Created in 2018, the start-up MoneyTrack has developed the only third-party healthcare payment platform that allows real-time monitoring of policyholder guarantees and the payment of healthcare expenses from 1 euro. This new financing will allow it to structure and industrialize its development to accelerate its activity on the health insurance market in France and internationally.
MoneyTrack, the start-up that is revolutionizing direct payment in healthcare
MoneyTrack has developed an innovative blockchain-based platform to digitise, secure and control the payment flows between the lender, the partners and the beneficiary. To do this, it relies in particular on “smart contracts” (or digital contracts) which ensure compliance with the spending rules in a secure manner.
The start-up provides complementary health insurance with a completely secure means of payment that allows policyholders to avoid paying costs up front. Therefore, MoneyTrack mobile payment application improves insurers’ customer experience, drastically reduces city medical expense management costs and fraud risk, complying with the compensation check at the market price.
Subsequent funding to service MoneyTrack’s growth in France
After several fundraisers for a total of 5.4 million euros, MoneyTrack has continued to grow and has become the market start-up specialized in direct payments in the healthcare sector.
After many months of research and development, it is entering a new phase of acceleration and industrialization of its growth with the aim of implementing its MoneyTrack Health offer on a national scale. For this, it benefits from the integration in 2022 of its solution within the main players of the health insurance sector.
The start-up now supports around fifteen insurance clients such as MGEN and has established strategic partnerships with companies developing information systems or delegated to the management of healthcare costs such as Viamedis, Assia, Tessi or Cleva (Inetum) which represent a potential of over 25 million of insured.
MoneyTrack to conquer the international market
Thanks to this new funding round, MoneyTrack intends to accelerate the implementation of its offer in France and abroad. Indeed, if today the start-up supports about fifteen insurers nationwide, it wishes to increase its activity on the international health insurance market (IPMI) thanks to a network of more than 500 professionals in Europe. .
Thus, after its launch at the beginning of the year in Spain and Portugal for Swisslife policyholders, Moneytrack continues to extend its acceptance network to support its customers in Italy, Germany, Benelux and the United States.
Upfront costs, invoice reimbursement processing times are the areas for improvement identified in this high-growth market, which accounts for more than 80% of incoming calls to insurers’ handling centres.
Christophe Doré, founder and CEO of MoneyTrack
“The health insurance industry is experiencing a remarkable digital transformation, confirmed by the expectations of customers whose digital journeys have been accelerated by the recent health crisis. There are two major challenges for insurers: the need to improve the path provided by the launch of new digital services by significantly reducing management costs to remain competitive.
By placing our innovative payment solution at the heart of the insurer/insured/healthcare professional relationship, MoneyTrack addresses these two points, while benefiting from the benefits of modern technologies such as smart contracts and mobile tools.
These last few months have allowed us to integrate MoneyTrack into the back offices of the market and to open up to a huge potential of policyholders, both in France and internationally.
We are entering a phase of large-scale diffusion, whose recapitalization of the company will allow industrialization”.
About MoneyTrack:
Created in 2018, MoneyTrack is the start-up specialist in direct payment. MoneyTrack relies on blockchain technology to digitize, secure and control payment flows, the applications of which are vast: insurance compensation, consumer credit, allocated public subsidies, etc.
Thanks to its platform developed in collaboration with academic research (INRIA, Pôle Universitaire Leonard de Vinci), companies (in the insurance and banking sectors), entities or local institutions will be able to pay money to people who conditionally spend it within a network of authenticated partners.
The company has raised €7.3 million since its creation and now has 25 employees.
MoneyTrack has been labeled by the Finance Innovation competitiveness cluster and selected by PwC to complement the promotion of the 10 start-ups of the Scale Insurance 2021 programme.
MoneyTack Key Figures:
• Created in 2018
• 7.4 million euros raised since its creation
• 25 employees
• 15 insurance clients
• 1.5 million annual recurring revenue