# Panacea Financial

> Panacea Financial is a digital bank designed for physicians, dentists and veterinarians at every career stage - from cash-strapped residents to practice owners. Founded in 2020 by two doctors and a bank analyst, it offers no-cosigner personal loans, student-loan refinancing, mortgages, practice financing and FDIC-insured deposits, all underwritten around the reality that a resident buried in student debt is a future high earner, not a credit risk.

- **Founded:** 2020
- **Headquarters:** Little Rock, Arkansas, United States
- **Founders:** Tyler Stafford (CEO & Co-Founder), Michael Jerkins (President & Co-Founder (MD)), Ned Palmer (COO & Co-Founder (MD))
- **Team size:** ~88 employees
- **Products:** PRN Personal Loan, Student Loan Refinancing, Practice Solutions / Practice Loans, Doctor Mortgages, Personal & Business Banking
- **Notable:** Launched a full-stack digital bank for doctors on November 1, 2020., Raised roughly $61.7M in total funding, including a $62M Series B backed by Valar Ventures., Grew to about 88 employees serving physicians, dentists and veterinarians nationwide.

## Products & services

- **PRN Personal Loan** — Personal loans up to $75,000 with fixed rates and no cosigner or prepayment penalties, for expenses like board exams, residency interviews, relocation or debt consolidation. Application takes under 10 minutes.
- **Student Loan Refinancing** — Refinancing for federal and private medical, dental and veterinary school debt with no maximum amount and fixed rates that don't change with income or debt level.
- **Practice Solutions / Practice Loans** — Financing to start, buy into, acquire, expand, relocate or refinance a medical, dental or veterinary practice, including real estate and equipment loans and SBA lending.
- **Doctor Mortgages** — Home loans structured for physicians, accounting for student debt and early-career income.
- **Personal & Business Banking** — FDIC-insured personal checking, high-yield savings and business checking accounts designed for medical professionals and their practices.
- **Deposit Services for DSOs/MSOs** — Deposit and treasury services for dental and medical service organizations.

## Achievements

- Launched a full-stack digital bank for doctors on November 1, 2020.
- Raised roughly $61.7M in total funding, including a $62M Series B backed by Valar Ventures.
- Grew to about 88 employees serving physicians, dentists and veterinarians nationwide.
- Named a 2024 Finovate Awards finalist for Best Fintech Partnership (with Bankjoy).
- Built an underwriting model that approves early-career doctors without cosigners.

## Latest updates

- **2025-07** — Extended its Series B to $62M with an additional $37M investment from Valar Ventures, its sole institutional investor.
- **2024-09** — Named a finalist with Bankjoy in the 2024 Finovate Awards for Best Fintech Partnership.
- **2024-01** — Raised a $24.5M Series B to fund strategic growth of its platform and lending.

## Links

- Website: https://panaceafinancial.com
- LinkedIn: https://www.linkedin.com/company/panaceafinancial
- Twitter/X: https://twitter.com/Pan_Financial
- Instagram: https://www.instagram.com/panaceafinancial/
- Facebook: https://www.facebook.com/PanFinancial/

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Profile page: https://yespress.io/panacea-financial
Published by YesPress — https://yespress.io
Last updated: 2026-08-19