Headquarters: DARIEN, CT
Year Founded: 2020
1. What attracts Ten Coves to the payments marketplace?
The payments landscape is a massive, multi-trillion-dollar space globally, and payments has been a key focus since the Firm’s inception. Market demands around speed, security, loyalty, payment modality and simplicity are driving the space forward, yet digitization of legacy modalities and infrastructure remains in the early stages. On the B2B side, Ten Coves’ primary focus area, we’ve seen continued adoption of software to drive business workflows and concurrently believe these key solutions are best positioned to enhance their value proposition by embedding additional financial products/features. At Ten Coves, we’ve been fortunate enough to have partnered with several companies that enable both horizontal and vertical-specific workflows around pay-ins, pay-outs, disbursements and more.
2. What does Ten Coves look for in the management of prospective target firms and the business model?
At Ten Coves, we target the B2B side of payments, where the ongoing shift towards digitization is creating unique opportunities for new technologies to modernize the payments infrastructure and improve enterprise/SMB workflows. Having backed several B2B software and payments companies in our history, including but not limited to Bill.com, Bluefin, Nvoicepay, Versapay, MarginEdge and Inbox Health, we are keen to partner with companies that have identified tangible pain points within the existing payments ecosystem and have built durably differentiated solutions that deliver value to their end customers. Our partner founding teams have deep subject matter expertise, acutely understanding the pain points of their end buyer, the broader market landscape and associated opportunities to deliver meaningful ROI to their customers.
3. What is your forecast for investor activity in the healthcare payments business over the next 12 months?
The healthcare payments market is complicated and multi-faceted. Focusing just on the US market, there are a number of constituents involved in the value chain, which adds additional complexity but also opportunity for technology solutions to drive efficiencies. Ten Coves has witnessed increased investor attention across the revenue cycle management space, and especially in patient payments/collections as adoption of high deductible health plans increases. Spanning from cost transparency and payment plan flexibility at the point of care thru to patient engagement and collections post-care, there is a large opportunity for new technologies to help modernize the provider-patient experience and in turn, help deliver superior outcomes for all parties involved, namely an improved care experience for consumers and increased revenue capture for providers.
Ten Coves Capital Launched by Former Napier Park Growth Equity Team: read press release