According to Silicon Canals, the Reinsurance Group of America (RGA), a Fortune 500 firm, participated in the tranche together with other new and current investors. RGA is a new long-term strategic investor.

The extra funding will be used by the business to quicken its pace of innovation and worldwide expansion. This will enable CarePay to lower healthcare expenses, expand its platform into new areas, and strengthen relationships with individuals directly.

CarePay improves accessibility and efficiency in the healthcare market by establishing real-time connections between insurers, healthcare providers, and patients.

The platform's main goals are to save expenses, increase operational effectiveness, and provide safe, data-driven insights to address problems with healthcare data access and quality.

CarePay, which was established in 2015, first introduced its M-TIBA mobile health wallet in Kenya. This device helps customers save money for medical bills by fusing e-money with mobile technology.

Since then, the platform has developed into a digital solution that helps insurers provide more inexpensive alternatives and allows hospitals to invest in high-quality treatment, all of which improve the financial dynamics in the healthcare ecosystem.

Vice President of Ventures & Partnerships at The Reinsurance Group of America Kenneth Schuit was upbeat about CarePay's prospects, adding, "We are thrilled to support CarePay as they enter this next phase of growth." Their cutting-edge platform's capacity to provide safe, scalable, and high-quality data makes them an appealing investment for ensuring that everyone has access to financial security.

The firm continues to receive financing from the Health Insurance Fund (HIF), which is funded by the Dutch Ministry of Foreign Affairs. "Our ongoing investment reflects our belief in CarePay's vision to drive meaningful change in health markets by expanding patient-centric access to care, including the previously uninsured," stated Nicole Spieker, CEO of HIF.

"Securing this fresh funding is a significant milestone for CarePay," said Pieter Prickaerts, CEO of CarePay, in reference to the cash. It emphasizes how important it is to use high-quality data to enable AI-driven changes in the healthcare industry. Our mission is to improve healthcare efficiency and accessibility for all people worldwide.

The company's goal of offering accessible healthcare solutions to everyone in the world was further aided in 2019 when it secured $45 million in a Series A fundraising round.