By Riley Kaminer
Have you ever spent days of your life sorting out a medical payment? Chances are you have – and you’re not alone, with the the Journal of the American Medical Association estimating that between $760 billion and $935 billion of healthcare spending is wasted due to payment inefficiencies.
And that is in the U.S. Imagine what is the story for places in Latin America, which overall has less advanced infrastructure.
Enter Miami startup Osigu, which is working to untangle the region’s tangled web of healthcare payments.
Now, Osigu is announcing that it has raised an undisclosed amount of its Series B led by the Miami office of IDC Ventures, alongside Visa as a strategic investor. In total, Osigu hopes to raise $25 million for its Series B. This will enable the company to take its next big leap toward transforming how healthcare transactions are handled in Latin America and the Caribbean.
“Our partnership with Visa is a game-changer for the healthcare sector in Latin America,” commented Osigu founder and CEO Fernando Botrán. “By digitizing and automating payment processes, including the adoption of real-time payments, we are addressing the root problems in the industry and empowering providers and payers to focus on delivering high-quality care and efficient operations, confident that payments will be timely and accurate.”
And the timing is crucial: Healthcare systems globally have struggled to keep up with the complexities of modern payments, but the pandemic exacerbated these challenges, especially in Latin America. With legacy systems still in place, financial transactions between healthcare providers and insurers often encounter delays, confusion, and a lack of transparency.
According to Eduardo Coello, Visa’s regional president for Latin America and the Caribbean, this collaboration seeks to provide real-time payment solutions that will radically change how healthcare providers operate.
“Visa is committed to developing innovative digital payments solutions to help improve people’s daily lives and enable businesses to operate with greater ease and efficiency,” Coello shared in a statement. “Together we will enable an array of players in the healthcare sector, from consumers to hospitals and beyond, to overcome long-standing challenges.”
Ultimately, the partnership between Osigu and Visa is about creating a lasting infrastructure that addresses longstanding pain points for healthcare providers, insurers, and patients. For years, healthcare payments in the region have been bogged down by manual processes, leading to slow payments and expensive administrative work. Botrán sees this as an opportunity to shift the sector toward real-time, seamless payments that remove the stress of delayed reimbursements.
“Last year we processed 1.5 million transitions,” Botrán previously told Refresh Miami. In dollar figures, those transactions represent a Gross Merchandise Value of $650 million. Between 2022 and 2023, their ARR grew 6.4x – with more than 65 institutional healthcare clients. Three of the company’s almost 200 employees are based in South Florida.
“IDC Ventures’ investment in Osigu reflects our focus on backing forward-thinking companies that are transforming the fintech landscape in Latin America,” IDC Ventures managing director Bobby Aitkenhead told Refresh Miami. “By partnering with Visa and leveraging Osigu’s proprietary technology, we are confident this collaboration will not only enhance the efficiency of healthcare payments but also drive real impact for providers, payers, and patients across the region.”
Founded over a decade ago, Osigu has expanded its presence across several key markets in Latin America, including Mexico, the Dominican Republic, and Colombia. The company’s approach combines AI and cloud-based technology to streamline the flow of information across the healthcare ecosystem, allowing providers, insurers, and patients to collaborate in a more efficient and secure way.
By embedding efficiency and transparency into healthcare payments, Osigu and Visa are developing the rails to lead to a more sustainable and accessible healthcare system. Patients, insurers, and providers alike will benefit from faster payments and fewer headaches, creating a ripple effect that could influence other sectors to follow suit.
Pictured at top of post: Osigu founder and CEO Fernando Botrán (left) and Eduardo Coello, Visa’s regional president for Latin America and the Caribbean.
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