“Can a headless, AI-native clearinghouse replace legacy EDI + banking rails between US healthcare providers and payers?”
Founded 2017 as a general-purpose EDI platform, Stedi pivoted decisively into healthcare after the February 2024 Change Healthcare cyberattack exposed the fragility of the US clearinghouse layer. It rebuilt itself as an API-first, AI-ready healthcare clearinghouse and revenue-cycle engine, adding embedded banking (Stedi Treasury via Grasshopper Bank) and lockbox check-processing in 2025-2026 to own the full payer-to-provider money flow, not just the EDI messaging.
Stedi discloses Grasshopper Bank, N.A. as its banking provider, according to the Embedded Finance Index 2026.
Stedi does not disclose a bank charter of its own; its banking services are provided through Grasshopper Bank, N.A..
Stedi moves money over ACH.
The Embedded Finance Index 2026 maps 3 layers in Stedi's stack: Money movement (ACH); Banking / BaaS (Grasshopper Bank, N.A.); Sponsor bank (Grasshopper Bank, N.A.).
Stedi was founded by Zack Kanter and is founded in 2017, headquartered in New York, NY, USA.
Stedi has raised $142M in total (latest round: Series C, 2026).
Get a read on where your own stack stands against Stedi 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.