CHARLOTTE, North Carolina–(BUSINESS WIRE)–medZERO, with its innovative healthcare financing platform, was one of five companies selected for last month’s Meta Lab Challenge, a prestigious competition sponsored by the Carolina Fintech Hub and MassChallenge, an international development program. business accelerator located in Boston.
Since last fall, 99 of the world’s most innovative startups have competed to solve some of the most pressing problems facing communities. These small businesses span 21 US states and hail from 13 countries around the world, including Belarus, Colombia, Hong Kong, Iceland, Israel, Japan, Kazakhstan, and Rwanda.
The results were announced during Charlotte Innovation Week at the Truist Bank Innovation Foundry. medZERO was selected in the Shared challenges category to fight against economic and health inequalities.
medZERO is a nationwide mobile loan and healthcare payments platform that makes healthcare affordable for employees struggling to pay their bills. Participating employees have access to on-demand funds allowing them to maximize the use of their health savings accounts, allowing them to save up to 30% on their health care bills while extending their payments made via payroll deductions over six to 18 months without interest.
Businesses and healthcare providers based throughout the Charlotte area have the opportunity to participate in the Meta Lab medZERO program with discounts and rewards available for those who register early.
“The challenge objectives were a perfect fit with our mission,” said Craig Froude, CEO and co-founder of medZERO. Economic stability is the primary social determinant of health. Without financial stability, health takes a back seat. “We started medZERO because we saw a solution that can help close the health and wealth equity gap by providing support and access to underserved people and communities.”
The metalab is a forward-thinking collaboration between fintech and healthcare leaders in the City of Charlotte to cultivate a world-leading ecosystem for innovation and collaboration. Carolina Fintech Hub (CFH) in partnership with Mass Challenge (MC) to launch the first stage of this initiative. MC is a world-renowned organization uniquely adept at working with corporate clients to understand innovation needs, then identify and recruit the best startups and emerging companies in those areas.
“Over the past 5 years, Charlotte has become a global destination for fintech, and Meta Lab is the next chapter in this inspiring growth story,” said Tariq Bokhari, Executive Director/Founder of Carolina Fintech Hub and City Councilman of Charlotte.
“One of the most important steps for a startup is to land its first enterprise client, especially in regulated industries like finance and healthcare.“, said Siobhan Dullea, CEO of MassChallenge. “Meanwhile, business leaders are learning that the fastest way to solve big challenges is to partner with a startup. These business-startup collaborations are win-win.
The judges came from a wide range of backgrounds – leaders in fintech, health tech, education, government and many more. Winners have the opportunity to collaborate directly with CFH Anchor Partners, as well as gain strategic insights and their share of an equity-free “innovation pool” made possible by EY, Movement Mortgage and LendingTree. Later phases of the Meta Lab include further business development opportunities, pilot projects, capital investments and, in some cases, even acquisitions.
Since securing $5.7 million in seed funding last year from Silicon Valley powerhouses True Ventures, Village Global and other angel investors, medZERO launched its app in November 2021 and has recruited a wide range of clients. In February, LG Electronics and Silicon Valley’s LG Nova Lab selected medZERO as one of its “top 50” startups for its large-scale project. Mission for the future competition targeting new developments in the fields of Connected Health, Energizing Mobility, Smart Living, The Metaverse and Innovate to impact.
Portland, Oregon-based medZERO is an employer-sponsored financial wellness platform that gives employees a smarter way to pay for health care. medZERO is led by an experienced management team and backed by industry-leading investors. Learn more at medzero.com.