Flywire has officially announced the acquisition of Israeli startup Simplee. It's Founder and CEO Tomer Shoval will be named Senior Vice President for Sales, Business Development and Strategic Accounts at Flywire.
At the same time, Flywire announced the completion of a new $ 120 million round of funding led by Goldman Sachs, which will support the acquisition in part. "The acquisition is accelerating the digitization of payments to address the challenges associated with patient engagement and funding in the medical market," the statement said. "By integrating the Playwire platform with Simply's consumer-centric payment methods, both patients and service providers will have the ability to make payments faster and on their own terms. Together, the companies will serve 4 of the top 10 US healthcare systems and work more than $ 10 billion Dollar of patient payments per year. "
According to sources close to the issue, the deal is $ 90 million in cash and shares. Simply raised $ 38 million to date, according to her reports. While Playwire is a Boston-based fintech startup, which in 2018 was valued at less than $ 1 billion and its total funding is $ 143 million. Tom French, co-founder and vice president of development at Simply, which runs the Israeli branch, declined to comment. Flavier declined to disclose the amount of the deal, but said it was greater than the amount invested in Simply to date.
Simply established in 2010 by French, Tomer Shoval (CEO) and Roberto Rabinovich (VP). Investors include 83north (formerly Graylock), Amex Ventures, American Social Capital and Heritage Group.
Simplee has developed a platform for healthcare organizations that enables patient billing and payments on healthcare. The system coordinates the medical bills of patients, with explanations of the required payments and existing insurance, and allows the digital payment to be made. The Company's clients are healthcare organizations and hospitals abroad, which use it to collect money from their customers.
Flywire has developed an international payment system that helps entities such as universities, hospitals and businesses receive payments in foreign currencies, facilitating the international money transfer process. For example, today a Chinese student pays tuition to Univrisita through money transfer and heavy fees. Through the Flywire system, he can pay Yuan, the local money, through the payment app he's used to. The system handles transfer and conversion, and charges a relatively low fee.
About six months ago, Israeli start-up company Simplee, which specializes in financial technology for health services, succeeded in raising $ 20 million under the leadership of the American Social Capital. Existing investors took part in the fundraising, including the 83North Israel and Heritage Group, as well as a new investor - the American Express Ventures investment giant American Express Ventures. Simply raised $ 40 million to date in three rounds, including the current round.
Simplee employs over 50 people, half of them in research and development in Israel and the rest in the United States. The company estimates that it will double the number of employees in Tel Aviv over the next year and a half. The founders of the company are Tomer Shoval, who serves as CEO, Roberto Rabinovich, chief operating officer, both former eBay executives and Shopping.com, and Tom French company chief technology officer, who manages R&D operations in Israel, former EMC senior and -nLayers.
Simplee software coordinates all patient interaction, account generation, hospital and physician services price estimates, payments, sales points, and financing. The company said that since the company's software launch in 2013, Simply has been working with nearly 900 hospitals and physician groups and about 5 million patients across the United States, representing more than $ 1 billion in annual payments.