbursements, and Qube’s own no-cost credit line.
QubeHealth is currently available exclusively through Indian employers.
Mitesh Shah, Co-founder, Inflection Point Ventures said, “The intersection of finance and healthcare is a very interesting area for us and Qube has been at the forefront of this from the time we first invested in the company two years ago. Their focus and financially prudent approach to building a company has seen our initial investment grow four times and we believe that they are on a path to dominate the healthcare payments sector in India.”
Puneet Kothapa, for Green Ivy Ventures added, “Paying for your family’s healthcare is the foremost fear in the minds of any Indian and a solution that helps them in taking control of this will see rapid adoption. We believe Qube has proven that financing and frictionless payments is a great way to solve the healthcare access problem.”