Mumbai, Monday 18 September 2023: QubeHealth (“Qube”), a healthcare payments company has topped-up its Pre-Series-A round with investments led by the Inflection Point Ventures, Green Ivy Ventures and other Family Investment offices. Keiretsu Forum and other existing shareholders of the company, also added 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 payments system and healthcare credit line to employees of companies that sign up to its QubeHealth-Credit product. Offered as a complement to the group health insurance policy provided by employers.
From paying medical bills that are not covered, or partially covered by health insurance, to paying non-cashless bill payments OR OPD, Qube’s Users borrow and pay as they need from a pre-assigned credit limit. They choose the amount, the healthcare provider and a payback period of up to one year, with no interest or fees on repayments. The credit line is free to the employee, but the employer pays 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.
The Company stated that they do not disclose funding amounts, but claimed that it has already activated Rs. 1000 Crore of medical credit to over 2 lakh employees of 270 corporates in India. In the next three years the company expects to deploy Rs. 3000 Crore in medical credit, enabling quick payments via its 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.
Qube is only available through Indian employers for the time being.
Commenting on the investment, 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.”