Nelly Announces EUR 50 Million Series B Funding Round to Revolutionize Financial Operations in Healthcare
January 15, 2025
Europe
Berlin-based health and fintech company Nelly has raised €50 million. With this Series B financing, the company aims to accelerate the digitalization of the European healthcare sector. The round was led by Cathay Innovation along with Notion Capital as well as existing investors b2venture, Lakestar, Motive Ventures, and arc investors. Nelly’s Financial Operating System for healthcare is already used by over 1,200 medical practices to increase efficiency and digitalize administrative and financial processes. With a focus on product and geo expansion as well as increasing market share in Germany, Nelly positions itself as the leading fintech in the European healthcare sector.
Berlin, January 15, 2025 – While many industries in Germany face economic challenges, the healthcare and technology sector is booming. Nelly, one of the fastest-growing health and fintech companies in Europe, today announced the successful completion of its €50 million Series B financing round. The round was led by Cathay Innovation along with Notion Capital as well as existing investors b2venture, Lakestar, Motive Ventures, and arc investors. These funds will accelerate Nelly’s mission to become Europe’s largest fintech for healthcare, drive international expansion, and solidify its position as the Financial Operating System for medical practices.
A study by McKinsey & Company[1] highlights the urgent need for digital transformation in healthcare. According to the study, 70% of healthcare professionals in Europe view outdated administrative processes as a major barrier to efficiency and patient satisfaction.
Nelly’s Patient Experience Platform and Financial Operating System (FinOS) has been specifically developed for medical practices to streamline workflows such as patient intake, document management, and payment processing. By seamlessly integrating with practice management software, Nelly enables practices to optimize operations, giving medical professionals more time to focus on patient care. Patients also benefit from a fully digital experience, allowing them to manage their entire journey — from check-in to payment — securely via their smartphone.
Focus on Product and Geo Expansion
Since its Series A round, Nelly has more than doubled its customer base: the platform now digitalizes processes for over 1,200 medical practices and 2 Million patients and has set a new standard for payments and administrative workflows in healthcare. Now, the company plans to further develop its Product and expand its offering to new European markets to strengthen its position as the leading fintech in healthcare. “The support of our investors not only underscores confidence in our team and business model but also in our ability to improve outcomes for healthcare professionals and patients” said Niklas Radner, co-founder and CEO of Nelly. “We are excited to continuously automise administrative workflows and enable process innovation to build the largest fintech in healthcare.” As part of its European expansion, Nelly recently entered the Italian market – a region facing similar structural challenges in healthcare administration and digitalization.
“One of the core investment theses at Cathay Innovation is to find solutions that improve efficiency in the healthcare space. We are also deeply committed to supporting innovative Fintech companies that bring transformative value to their industries. We are therefore extremely proud to support Nelly in transforming medical practices with new financial and operational processes. Meeting such an exceptional team has convinced us that they are uniquely positioned to become the leading bank for medical practices in the future. We are excited to help accelerate their growth across the continent and beyond”, says Jacky Abitbol, Managing Partner at Cathay Innovation.
“Notion is thrilled to partner with Nelly to help them build the next generation of operational and financial products for clinics. At Notion we’ve partnered with some of the leading vertical software leaders like Mews Systems (hospitality vertical) and Glofox (fitness vertical), and we’re excited to help Nelly scale and achieve their global ambitions. Their unique combination of software and fintech positions them exceptionally well to become a category leader in this space, and we’re eager to support their journey“, states Itxaso del Palacio, General Partner at Notion.
The new capital will be used to advance international expansion and to fund the development of additional product lines tailored to the evolving needs of healthcare providers. “Our vision is to become the largest fintech in healthcare, delivering unparalleled value to healthcare providers and patients alike,” Radner concludes.
About Nelly Solutions:
Nelly revolutionizes the experience for patients and medical professionals by automising administrative processes and cashflows in healthcare. Founded in 2021 by Niklas Radner, Lukas Eicher, Rasmus Schults, and Laurids Seibel, the Berlin-based startup aims to minimize the administrative burden for doctors, medical staff, and patients. As the first digital factoring provider in the DACH region, Nelly offers a comprehensive solution that not only enables the digitalization of patient data but also automating receivable management for medical practices. The platform provides a fully GDPR-compliant digital process, from patient intake to payment with a single click. Seamless integration with existing practice management software and user-friendly operation allow patients to securely and efficiently manage everything via their smartphone. Nelly has already digitized 30 million paper documents and digitally processed over 2 million patients, saving an average of 10 minutes per patient. This translates into hundreds of thousands of hours saved in the healthcare sector. For more information, visit https://www.getnelly.de/.
About Cathay Innovation
Cathay Innovation is a multistage venture capital firm, affiliated to Cathay Capital, investing in founders building transformative businesses across Europe, North America, Asia, Latin America and Africa. Its platform connects founders with investors and its ecosystem of leading Fortune500 corporations to help startups scale and transform industries with consumer to enterprise and AI solutions in commerce, fintech, digital health and mobility / energy. Founded in Paris in 2015, Cathay Innovation now manages over €2.5B AUM with additional offices in Berlin, San Francisco, Shanghai and Singapore and has invested in over 100 startups including Chime, Pinduoduo (NASDAQ: PDD), Glovo, Wallbox (NYSE: WBX), Owkin, Getaround, Ledger, ZenBusiness, Alma, Descartes Underwriting and more. To learn more, visit us at www.cathayinnovation.com or follow us on LinkedIn or Twitter @cathayinnov.
[1] https://www.mckinsey.de/news/presse/2022-05-24-42-mrd-euro-chance