Payment processing and banking infrastructure provider Episode Six is expanding into the U.S. health care market through a partnership with Nomi Health, which emphasizes a digital-first approach to patient payments.
Austin, Texas-based Episode Six provides a platform for financial institutions and fintechs with more than 550 APIs and 100 plug-in software capabilities to help bring new products to market and accelerate digital transformation.
Citing U.S. health care expenditures at nearly $3.7 trillion, Episode Six plans to bring payment account holders into a digital system that allows more direct communication with their health care provider and places them in a unified payments ecosystem.
“Recent global and economic conditions have accelerated many areas within the already-emerging health-tech sector, but the need for payments innovation remains,” John Mitchell, CEO of Episode Six, said in a Thursday press release. “We see massive opportunity to assist companies in this space, and we look forward to providing the foundational technology that Nomi Health and others have been looking for in order to set them apart from their competitors.”
Episode Six technology allows health care providers to build a core account structure and a real-time transfer of payments and data to both consumers and businesses.
“Episode Six has proved its technology in the banking industry, and we’re looking forward to partnering with them to build out our payments products,” Boe Hartman, co-founder and chief technology officer of Nomi Health, said in the release. “Technology plays a critical role in how payments will evolve in our space, and Episode Six’s adaptability to shifting market conditions will serve as the perfect foundation for us as we prepare for the future.”
The expansion and partnership come shortly after Episode Six secured an additional $30 million of investment, nine months after the company secured $7 million of Series A funding. The funds will be used for continued global growth across all regions and key markets.
Currently, 3 million consumers and businesses use products built using Episode Six technology, the company said. Episode Six operates globally through offices in Europe, Japan, Singapore and Hong Kong in addition to Austin.
Investors include HSBC, Mastercard, SBI Investment Co. Ltd. and Anthos Capital.
