Pasadena Petcare Financing Company Raises $35 Million in Latest Round of Funding

Pasadena petcare financial service provider Scratchpay announced that the company has raised $35 million in its latest round of funding. The company offers financing solutions for pet owners at their time of need.

Scratchpay was founded in 2016 to help pet owners cover the cost of pet care and to help veterinary health providers grow their revenue. Company CEO John Keatley said it is now in use in approximately 10,000 veterinary and medical practices across the country.

Keatley said pet owners typically apply through the company website or through an app for financing, and can get a loan decision “almost immediately.”

“If [the pet owners] accept a payment plan and they accept the terms of the plan, those funds are now guaranteed,” Keatley added. “So they can go forward with the procedure, with the confidence that they have the available funds. And then they will pay us back according to the terms of the payment plan over several months, a year, or over two years.”

In the United States, Keatley said over $2 billion a year of veterinary payments are financed through solutions like Scratchpay every year. 

Keatley said the new $35 million funding round will help them increase the company’s sales and marketing efforts. The funding will also help their risk management and credit risk teams grow.

“Those are really the main areas of growth over the next several years. And this financing will be critical in helping us do that,” Keatley said about how the funding will help Scratchpay.

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, reported Techcrunch.

Ryan McDonald, principal at Norwest Venture Partners, said they’re excited to partner with Scratch Financial as the company expands to provide flexible and easy financing to more patients and pet parents.

“Not only does the leadership team have deep experience with disruptive fintech companies, they also understand the challenges that patients face when financing medical services,” McDonald said. “Scratch is well positioned to lead the market by simplifying the patient experience and streamlining veterinary and medical practice needs through a platform that combines payments, care financing and intuitive SaaS tools.”

Recently, Scratchplay expanded its financial services to include human healthcare and now provides financing services across dental, optometry and other healthcare verticals.

“We recognize that people have the same sort of challenges they face with payments in the veterinary vertical,” Keatley said. “They also face other areas like in dental care. So we thought that our solution would also do very well in human healthcare practices.”

For more information about Scratchpay, visit www.getscratch.com.