Scratchpay is a provider of payment plans for veterinary care.
The company partners with vet offices to offer payment plans to pet owners who are unable to pay their vet bill at the time of service. Pet owners apply and select a payment plan online. The approval process does not affect the pet owner’s credit score.
Scratchpay uses a proprietary AI-powered algorithm to determine whether to make the loan. The algorithm includes information about the pet and the procedure being performed into lending decisions. The company takes a 5% commission on all transactions and charges interest on some of the loans.
As of Feb 2020, Scratchpay has received over $70 million in funding – much of it from The Companion Fund, a venture capital fund that invests in pet care startups.
As of October 2019, the company has partnered with over 5,000 pet hospitals and has been used by over 70,000 pets.