Nitra raised a seed round from leading investors including Andreessen Horowitz, NEA, Pantera, KB Financial Group, Jerry Yang, Will Smith’s Dreamers VC, CoVenture and others.
Fintech company Nitra announced today that it has obtained $62 million in investment capital from several investors. These include New Enterprise Associates, Pantera Capital, KB Financial Group, Jerry Yang/AME Cloud Ventures and Will Smith’s Dreamers VC. Additionally, CoVenture provided a debt facility for the firm. Other participants in this round of investment included Primer Sazze Partners, SparkLabs Global and Taipei, Dunamu, Expa, Soma Capital, Slope Capital, K50 Ventures, 8090 Partners and Gold House Ventures.
Nitra was founded with the goal of providing modern financial products, medical software systems and supply chain solutions to healthcare professionals. The company received funding so that it can grow its team, increase growth and release new products.
Nitra’s CEO and founder Jonathan Chen says they are excited to bring disruptive digital finance technology from Silicon Valley to new industries. Their goal is to create an ecosystem that utilizes cutting-edge software in conjunction with innovative financial technology to help doctors manage their practices. This will allow them to focus more on their patients instead of dealing with mundane administrative tasks.
Nitra’s mission is to provide vital solutions for doctors and healthcare employees. They’ve recently launched their first product: a Visa Business card customized for the healthcare industry. Doctors can earn rewards on common expenditures through the card, which has no annual fee. It’s powered by software that demonstrates Nitra’s customer-centric approach. This software offers spend management, business analytics and reconciliation tools. In the future, Nitra plans to develop more financial products and build specialized software for hospitals and practices nationwide.
Tim Hwang co-founded legaltech unicorn FiscalNote with Chen. Hwang is also the CEO of FiscalNote and its chairman. He has confidence in Nitra’s management team and has appointed them as the chairman of Nitra’s Board of Directors. Hwang believes that the next wave of fintech will be driven by specialized financial software for specific industries. The US healthcare industry alone is worth over $4 trillion, which makes it an ideal candidate for this change.
Nitra’s team has a lot of experience putting tech companies together in regulated environments. This makes them the ideal candidate to improve the outdated B2B payments market, which is huge in size. NEA general partner and head of consumer investing Rick Yang said, “We are delighted to support Nitra as they work to build the next generation of services at the intersection of financial services, software and healthcare.”
Nitra has partnered with many healthcare related businesses to support their platform. These partners include Jaanuu, PatientPop, Betty Mills, DirectShifts, Vitality Medical, OhMD and LendingUSA. By partnering with such a large network, Nitra is able to offer smooth transaction experiences across the country.
Nitra is located in New York and San Francisco. They recently opened offices in both locations to support the growing healthcare market. In addition to a motivated and experienced team, Nitra has hired advisers such as Martin O’Malley— the cofounder of Square— Sam Wen, Richard Park — the founder of CityMD— Raymond Stern — former Chief Marketing Officer of Intuit/TurboTax— and Dr. Lester Zuckerman, who founded National Spine and Pain Centers. All these people work together to encourage the growth of the healthcare market.