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TMC-backed fintech platform announces collaboration to digitize health care expenses

This Texas Medical Center startup is digitizing employee expense management within health care. Photo courtesy of TMC

The Texas Medical Center announced a partnership with San Francisco-based Bond Financial Technologies Inc this month on a platform that will bring an embedded financial solution into the realm of health care expenses.

According to a statement from the companies, inefficiencies make up about 35 percent of the $5 trillion annual health care expenditure in the U.S.

To find a solution, TMC Innovation launched its own fintech company, Tanaflow, which aims to digitize health care expense management through applying machine-based learning. Bond Financial launched Bond Treasury in tandem to facilitate the innovation.

Together the products will first aim to tackle the often paper-based and cumbersome task of employee expense reimbursements, which accounts for an estimated $300 million a year at TMC, according to the statement.

“TMC’s Tanaflow will use Bond Treasury to embed financial services into our software applications to save time and money so we can refocus on serving the more than 10 million patients we see annually,” Odero Otieno, founder in residence at TMC and CEO of Tanaflow, says in a statement. “Over time, we expect to expand into other non-clinical tasks and transactions, such as payment acquiring, treasury management, and credit. Bond has the technology platform, talent, and vision to be our long-term partner and we are incredibly excited to partner on this new journey.”

The Tanaflow technology will be integrated across TMC's 61 institutions and 21 hospitals.

This will be Bond Financial's first foray into the health care industry. The company, founded in 2019, aims to create, launch and scale embedded financial experiences across industries at an enterprise level through its API platform. Investors include the likes of Goldman Sachs and Mastercard.

"We’re seeing tremendous interest from enterprise businesses that want to embed purpose-built financial products into their software applications, and are excited to partner with impactful organizations such as TMC to bring more efficiencies into the healthcare vertical,” Roy Ng, co-founder and CEO of Bond, adds in a statement.

The TMC is also currently underway on its 250,000-square-foot, $186 million TMC3 Collaborative Building, which will house research initiatives and foster collaboration among academic health care institutions and industry partners. Slated to open in the fall of 2023, it's also designed to support strategic initiatives and investment from life science-focused firms and national venture and equity and partners.

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Building Houston

 
 

With Clutch, connecting brands with creators has never been easier and more inclusive. Photo courtesy of Clutch

An app that originally launched on Houston college campuses has announced it's now live nationwide.

Clutch founders Madison Long and Simone May set out to make it easier for the younger generation to earn money with their skill sets. After launching a beta at local universities last fall, Clutch's digital marketplace is now live for others to join in.

The platform connects brands to its network of creators for reliable and authentic work — everything from social media management, video creation, video editing, content creation, graphic design projects, and more. With weekly payments to creators and an inclusive platform for users on both sides of the equation, Clutch aims to make digital collaboration easier and more reliable for everyone.

“We’re thrilled to bring our product to market to make sustainable, authentic lifestyles available to everyone through the creator economy," says May, CTO and co-founder of Clutch. "We’re honored to be part of the thriving innovation community here in Houston and get to bring more on-your-own-terms work opportunities to all creators and businesses through our platform.”

In its beta, Clutch facilitated collaborations for over 200 student creators and 50 brands — such as DIGITS and nama. The company is founded with a mission of "democratizing access to information and technology and elevating the next generation for all people," according to a news release from Clutch. In the beta, 75 percent of the creators were people of color and around half of the businesses were owned by women and people of color.

“As a Clutch Creator, I set my own pricing, schedule and services when collaborating on projects for brands,” says Cathy Syfert, a creator through Clutch. “Clutch Creators embrace the benefits of being a brand ambassador as we create content about the products we love, but do it on behalf of the brands to help the brands grow authentically."

The newly launched product has the following features:

  • Creator profile, where users can share their services, pricing, and skills and review inquiries from brands.
  • Curated matching from the Clutch admin team.
  • Collab initiation, where users can accept or reject incoming collab requests with brands.
  • Collab management — communication, timing, review cycles — all within the platform.
  • In-app payments with a weekly amount selected by the creators themselves.
  • Seamless cancellation for both brands and creators.
Clutch raised $1.2 million in seed funding from Precursor Ventures, Capital Factory, HearstLab, and more. Clutch was originally founded as Campus Concierge in 2021 and has gone through the DivInc Houston program at the Ion.

Madison Long, left, and Simone May co-founded Clutch. Photo courtesy of Clutch

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