Nelly aims to emerge as the leading fintech startup within the healthcare sector. Based in Berlin, the startup currently collaborates with over 1,200 medical practices across various European nations. However, numerous other practices could greatly improve their administrative processes with a digital upgrade.
To facilitate this mission, Nelly successfully secured €50 million in a Series B funding round, approximately $51 million based on the latest exchange rates. This round was spearheaded by Cathay Innovation, alongside Notion Capital, with continued participation from existing backers including b2venture, Lakestar, Motive Ventures, and Arc Investors.
Despite the shift to digital processes across many sectors, Nelly’s founding team recognized that numerous medical practices are still behind the curve. “I went to see the doctor and had to provide all my information manually on paper. Then, four weeks later, I received a hefty bill for €120,” shared Niklas Radner, co-founder and CEO of Nelly, in an interview with TechCrunch.
The company began by offering a software-as-a-service platform that enables medical practices to onboard new patients digitally. Patients can book appointments and receive a confirmation via SMS, WhatsApp, or email with a link to complete their personal information and medical history.
“Currently, more than 50% of all appointments are still not made digitally. Many are scheduled via phone calls or by visiting the practice in person,” Radner added. To address this, patients can also utilize a QR code to access Nelly’s portal while waiting.
Nelly seamlessly integrates with existing practice management systems, ensuring data is updated and stored within these legacy platforms without requiring practices to overhaul their systems entirely. These integration tools are either developed in-house by the Nelly team or in collaboration with partners.
This onboarding system serves as the core foundation for the broader suite of products. “Think of Nelly as a combination of Typeform, DocuSign, and Klarna tailored for medical practices,” Radner explained, noting his previous role as a growth lead at Klarna.
For patients, beyond online bookings and onboarding functionalities, Nelly provides the ability to make payments to medical practices via online payment methods or Nelly-controlled card readers. Patients are also reminded to leave reviews on Google Maps.
On the side of medical practices, Nelly offers solutions for invoicing and billing, which can considerably reduce the time practitioners spend on collecting out-of-pocket payments.
Nelly can also serve as a replacement for a corporate bank account, featuring expense management tools and corporate credit cards. Additionally, it provides factoring services for immediate payouts of outstanding claims.
The comprehensive integrations throughout the patient journey and within the administrative system of medical practices create significant barriers to entry for potential competitors in the fintech space. Nelly has also achieved data protection certifications, making them the first firm in Germany to send digital invoices in the healthcare industry, according to Radner.
Currently, the product is operational in Germany, Austria, and Switzerland, and has recently expanded its services to Italy, with plans to reach additional countries soon.
“Nelly partners with leading dental service organizations (DSOs) across Europe… We secured a contract with Colosseum Dental Group, which operates in 11 countries and intends to scale to 700 locations using Nelly,” Radner stated. “Thus, we will grow alongside our clients and enter more European markets.”
Compiled by Techarena.au.
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