New Partnership to Fuel Financial Innovations, Delivering
Flexible Solutions to Operators and Families
WASHINGTON, Dec. 4, 2024
/PRNewswire/ -- Sunbound, a leader in finance solutions for senior
living, announced an investment from Live Oak Ventures, a wholly
owned subsidiary of Live Oak Bancshares, to fuel innovations that
support operators and families. This partnership strengthens
Sunbound's mission of enhancing financial stability for senior
living operators, enabling them to streamline their financial
processes and focus on resident care and family satisfaction.
Senior living operators spend significant time and effort
dealing with manual and inefficient financial workflows, which
hurts profitability and strains cash flow. Sunbound's platform
directly addresses these challenges with accounts receivable (AR)
automation tools and flexible working capital solutions that
simplify payments and increase cash flow. By streamlining the
payment process for families, supporting community teams and
providing essential capital access for operators, Sunbound helps
communities remain resilient in a demanding industry.
Sunbound has grown more than 20x in 2024, partnering with
operators of all sizes across the country to increase velocity of
cash while reducing bad debt and administrative burden on community
teams.
The investment from Live Oak will accelerate Sunbound's product
development, with a focus on expanding its product suite, both in
software and financing, enhancing its analytics and AI capabilities
and expanding its go-to-market activities. Additionally, Sunbound
plans to continue to scale its award-winning customer support team
to support the influx of operators seeking to optimize their
financial operations.
"We are excited about forging a strategic partnership with Live
Oak, one of the largest and most respected senior housing lenders
nationally. They have seen firsthand the meaningful, measurable
impact of our product through our work with their own senior living
loan portfolio. The Live Oak team brings a wealth of knowledge and
experience, both in financial technology and the senior living
industry. We look forward to collaborating with their team to
achieve our shared vision of solving operators' most pressing
challenges, improving their financial performance and meeting the
evolving needs of their residents," said Manny Cominsky, CEO of Sunbound.
"Our team understands the challenges of operating in the senior
housing market. Sunbound is offering an important, next-generation
financial operating system that helps businesses navigate those
challenges," said Stephanie Mann,
Live Oak Bank Chief Strategy Officer. "We are excited to invest in
a company that is helping to advance and simplify revenue
generation for a vertical we have been serving for many
years."
Looking ahead, Sunbound is building the "Financial OS for Senior
Care," by offering a suite of tools that ensures financial and
operational efficiency across the sector. By equipping operators
with robust financial solutions, Sunbound is helping operators grow
sustainably, and deliver consistently high standards of care for
the nation's seniors. To learn more about the full suite of
Sunbound products, visit sunboundhomes.com.
About Sunbound
Sunbound is on a mission to enhance, streamline and ultimately
transform the financial processes for both senior living operators
and their families. Today, senior living operators receive over 50%
of payments by check and manage their financial processes through a
range of siloed financial, billing and clinical systems. The lack
of consistency leads to operational inefficiencies, financial
underperformance and cash flow issues. At the same time, families
find the current payments experience confusing, cumbersome and
stressful. Sunbound was created to solve this problem by building
the first modern, user-friendly, end-to-end platform that saves
operators and families time, money and effort.
About Live Oak Ventures
Live Oak Ventures, a wholly owned subsidiary of Live Oak
Bancshares (NYSE: LOB), is a fintech-focused investor that
aims to bring innovation and performance excellence to the
forefront of the banking industry. By investing in companies that
accelerate the delivery of open digital solutions to the
market, Live Oak Ventures intends to change the landscape of
financial services and small business banking.
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SOURCE Sunbound