Panacea Financial, a fintech division of Primis Financial in McLean, Va., raised $24.5 million in Series B funding.
The fintech, which was formed in November 2020 and serves doctors and medical practices, said in a press release that Valar Ventures was the sole institutional investor in the round.
The funding will allow Panacea to expand its team of technology, financial services and health care experts, along with introducing new products and services. Panacea became profitable on a GAAP basis in full-year 2023.
Panacea said it has provided more than $450 million in financing since its formation.
“Our goal is to build a widely diversified and deeply integrated suite of financial products and services for doctors, their practices, and ultimately the broader healthcare industry,” Tyler Stafford, Panacea’s co-founder and CEO, said in the release.
“We chose Valar Ventures … to help achieve this goal given their unmatched experience helping neobanks and fintechs significantly scale across the globe,” he added.