Berlin’s Nelly raises €50 million to redefine financial operations in European healthcare | EU-Startups

Berlin-based Nelly, a rising startup at the intersection of health and fintech, has secured €50 million in a Series B funding round to enter new European markets and develop new products.

Led by Cathay Innovation and Notion Capital, the round also included existing investors b2venture, Lakestar, Motive Ventures, and Arc Investors.

The funding positions Nelly to accelerate the digitalisation of healthcare administrative and financial operations across Europe.

“The support of our investors not only underscores confidence in our team and business model but also in our ability to improve outcomes for healthcare professionals and patients,” said Niklas Radner, Co-founder and CEO of Nelly. “We are excited to continuously automise administrative workflows and innovation to build the largest fintech in healthcare.”

Founded in 2021 by Niklas Radner, Lukas Eicher, Rasmus Schults, and Laurids Seibel, Nelly’s platform provides an integrated Financial Operating System (FinOS) for healthcare. It is currently used by over 1,200 medical practices and serves more than 2 million patients, helping to streamline administrative workflows such as patient intake, document management, and payment processing.

By automating these processes, Nelly not only saves medical staff valuable time but also improves the patient experience with a fully digital, smartphone-enabled journey from check-in to payment.

The company plans to use the new capital to expand its reach in Germany, enter additional European markets, and develop new products tailored to healthcare providers’ evolving needs. A recent milestone for Nelly was its entry into the Italian market, a region facing similar challenges in healthcare administration – according to Nelly.

“One of the core investment theses at Cathay Innovation is to find solutions that improve efficiency in the healthcare space. We are also deeply committed to supporting innovative Fintech companies that bring transformative value to their industries. We are therefore extremely proud to support Nelly in transforming medical practices with new financial and operational processes. Meeting such an exceptional team has convinced us that they are uniquely positioned to become the leading bank for medical practices in the future. We are excited to help accelerate their growth across the continent and beyond,” says Jacky Abitbol, Managing Partner at Cathay Innovation.

Since its Series A round, Nelly has doubled its customer base and digitised more than 30 million paper documents. By adopting Nelly’s solutions, practices can save an average of 10 minutes per patient, translating into significant operational efficiencies across the healthcare sector.

“Notion is thrilled to partner with Nelly to help them build the next generation of operational and financial products for clinics. At Notion we’ve partnered with some of the leading vertical software leaders like Mews Systems (hospitality vertical) and Glofox (fitness vertical), and we’re excited to help Nelly scale and achieve their global ambitions. Their unique combination of software and fintech positions them exceptionally well to become a category leader in this space, and we’re eager to support their journey,“ comments Itxaso del Palacio, General Partner at Notion.

The new funds will also be directed toward enhancing Nelly’s product offerings, including advanced features such as AI-driven tools, expanded integration capabilities, and additional financial products to simplify cashflows for healthcare providers.

Nelly argues that the broader market context highlights the growing need for such solutions. A McKinsey study found that outdated administrative processes are a significant barrier to efficiency and patient satisfaction in European healthcare. With the global healthcare digitalisation market growing rapidly, Nelly aims to to play a leading role in transforming the sector.

Nelly has already a significant milestone in healthcare fintech in the DACH region as the first digital factoring provider.

With this Series B funding, Nelly is on track to solidify its position as a leading fintech for healthcare, empowering medical professionals and improving the patient experience across the continent.