Charlotte-based fintech startup Collateral Velocity has raised a new round of funding that it will use to help expand its platform.
The startup announced on Monday that it recently raised a $1.3 million friends and family funding round.
Collateral Velocity, founded in 2018 by Chris Langley, is a business-to-business SaaS platform that offers real-time medical claim valuation and collateralization as part of a committed, secured debt and trade finance solution suite. The overarching goal of the platform is to reduce risk and lower costs in health care.
Langley, who previously worked with top-tier banks in Charlotte, began developing the platform several years ago after realizing people could post collateral to banks to receive lower rates. He quickly decided to pivot to health-care receivables, particularly Medicaid and Medicare.
The startup has also partnered with PMMC, a Charlotte-based company that uses revenue-cycle management software to improve the financial performance of health-care providers.
Collateral Velocity is a portfolio company of Carolina Fintech Ventures and was part of RevTech Labs Class 9 cohort.