Ami Kumordzie, CEO of Sika Health, is reimagining how consumers pay for medical needs. This entrepreneur is developing her platform while keeping diversity in mind. Ami Kumordzie, a physician, founded a fintech platform with no prior expertise and the goal of matching customers with IRS-compliant businesses while advising individuals to invest in their health. Forbes claims that the CEO of Sika Health decided to pursue an M.B.A. rather than a residency after noticing problems with the healthcare system while attending Stanford University School of Medicine.
“My first job was working for healthcare clients at BCG as a management consultant,” she recalled, adding that the analytical position had helped her spot the market’s gap. After witnessing her mother lose her work as a hotel employee due to the epidemic, Kumordzie was motivated to create Sika Health. Even though I’ve spent my entire career working in the healthcare industry, I had to scramble and essentially become an expert in taxes to find out how my mother could use these assets before she lost them, the woman added.
Kumordzie noted the significant loss consumers suffer when they forego their FSA benefits. “Around 70 million Americans are registered in FSA or HSA accounts, contributing around $150 billion a year,” she added. It’s a great shame since those funds could have been used to invest in people’s health, Kumordzie remarked. She remarked, “We need additional ways to save and resources that help us stretch our expenditures. “Buying healthcare with FSA and HSA funds effectively means you’re saving 30% on costs.” Kumordzie initially secured $6.2 million in investment.
She stated that the target was to raise $500,000. “Within weeks, I raised $1.2 million, exceeding my objective.” Later, during a seed fundraising round led by Brian O’Malley of Forerunner Ventures, Kumordzie surpassed $5 million. When looking to employ, Kumordzie noted, “Having a brand like Forerunner as one of our backers makes a tremendous impact.” “When you’re having a hiring conversation and trying to persuade someone to leave their well-paying, secure position to take a chance on an early-stage firm, it makes a tremendous difference.”
Kumordzie attributes the success of attracting venture funders to her unconventional background. The creator of the fintech company wanted to have access to top IT talent, and eventually Sika Health was able to hire the original payments engineer from Etsy. According to the website, Sika is working to make sure that clients can easily access and use their HSA/FSA funds to buy whatever they want, whenever they want.