Scratchpay, a 3-year-old company that lends money to veterinary clients, has secured $65 million in Series B financing to reach more pet owners and expand internally.
The funding consists of two parts.
“The equity portion of the round … will be used to invest in product development and advancing Scratchpay’s proprietary underwriting model,” the company stated. “The debt portion of the round … will be used to help Scratchpay meet growing demand from pet owners.”
The Los Angeles company reported funding transactions on behalf of the owners of more than 70,000 pets seen at over 5,000 veterinary hospitals.
Participating clinics are assessed a 5% transaction fee. Clients pay as little as 0% interest on 90-day loans, or they can pay monthly installments with interest.