Covered Care, a division of Covered, announced on Wednesday it secured a $100 million financing line from funds and accounts managed by Fortress Investment Group LLC, a global investment manager.
Covered Care was notably founded by a group of fintech industry veterans to provide better healthcare financing solutions for underserved Americans.
“Using new technology and analytics, Covered Care enables medical professionals to offer affordable financing for nearly all of their patients. Covered Care falls under the umbrella of Covered offerings, including Covered Credit, which give people ‘credit at the speed of life.’”
Covered Care also reported that it is experiencing heightened demand for its healthcare offering due to the COVID-19 pandemic. Speaking about the financing, Ken Rees, Founder and CEO of Covered, stated:
“Fortress has a longstanding track record as a financing partner for fast-growing innovators, and this facility will enable us to serve the growing number of people declined for traditional patient financing. There are few things more important than ensuring that every American receives the healthcare they need and that they can pay for it over time, regardless of their credit score. With this financing line, we are able to help healthcare providers scale their businesses and serve more patients.”
Dominick Ruggiero, Managing Director of Fortress Investment Group, then added:
“Covered was founded by seasoned industry veterans who have a proven history of building successful, high-growth businesses serving underserved Americans. We have been impressed with Covered Care’s unique offering and we are very pleased to support their mission of increasing access to affordable credit at a time of urgent demand.”