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Cedar

“Can a single AI-powered platform own the entire patient financial engagement layer — from coverage verification to payment collection — across the US healthcare system?”

Founded2016
HQNew York, NY, United States
Latest roundSecondary (Private), post-2021
IndustryVertical SaaS / Healthcare
The story

Founded in 2016 as Careportal, Cedar rebranded and pivoted to become a full patient financial engagement platform for hospitals and health systems, unifying billing, payments, coverage, and support. The company expanded beyond simple digital billing to embed payer-provider intelligence (Payer Intelligence Layer) connecting real-time benefits data with billing workflows. Most recently, Cedar has layered in AI-driven personalization (Cedar Intelligence) and affordability tools (Cedar Cover), positioning itself as the financial OS for the patient revenue cycle rather than a standalone payment portal.

Last 12 months
2022-11
Product timeline
2016
Founded as Careportal, a digital financial management platform for healthcare billing and patient payments.· pivot
2017
Raised Series A of $13M to build out patient billing and engagement platform.· banking
2018
Raised Series B led by Kinnevik to expand health system partnerships.· banking
2022
Launched integrated Payer-Provider Patient Billing Platform with Highmark Inc. and Allegheny Health Network, introducing the Payer Intelligence Layer.· banking
2024
Launched Cedar Cover, a connected patient affordability solution for Medicaid enrollment and coverage management.· insurance
2025
Launched Cedar Intelligence, an AI-powered financial engagement layer including Kora, an intelligent voice agent for patient billing.· pivot
The stack
1 layer disclosed in Cedar’s embedded-finance stack
Payments / PSP
Stripe
Accounting gap: none