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Based in San Francisco, California, Cherry Technologies is a financial technology company that provides flexible consumer financing solutions designed for medical practices and healthcare providers. The revenue-generating platform allows medical facilities to offer payment flexibility directly to their patients, thereby increasing overall access to healthcare treatments while simultaneously driving practice revenue growth. Operating at the intersection of healthcare services and consumer lending, the enterprise currently maintains a workforce of 328 employees to support its expanding payment infrastructure. By integrating directly into clinic workflows, the system streamlines the credit application process for out-of-pocket medical expenses. The corporate leadership team includes Chief Operations Officer Sean Schroeder and Chief Revenue Officer Andy Cahoy, who manage the deployment of these lending services across medical sectors. Cherry Technologies was founded in 2016 by Felix Steinmeyer and Charles Mourani.
Cherry Technologies has raised $45.0M across 1 funding round.
Cherry Technologies has raised $45.0M in total across 1 funding round.
Cherry Technologies has raised $45.0M across 1 funding round. Most recently, it raised $45.0M Series B in August 2022.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| Aug 1, 2022 | $45M Series B | — | 111° West Capital | Announced |
Cherry Technologies has raised $45.0M in total across 1 funding round.
Cherry Technologies's investors include 111° West Capital.
Cherry Technologies is a San Francisco-based fintech company founded in 2017 that provides point-of-sale financing solutions for health and wellness providers, enabling them to offer flexible "buy now, pay later" payment plans to patients.[1][2][3][5] It serves dental, orthodontics, medical aesthetics, plastic surgery, dermatology, veterinary practices, and other businesses by solving the problem of high upfront costs that limit patient access to care, boasting industry-leading 80%+ approval rates, approvals up to $50K, zero-interest options like Pay-in-4, low merchant fees (saving up to 50%), and immediate funding in 2-3 business days.[3][5] With around 600 employees, an A+ BBB rating since 2019, and a focus on provider revenue growth, Cherry handles consumer repayments directly, allowing practices to prioritize treatments while achieving high customer satisfaction.[2][5]
Cherry Technologies was incorporated on September 5, 2017, in Delaware and began operations the same day, with its BBB file opened shortly after in July 2019.[2] Co-founders Felix Steinmeyer (CEO) and Charles Mourani (CTO) led the early vision, later joined by executives like Sean Schroeder (COO), Andy Cahoy (CRO), and Pramod Thammaiah (CPO).[3] The company emerged to address financing barriers in health and wellness, quickly gaining traction through its provider-obsessed model, high approval rates, and seamless integration for medical practices.[1][4][5] By 2025, it has grown to 600 employees across onsite offices, emphasizing a performance-driven culture.[2][4]
Cherry rides the fintech wave of embedded finance and buy-now-pay-later (BNPL) expansion into healthcare, where rising treatment costs and consumer demand for flexible payments align with post-pandemic recovery in elective procedures like aesthetics and dentistry.[1][3][5] Timing is ideal amid market forces favoring high-approval, low-fee alternatives to traditional lending, especially with regulatory licensing from California DFPI and Delaware, enabling trust in a fragmented medical financing space.[2] It influences the ecosystem by boosting provider revenue (e.g., doubling approvals), expanding patient access, and setting benchmarks for seamless POS integration, potentially accelerating BNPL adoption in wellness sectors.[4][5]
Cherry is poised for continued growth by deepening penetration in high-margin verticals like medspa and veterinary care, leveraging its 80%+ approvals and fee advantages to capture more market share amid BNPL maturation.[5] Trends like AI-driven underwriting, further healthcare digitization, and consumer preference for interest-free plans will shape its path, while scaling to 600+ employees positions it for international expansion or adjacent services like insurance integration.[2][3] Its influence may evolve from niche enabler to category leader, empowering providers to treat more patients without financing friction—ultimately redefining access in health and wellness just as it started in 2017.[1][3]
