What Panacea Financial does

Panacea Financial is a digital banking and lending platform exclusively serving physicians, dentists, and veterinarians across every career stage, from fourth-year medical, dental, and veterinary students through residents, fellows, attending clinicians, and practice owners. Founded in 2020 and headquartered in Little Rock, Arkansas, it operates as a division of Primis Bank, an FDIC-insured community bank whose parent (Primis Financial Corp) reported roughly $4.0 billion in total assets and $61 million of full-year 2025 net income. The platform combines personal banking (fee-free checking and 3.15% APY savings, business checking, merchant services, DSO/MSO deposit services, high-balance deposits) with a lending suite that includes PRN Personal Loans of up to $50,000 for practicing physicians, student loan refinancing, physician mortgages, and practice acquisition loans including SBA products. APRs on PRN loans range from 8.49% (with discounts) to 17.85%, with a 1% origination fee and career-stage-aligned features such as interest-only payments during residency and no-cosigner underwriting for qualified applicants.

The company is venture-backed, having raised $62 million in cumulative Series B funding from Valar Ventures (sole lead across a January 2024 $24.5M tranche and a July 2025 $37M extension). Revenue mechanics span loan interest income, deposit net interest margin, transaction and wire fees, merchant services fees, and professional services revenue from Panacea Legal contract review. Go-to-market is community-led and direct-to-consumer, anchored by an American Medical Association affinity partnership and supplemented by a LocumTenens.com partnership, an annual Residents & Fellows Survey, a physician-hosted podcast, content marketing, and the recurring Match Day giveaway. Core technology infrastructure is delivered through partnerships rather than internal builds: Bankjoy powers digital banking, Stakk Ltd delivers embedded finance (revenue-generating from January 2026), and Fisense underpins online account opening. The leadership team is physician-founded (Co-Founders Tyler Stafford, CEO; Ned Palmer, MD, COO; and Michael Jerkins, MD, President) with functional leaders in marketing, compliance, and student financial products.

Name

Panacea Financial

Legal name

Panacea Financial Holdings, Inc.

Website

https://panaceafinancial.com

Company type

Private

Founded year

2020

Operating status

Operating

Headcount range

11–50 employees

Short description

Panacea Financial is a digital banking and lending platform, operating as a division of Primis Bank, exclusively serving physicians, dentists, and veterinarians with personal loans, practice financing, student loan refinancing, mortgages, and high-yield checking and savings.

Ownership category

akta.pro rank

Product category

Healthcare-focused Digital Banking

NAICS

Depository Credit Intermediation (5221), Savings Institutions and Other Depository Credit Intermediation (522180)

SIC

Finance Services (6199), Loan Brokers (6163)

akta.pro primary industry

Balance-Sheet / Portfolio CRE Lending (FSALADAG)

Keywords

• Physician banking services
• Medical professional loans
• Healthcare fintech lending
• Practice acquisition financing
• Student loan refinancing

Headquarters

HQ city

Little Rock

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Technology or R&D, Marketing or Sales, Operations, Infrastructure

Revenue model

1. Loan Interest Income: Interest income from personal loans (PRN loans), student loan refinancing, mortgages, and practice loans. Fixed-rate loans with APR ranging from 8.49% to 17.850%, with 1% origination fee.
2. Deposit Spreads: Interest rate spread from deposits. Checking and savings accounts with 3.15% APY, generating revenue through loan origination and deposit gathering.
3. Banking Services Fees: Fees from merchant services, wire transfers, and other banking services. Claims no hidden fees policy.
4. Professional Services - Legal: Contract review services through Panacea Legal, including standard contract review, compensation review, and contract negotiation services for medical professionals.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels8 records

Core offering

Panacea Financial is a digital banking and lending platform built exclusively for physicians, dentists, and veterinarians, operating as a division of Primis Bank. The platform delivers personal loans (PRN loans up to $50K), student loan refinancing, mortgages, practice acquisition loans, fee-free personal and business checking/savings accounts paying 3.15% APY, merchant services, and contract review services through Panacea Legal. All deposit products are FDIC-insured via the Primis Bank charter.

Product overview

Panacea Financial is a division of Primis Bank offering a comprehensive financial platform built exclusively for physicians, dentists, and veterinarians. The platform provides a unified suite of products spanning personal and business banking (checking, savings, high-yield accounts with 3.15% APY), lending solutions (PRN Personal Loans up to $50K, Student Loan Refinancing, Mortgages for Doctors, and Practice Loans including SBA options), payment processing (Merchant Services), deposit services for organizations (DSO and MSO Deposit Services), and professional services (Contract Review via Panacea Legal, Insurance). Products are designed for all career stages from medical/dental/veterinary school through residency, fellowship, and independent practice, with the company emphasizing fee-free services and understanding of the unique financial lifecycle of medical professionals.

