Scratchpay Raises an Additional $6.4 Million in Funding

Scratchpay, which offers payment plans so pet owners can access veterinary care, announced that it has raised $6.4 million in Series A funding.
VMD Staff
Published: June 25, 2018
ScratchPay LogoThe California-based financial technology startup ScratchPay announced last week that it has raised $6.4 million in its first round of financing. This sum brings Scratchpay’s total funds raised to date to $8.1 million.

The Series A round was led by Companion Fund, a pet-care focused investment arm launched by Mars Petcare and managed by Digitalis Ventures. According to the company, other participants in the funding included TTV Capital, Struck Capital and SWS Venture Capital.

What Is Scratchpay?
Through partnerships with veterinary practices, Scratchpay offers simple payment plan options to pet owners who might not otherwise be able to pay their pet’s veterinary bills at the time of service.

The platform allows individuals with bills ranging from $2,000 to $10,000 to apply for payment plans. Once approved, applicants can choose among various payment and interest options. Once a plan is selected, the user’s veterinarian receives a confirmation email and Scratchpay pays the clinic through direct deposit. The process does not affect a client’s credit score.

Scratchpay’s profits come from the interest users pay, which is determined on a case-by-case basis and ranges from 5 percent to 26 percent. The company also receives a 5 percent cut of all transactions it handles. According to the company, because Scratchpay pays the veterinary hospital the approved amount up front, the process potentially mitigates the risk-assessment concerns many veterinarians face in providing care.

Scratchpay currently partners with more 2,000 veterinary offices throughout the United States. Earlier this year, the company won the $25,000 first place prize in Pet Project 2018.

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