Page 34 Bain Capital Healthcare
P. 34
HEALTHCARE IT
Payments powerhouse
Private Equity and Ventures joined forces to support
Zelis Payments’ astonishing growth
When the healthcare payments company Zelis sought a
partner to complete a transformational merger, it had its
pick of top-tier firms.
By 2019, Zelis had just recorded its fifth year of
breakneck growth, having increased revenue from
$3 million to $200 million for its healthcare payments
business. A merger with its business partner, RedCard,
would take things to the next level.
Financing the investment, therefore, wasn’t the
problem—it was finding a partner that could support a
business that paired venture-style growth with private
equity-style scale.
Enter Bain Capital's Private Equity and Ventures teams.
“Sitting in the boardroom of healthcare services portfolio
companies, we recognized that healthcare payments
is a pain point for many. We had identified this high-
growth, interesting healthcare payments company,” says
Devin O’Reilly, Partner and Head of Healthcare for North
America Private Equity. “Given the experience of our
Ventures team in payments broadly, we brought them
in to help perform due diligence. Matt Harris, a Partner
on our Venture's team, is a payments expert and helped
us think about analogs for other payments markets that
were more mature.”
Zelis realized it had found the right partner or, more
accurately, it found two: Ventures and Private Equity both
made investments.
Bain Capital has been leveraging our understanding of
payments and the healthcare competitive landscape to
help Zelis differentiate its technology. What’s more, Bain
Capital's Portfolio Group, which has guided portfolio
companies through dozens of mergers, has helped guide
the management team through the RedCard integration.
The market has taken notice. Recognizing Zelis’ vital role
in modernizing the healthcare financial experience and
its exceptional leadership team, Mubadala Investment
Company, the Abu Dhabi-based investment company,
announced its agreement to purchase a minority stake in
Zelis in December 2024. Together, majority owners Bain
Capital and Parthenon and lead minority investor Mubada-
la will continue to support Zelis’ growth and success in the
complex and evolving healthcare financial landscape.
Since 2019, Bain Capital has helped Zelis scale rapidly to
nearly $2 billion in revenue in 2025, more than tripling the
size of the business since Bain Capital’s initial investment.
Zelis has continued to win in the market through a com-
bination of deep product advantages, including the most
extensive B2B payment network in healthcare, a differen-
tiated ROI for both payers and providers, and a distinctive
one-stop-shop platform that is the broadest in the sector.
Quick facts
OVERVIEW
Health insurance payments
optimization solutions
HQ
Bedminster, NJ
INVESTMENT
2019
INVESTORS
Ventures
Private Equity
WEBSITE
zelispayments.com
34
Payments powerhouse
Private Equity and Ventures joined forces to support
Zelis Payments’ astonishing growth
When the healthcare payments company Zelis sought a
partner to complete a transformational merger, it had its
pick of top-tier firms.
By 2019, Zelis had just recorded its fifth year of
breakneck growth, having increased revenue from
$3 million to $200 million for its healthcare payments
business. A merger with its business partner, RedCard,
would take things to the next level.
Financing the investment, therefore, wasn’t the
problem—it was finding a partner that could support a
business that paired venture-style growth with private
equity-style scale.
Enter Bain Capital's Private Equity and Ventures teams.
“Sitting in the boardroom of healthcare services portfolio
companies, we recognized that healthcare payments
is a pain point for many. We had identified this high-
growth, interesting healthcare payments company,” says
Devin O’Reilly, Partner and Head of Healthcare for North
America Private Equity. “Given the experience of our
Ventures team in payments broadly, we brought them
in to help perform due diligence. Matt Harris, a Partner
on our Venture's team, is a payments expert and helped
us think about analogs for other payments markets that
were more mature.”
Zelis realized it had found the right partner or, more
accurately, it found two: Ventures and Private Equity both
made investments.
Bain Capital has been leveraging our understanding of
payments and the healthcare competitive landscape to
help Zelis differentiate its technology. What’s more, Bain
Capital's Portfolio Group, which has guided portfolio
companies through dozens of mergers, has helped guide
the management team through the RedCard integration.
The market has taken notice. Recognizing Zelis’ vital role
in modernizing the healthcare financial experience and
its exceptional leadership team, Mubadala Investment
Company, the Abu Dhabi-based investment company,
announced its agreement to purchase a minority stake in
Zelis in December 2024. Together, majority owners Bain
Capital and Parthenon and lead minority investor Mubada-
la will continue to support Zelis’ growth and success in the
complex and evolving healthcare financial landscape.
Since 2019, Bain Capital has helped Zelis scale rapidly to
nearly $2 billion in revenue in 2025, more than tripling the
size of the business since Bain Capital’s initial investment.
Zelis has continued to win in the market through a com-
bination of deep product advantages, including the most
extensive B2B payment network in healthcare, a differen-
tiated ROI for both payers and providers, and a distinctive
one-stop-shop platform that is the broadest in the sector.
Quick facts
OVERVIEW
Health insurance payments
optimization solutions
HQ
Bedminster, NJ
INVESTMENT
2019
INVESTORS
Ventures
Private Equity
WEBSITE
zelispayments.com
34
