Berlin-based fintech startup Nelly has raised €50 million in a Series B funding round, led by Cathay Innovation and Notion Capital, with existing investors b2venture, Lakestar, Motive Ventures, and Arc Investors also participating. This significant investment will fuel Nelly's mission to become the largest fintech player in the healthcare industry, transforming the administrative workflows of medical practices across Europe.

Nelly's innovative software-as-a-service (SaaS) product has already gained traction, with over 1,200 medical practices in several European countries utilizing its digital onboarding system. The platform enables patients to book appointments and fill out personal details and medical history online, streamlining the process for both patients and medical staff. However, Nelly's co-founder and CEO Niklas Radner notes that more than 50% of appointments are still not scheduled digitally, highlighting the vast potential for growth in this sector.

The company's solution integrates seamlessly with existing practice management systems, ensuring that medical practices don't need to switch to a new system altogether. This integration is facilitated by connectors built in-house by Nelly's team or developed by its partners. Radner likens Nelly's product to a "Typeform/DocuSign/planner for medical practices," underscoring its comprehensive nature.

Beyond onboarding, Nelly's platform offers a range of features designed to enhance the patient experience and simplify administrative tasks for medical practices. Patients can pay medical bills online, receive reminders to leave reviews on Google Maps, and access a suite of services that reduce the need for physical paperwork. Medical practices, in turn, can benefit from Nelly's invoice and billing management, expense management system, and corporate credit cards, freeing up time and resources for more critical tasks.

Nelly's strong integrations and data protection certifications have created a significant barrier to entry for other fintech companies. The startup has already made a mark in the German market, becoming the first company to send digital invoices in the medical space. With its recent expansion into Italy and plans to enter additional European markets, Nelly is poised to make a profound impact on the healthcare industry.

The company's success has also attracted the attention of major dental service organizations (DSOs) in Europe, including the Colosseum Dental Group, which operates in 11 countries and plans to scale its 700 locations with Nelly's platform. As Nelly continues to expand its reach, it is likely to play an increasingly important role in shaping the future of healthcare administration in Europe.

With its €50 million funding injection, Nelly is well-positioned to achieve its ambitious goal of becoming the largest fintech player in the healthcare industry. As the company continues to innovate and expand its services, it will be fascinating to observe its impact on the healthcare sector and the broader fintech landscape.