Physitrack on track for expansion following funding from Santander UK

Global digital healthcare and wellbeing company Physitrack is set for further international expansion following funding from Santander UK.

Santander UK has provided Physitrack with a £5m revolving credit facility. The funding package supports the business’ international expansion plans, acquisition strategy and working capital requirements, as well as a deferred consideration payment as part of its acquisition of Sheffield-based workplace wellbeing tech company Champion Health in May this year. Physitrack has also switched its day-to-day banking to Santander UK.

Physitrack is a UK-registered company that was founded in 2012, and in June last year it listed in Stockholm on Nasdaq First North. Its digital platform enables healthcare professionals, primarily physiotherapists, to provide remote care to patients, including access to clinical home exercise and physical education as well as outcome-tracking for physical rehabilitation and injury prevention.

To extend its offering beyond tech platforms to include virtual healthcare and wellbeing, it has made several acquisitions over the past two years, including of Champion Health, which provides a digital employee wellbeing platform with lifestyle support such as physical and mindfulness exercises.

Physitrack’s growth has been propelled by the boost the pandemic gave to digital adoption among organisations in the healthcare and wellbeing sectors. In line with this - and its acquisition-based growth - its revenue has increased from €5.9m (£5.1m) in 2020 to €8m (£6.9m) last year. It aspires to achieve annual revenue growth of 30 per cent in the medium term.

The business has clients in 187 countries and a physical presence in the UK, US, Canada, Australia and Europe. It has plans to expand organically by growing customers in its existing locations as well as entering new countries including Brazil. It also intends growing through its acquisition strategy, particularly in the UK and US.

Santander UK recently launched Santander Navigator, a digital subscription platform to support UK companies with international growth. The platform provides expertise and knowledge collated by Santander Corporate & Commercial Banking’s international team to help UK businesses overcome international trade-related obstacles and understand the attributes of doing business in a new market.

Charlotte Goodwin, chief financial officer, Physitrack, said: “This funding will allow us to invest in a number of growth opportunities in this rapidly growing and exciting space as well as provide us with financial security and headroom. Santander UK really took the time to understand our business and offered much more than just a ‘cookie cutter’ solution to support us alongside its international focus.”

David Muse, growth capital director at Santander UK, said: “We are delighted to become Physitrack’s banking partner, supporting the next phase of its growth strategy. Our funding package, global presence and international support solutions will help this fast-growing British company to expand its international presence through both organic and acquisition-based growth.”

By Mark Adair – Correspondent, Bdaily

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