Differentiator

Problem solved

Functional benefit

Brands

• PRN Personal Loans: Personal loans built specifically for medical, dental, and veterinary professionals at various stages of their careers.
• Panacea Practice Solutions
• Panacea Legal

Products and services

• PRN Personal Loans Personal loans tailored for medical, dental, and veterinary professionals including fourth-year students, residents, fellows, and practicing doctors. Features fixed rates (APR 8.49%–17.85%), no cosigner required, no prepayment penalties, 1% origination fee, and reduced payments during training periods. Loan amounts up to $50,000 for practicing professionals.
• Student Loan Refinance Refinancing solutions for medical, dental, and veterinary school loans to help professionals lower monthly payments, consolidate multiple loans, and save over the life of the loan.
• Mortgages for Doctors Home mortgage products designed specifically for physicians, dentists, and veterinarians at various career stages.
• Practice Loans Customized financing for doctors and dentists to buy, start, or grow their medical or dental practices, including SBA loan products. Features specialized credit structures, competitive pricing, and experienced advisory services.
• Personal Checking & Savings Fee-free personal banking accounts offering 3.15% APY on savings, no minimum balance, and unlimited free ATM use nationwide. FDIC-insured through Primis Bank.
• Business Checking & Savings Business banking services for medical and dental practices including next-day remote deposits, merchant services, unlimited domestic wires, and fraud protection.
• Merchant Services Payment processing services enabling medical and dental practices to accept card payments from patients.
• DSO Deposit Services Deposit services tailored for Dental Service Organizations (DSOs) managing multiple dental practices.
• MSO Deposit Services Deposit services tailored for Medical Service Organizations (MSOs) managing multiple medical practices.
• High-Balance Deposits Banking solutions for physicians with high-balance deposits, offering enhanced service and FDIC insurance aggregation across Panacea Financial and Primis Bank divisions.
• Contract Review (Panacea Legal) Legal services providing contract review for physician employment agreements, including standard contract review, compensation review, and contract negotiation support. Delivered through the Panacea Legal Services partnership.
• Insurance for Doctors Insurance products for medical professionals offered through a partnership with Treloar and Heisel.

Quantifiable outcome

• 3.15% APY on savings accounts
• +2 more outcomes

Named customers1 record

Segments5 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Five partnerships are on record, tiered core and minor.

• Stakk LtdcoreTechnology or Integration · 4 December 2025Multi-year Master Services Agreement to deliver Stakk IQ Embedded Finance solution to Panacea Financial. Services include banking and document processing capabilities. Revenue generated through platform fee and transaction fees starting January 2026.
• BankjoycoreTechnology or Integration · 17 January 2024Strategic partnership with Bankjoy to enhance digital banking services for healthcare professionals. Bankjoy provides digital banking technology including mobile banking, online account opening, and other banking features integrated into Panacea Financial's platform.
• American Medical Association (AMA)coreGTM or Marketing PartnerAffinity partnership offering AMA members exclusive banking services and practice financing tailored to physicians. Includes promotional rates and specialized products for independent medical practices.
• LocumTenens.comminorGTM or Marketing PartnerPartnership to offer exclusive banking services to the leading locum tenens agency. Targets locum tenens physicians with specialized banking and lending products.
• Panacea Legal ServicescoreImplementation/ SI/ Consulting PartnerPartnership for contract review services including standard contract review, compensation review, and negotiation services. Panacea Legal assists with administrative and consultative services for employment contracts.

Scale indicators4 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• SoFi: Large public fintech offering student loan refinancing, mortgages, personal loans, and deposit products with strong physician-specific marketing. Competes with Panacea on virtually every product line but lacks exclusive healthcare-vertical positioning; primary threat on scale and brand.
• Truist (Physician Mortgage Program): Large regional/national bank offering physician-mortgage products with low/no down payment tailored to medical residents and attending physicians. Competes with Panacea's mortgage-for-doctors product via an established branch and balance-sheet footprint.

Direct peers

• Laurel Road (KeyBank): KeyBank's physician- and dentist-focused digital lending brand offering student loan refinancing, mortgages, and personal loans tailored to medical professionals. Most direct head-to-head competitor on physician loan products and the canonical vertical-bank comparison for Panacea.
• Earnest: Digital lender specializing in student loan refinancing and personal loans for high-earning professionals, including doctors and dentists. Directly comparable on physician-targeted refi and personal loan underwriting and pricing.

Emerging players

• Upgrade: Online lender offering personal loans, credit cards, and deposit products targeting prime and near-prime borrowers. Overlaps with Panacea on PRN-style personal loans and mobile deposit account experiences, though not healthcare-vertical.
• Credible: Loan marketplace aggregating student loan refinancing, personal loans, and mortgages from multiple lenders, with significant medical-professional traffic. Competes indirectly by routing physician borrowers to refi and personal loan products.
• LendKey: Digital lending platform connecting borrowers to community banks and credit unions for student loan refinancing and home improvement loans. Comparable technology-led lending infrastructure and partial overlap on healthcare-professional refi traffic.

Regional players

• USAA: Member-owned financial services provider exclusively serving U.S. military members and their families. Operates a parallel vertical-banking model with deep affinity partnerships, bundled deposit/lending products, and community-led GTM; useful comparator for vertical-bank mechanics even though the profession differs.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/pan_financial
• YouTubeyoutube.com/@panaceafinancial
• Facebookfacebook.com/PanFinancial
• LinkedInlinkedin.com/company/panaceafinancial
• Instagraminstagram.com/panaceafinancial

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds4 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Panacea Financial