Nitra Helps Medical Companies Weather Bank Crisis

Nearly 100 companies respond to offer of short-term funding solutions

NEW YORK, March 16, 2023 /PRNewswire/ -- As federal regulators debated how to manage several high-profile bank failures in the last week, almost 100 companies, including many in healthcare and health technology that were desperate to access deposited funds, responded to Nitra's offer to provide short-term funding solutions to help weather the crisis.

Nitra, which typically provides smart spend management solutions and business support to medical practices, pivoted to serve the broader healthcare community with short-term loans and business cards that companies could use to make payroll, pay vendors, and otherwise remain operational. Given the continued need the company sees from healthtech peers, Nitra has committed to continuing its support of this sector, enabling companies to be better prepared for future uncertainty and ensuring they are continually able to quickly access funds.

"We understand the unique challenges that healthcare-focused tech companies face, especially during times of crisis," said Jonathan Chen, founder and CEO of Nitra. "We were proud to offer our services to those affected by the banking problems. Our goal was to help keep money moving and provide the liquidity these companies need—and we will continue to do so."

Nitra is backed by some of the world's leading venture capital firms, including Andreessen Horowitz, NEA, Pantera Capital, KB Financial Group, Jerry Yang/AME Cloud Ventures, and Will Smith's Dreamers VC. The company's mission is to bring modern financial products, integrated medical software, and supply chain solutions to medical practices.

As such, Nitra is uniquely positioned to help healthcare companies maintain purchasing power and liquidity through short-term business loans and the Nitra Visa Business Card, which offers unlimited 2% cash back, credit limits of up to $500,000, and integrated spending and payment controls.

"Our mission is to help healthcare companies thrive," Chen said. "Part of that is offering financial tools that allow companies to remain flexible, diversified and able to operate with confidence, even in uncertain times."

To learn more about how Nitra can help right now, please visit: www.nitra.com/svb-support.

To apply for the Nitra Visa Business Card, please visit: https://dashboard.nitra.com/register

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About Nitra

Nitra is enabling smarter spending for the next generation of healthcare. We offer a simpler, automated way for healthcare practices to manage their spending and create time for what matters. With streamlined accounting, a clear overview of spending, and access to exclusive rewards, our members are empowered to find the right balance between supporting their patients and running their practice.

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