“Can a doctor-only neobank become the complete financial OS for medical professionals across every career stage — from residency loans to practice acquisition financing?”
Founded in November 2020, Panacea Financial launched as a niche digital bank and lender built specifically for US medical professionals (physicians, dentists, veterinarians). Rather than pivoting away from its vertical, it has deepened its focus — expanding from personal loans and banking into student loan refinancing, practice financing, mortgages, insurance, and contract review. The company operates as a division of Primis Bank, giving it charter-backed banking capabilities without owning its own bank charter. Its embedded finance strategy relies on Primis Bank for BaaS infrastructure and Fiserv for mobile banking technology.
Panacea Financial discloses Primis Bank (in-house division) as its banking provider, with Primis Bank as its sponsor bank, according to the Embedded Finance Index 2026.
Panacea Financial does not disclose a bank charter of its own; its banking services are provided through Primis Bank.
Panacea Financial integrates with Xero.
The Embedded Finance Index 2026 maps 4 layers in Panacea Financial's stack: Banking / BaaS (Primis Bank (in-house division)); Lending (PRN Personal Loans (up to $50K), Student Loan Refinancing, Practice Financing (medical, dental, veterinary) and Mortgage); Sponsor bank (Primis Bank); Accounting (Xero).
Panacea Financial was founded by Tyler Stafford and is founded in 2020, headquartered in Little Rock, AR.
Panacea Financial has raised $62M in total (latest round: Series B extension, July 2025).
Get a read on where your own stack stands against Panacea Financial and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.