Scratchpay, Green Dot Bank partner to create new way to save for veterinarian visitsMay 16, 2019Scratchpay and Green Dot Bank have announced they are working together to help pet owners save money for those unexpected veterinary bills. The financial technology company will offer owners Scratchpay Savings, a new type of savings account and a debit card. "Scratchpay's current offerings help pet parents manage the high cost of veterinary care with convenient and transparent payment plans," says Scratchpay chief executive officer, John Keatley. "But we know many of our customers want to be proactive and plan ahead for the next expensive trip to the veterinarian. "Our new Scratchpay savings account will help them do just that. Set aside funds each month for their pet's health care, while also earning benefits and incentives to reward them for good behavior." The benefits of Scratchpay Savings include: • Set-it-and-forget-it savings plans through the Scratchpay app • A customized debit card, allowing convenient access to funds • Pet-friendly rewards and incentives • No minimum balance • No monthly fee Owners will also be able to earn cash back at Scratchpay partner clinic locations and special rewards will be available to account holders who also have a Scratchpay payment plan.
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Scratchpay veterinary lender raises $6.4M Series A funding for expansionJune 26, 2018 Scratchpay, a financial tech company focused on veterinary care, has raised a $6.4 million in a Series A funding round led by Companion Fund, a pet-care focused investment arm launched by Mars Petcare. Founded in 2016 by John Keatley and Caleb Morse, Scratchpay offers payment plans to clients with vet bills from $2,000 to $10,000. If approved, applicants choose among various payment and interest options. Once the plan is set, the vet receives a confirmation email and Scratchpay pays the clinic through direct deposit. The company's underwriting model incorporates multiple proprietary and third-party data sources specific to the animal health industry, according to CEO John Keatley. "We are the only lender that incorporates information about the pet and the procedure being performed into lending decisions," he said. The company makes money on the interest, which is determined on an individual basis, ranging from 5 to 26 percent, and a 5 percent cut on all transactions it handles. As Scratchpay pays the vet clinic the approved amount up front and takes full responsibility for pet owners' payments, this process potentially mitigates the risk-assessment problem vets (and pet-owners) often face in …
