Simplee Raises $6 Million Series A For Its Mint-Like Approach To Tracking Healthcare Expenses

Simplee, a Mint-like platform for tracking healthcare expenses and then paying them online, is today announcing the close of its $6 million Series A round of funding. The round was led by The Social+Capital Partnership (aka “s23p”), and includes current investors, Greylock Partners Israel. As a part of the investment, s23p’s General Partner Ted Maidenberg and Greylock’s Tilli Kalisky joined Simplee’s Board of Directors.

The funding will help Simplee extend its product from bill tracking and payments to other areas, including plan recommendations, care recommendations, and more. The company is also preparing to roll out its B2B offering to partners, and launch its first mobile app.

The company is based in Palo Alto, but company CEO Tomer Shoval is Israeli, which is why Simplee’s seed round of $1.5 million included Greylock Israel and a ground of Israeli angels. However, the company is focused on the U.S. market, in terms of its offering.

For a little background, Simplee aims to do for your medical insurance accounts what did for financial accounts, which means, basically, it helps you make better sense of them. Something of a Cake Health competitor, it brings in medical, dental and pharmacy bills and presents them in an easy-to-understand dashboard showing things like total costs, how much you’ve paid out-of-pocket, your deductible, how many doctor visits you’ve had and more.

Besides making it easier to visualize spending, Simplee also tracks your insurance company’s database, and updates its platform with a new bill when it becomes available. It shows you how much of that bill you owe, and how much your insurance will pay, so that you can then make the correct payment directly through the service itself.

Shoval tells us that the company is weeks away from launching a pretty exciting new feature: it will soon start detecting and flagging billing errors. For those with a lot of healthcare expenses, this could end up saving you quite a bit of money. He’s not ready to disclose how exactly the technology works, but hints that it’s based on the company’s knowledge of your plan and the payments you’ve already made.

A second feature, plan recommendation, is also on the horizon, says Shoval. With this, Simplee will look at aggregate data to determine what plan best fits a user’s needs. Further down the road, Simplee will also roll out tools to help you find the right doctor for your needs, too.

Since its launch in May of last year, Simplee has managed nearly half a billion dollars in medical expenses for members across thousands of medical providers. Today, the company covers 80% of insurers in the U.S. market, and the average Simplee bill pay user pays around $1,000 per year via the platform. User engagement with the service is high, too, the company reports, with more than 65% returning regularly (within a 90-day window)

Thanks to the new funding, the company can now really focus on its new product updates and is also poised to announce several new B2B relationships involving large partners who will bring Simplee to their members. The partners will include employers, HSA banks and FSA administrators, but Simplee is not disclosing their names at this time. “It’s a great opportunity that can help us scale in terms of user base and monetization,” says Shoval of the new partners.

Partners will pay for Simplee via its advanced SaaS subscription model, which doesn’t offer per-seat pricing, but will actually adjust pricing based on user engagement. When users get results, partners pay more. For its consumer-level offering, Simplee will remain free.

And in case you’re worried about putting your medical expenses in the hands of a third-party, Shoval assures us that they will “never share user data with anyone.” The company may examine aggregate, anonymized data to make recommendations, but your personal data and expenses remain private.