Nelly has raised $51 million to transform healthcare systems across Europe

Nelly they want to be the biggest fintech startup in the healthcare industry. The Berlin-based startup is already working with more than 1,200 pharmacies in a few European countries. But there are thousands more who could benefit from an improved workflow.

This is why Nelly recently raised €50 million (about $51 million at current prices) in a Series B led by Cathay Innovation, together with Notion Capital. Existing investors b2venture, Lakestar, Motive Ventures, and Arc Investors also participated.

Although many industries have switched to digital technology, Nelly’s founding team realized that much of medicine was lagging behind. “I went to the doctor, I had to fill in all my data with a pen and paper. And after four weeks, I received a letter asking me to pay €120,” Nelly founder and CEO Niklas Radner told TechCrunch.

The company started with a software program that allowed doctors to admit new patients electronically. Patients book an appointment and receive a confirmation message via SMS, WhatsApp, or email with a link. They can click on the link and enter their information and medical history.

“But the reality today is that more than 50% of all people who are selected are not registered electronically. They are organized by calling or just walking through the system,” said Radner. This is why patients can also scan a QR code to open the Nelly portal from the waiting room.

Behind the scenes, Nelly is joining forces with existing acts. Data is transferred and stored in these old machines so that the system does not have to be replaced by new machines. These connectors are built in-house by the Nelly team or manufactured by Nelly’s partners.

This installation system acts as the backbone of all other systems. “You can see Nelly as, say, a Typeform / DocuSign / medical planner,” Radner said.

On the patient side, in addition to online booking and the advanced features, patients can pay online or through card readers managed by Nelly. Patients can also receive reminders to leave feedback on Google Maps.

As for medicine, Nelly can manage invoices and payments. This section can save a lot of time in the medical practice, because it can lead to spending less time chasing the money in the pocket.

Nelly can also be used as a substitute for a corporate bank account with cash management and corporate credit cards. Finally, Nelly offers instant payment for the remaining balance.

This tight integration into the patient journey and into the medical office creates a barrier to entry for other afintech companies. Nelly has also passed data protection certifications. “We are the first company to send digital invoices to healthcare facilities in Germany,” said Radner.

The products are available in Germany, Austria, and Switzerland. It recently expanded to Italy, and there are more countries to come.

“Nelly works with the biggest DSOs (dental support organizations) in Europe… And they want to go to their 700 locations with Nelly,” said Radner. “So we are expanding with our customers to more markets in Europe.”