Nelly aims to establish itself as the leading fintech startup within the healthcare sector. Based in Berlin, this innovative company is already collaborating with over 1,200 medical practices across several European nations. Yet, numerous other practices stand to gain from modernising their administrative processes.
To further its mission, Nelly successfully secured €50 million in funding (approximately $51 million based on current exchange rates) through a Series B financing round spearheaded by Cathay Innovation, alongside Notion Capital. Existing investors such as b2venture, Lakestar, Motive Ventures, and Arc Investors have also contributed once more.
While numerous sectors have transitioned fully to digital processes, Nelly’s founding team observed that many medical practices remain behind the curve. A recent experience highlighted this, where a co-founder had to manually complete forms during a doctor’s visit, resulting in a delayed invoice of €120 sent via post weeks later.
The venture began with a software-as-a-service offering designed to streamline the onboarding of new patients for medical practices. Patients can easily schedule appointments and will receive a confirmation via SMS, WhatsApp, or email, which includes a link to submit their personal and medical information online.
Despite advancements, over 50% of appointments continue to be arranged through traditional methods, such as phone calls or visiting in person. In response, patients can scan a QR code in the waiting room to access Nelly’s digital portal.
Nelly’s service seamlessly integrates with existing practice management systems, ensuring that data remains updated and stored within these legacy platforms. These connections are developed either internally by the Nelly team or through collaborations with partners.
This onboarding system serves as the foundation for Nelly’s expanded product offerings. The platform can be likened to a combination of Typeform, DocuSign, and a scheduling tool specifically for medical practices.
From the patient perspective, in addition to online booking and onboarding capabilities, Nelly enables payments to medical practices via online transactions or Nelly-managed card readers. Additionally, patients receive prompts to leave feedback on Google Maps.
For medical practices, Nelly simplifies invoicing and billing processes, significantly reducing the time spent pursuing out-of-pocket payments.
Furthermore, Nelly serves as an alternative to traditional corporate bank accounts, incorporating an expense management system and corporate credit cards. The platform also provides factoring services to facilitate immediate payouts for outstanding claims.
These comprehensive integrations throughout the patient experience and the back-office operations of medical practices establish a strong competitive advantage against other fintech firms. In addition, Nelly has completed data protection certifications. Nelly is recognised as the first company to introduce digital invoicing in Germany’s medical industry.
Currently, the product is accessible in Germany, Austria, and Switzerland, with a recent expansion into Italy and plans for further international growth.
Nelly collaborates with prominent dental service organisations (DSOs) across Europe and has secured a partnership with the Colosseum Dental Group, which operates in 11 European countries. They are committed to scaling their 700 locations in collaboration with Nelly, facilitating expansion into additional markets across Europe.
