Toronto-based healthcare platform League has secured a $100-million USD ($144-million CAD) credit facility from RBCx as it celebrates achieving 40 million users under contract.
League struck a partnership with Australia’s largest private health insurer this past October.
League said in a statement that the customer milestone represents a 160 percent increase year-over-year, and claimed the surge is driven by increasing demand for its new data and artificial intelligence (AI) offerings. The company added that the financing will support its investments in platform development, sales capacity, and potential mergers and acquisitions.
“This capital will be important in capturing the significant opportunities that come with scaling a healthcare platform of our magnitude,” League founder and CEO Michael Serbinis said in a statement. “RBCx plays a vital role in fostering innovation in the technology sector, and we’re proud to have their support as we scale our business toward 100 million people by 2030.”
Founded in 2014, League provides a white-label customer experience platform for healthcare providers and payers, such as insurance companies. Its platform allows users to navigate their coverage and claims, participate in rewards programs, and integrate third-party health apps. League says some of its customers include Highmark Health and Manulife.
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The company said its recent customer growth has been part of a period of significant momentum, which includes expanding internationally through a partnership with Australia’s largest private health insurer, Medibank, this past October. The partnership’s initial focus is to enable Medibank’s new corporate digital health and wellbeing solutions, with plans to be integrated into the My Medibank app experience this year.
League also announced a batch of new AI-powered offerings in October, which included features such as an AI-powered provider finder, League claims its provider finder will match individuals to providers by considering factors like specialty, location, language, and accessibility. The company said the AI offerings would begin rolling out in the first quarter of 2025.
League achieved unicorn status through a $95-million USD funding round in 2022. Led by Sydney, Australia, and New York-based TDM Growth Partners, the round pegged League at a pre-money valuation of $850 million USD (or $1.1 billion CAD, at the time). League now says it has raised more than $235-million in venture capital funding to date.
Feature image courtesy League.