Stakk Ltd (ASX: SKK) has signed a multi-year Master Services Agreement with Panacea Financial Holdings Inc., a US-based neobank operating as a division of Primis Bank (NASDAQ: FRST). The deal marks a significant milestone for the Australian embedded finance provider as it prepares to roll out its Stakk IQ™ Embedded Finance solution across Panacea’s deposit acceptance channels.
Under the agreement, Stakk will initially support mobile image capture, PDF and scanner imaging, image authentication, optical character recognition and wider document and data orchestration. These capabilities will feed into Stakk’s rule-based transaction orchestration engine, enabling Panacea to streamline the processing of incoming deposits. Revenue will be generated via a monthly platform fee and usage-based transaction charges each time a Panacea customer uses a Stakk-powered function. Billing begins in January 2026 for services delivered from December 2025.
The contract includes an initial multi-year term with options to renew annually.
Healthcare-focused neobank backed by major investors
Panacea Financial is a physician-founded fintech that offers banking and lending solutions tailored to doctors, dentists and veterinarians. Its products are designed to address unique financial pressures across the medical profession, from student debt to practice finance. Launched in 2020 by chief executive officer Tyler Stafford, president Dr Michael Jerkins and fellow co-founders, the platform has attracted strong venture support, including around US$62 million from Peter Thiel’s Valar Ventures — one of the largest fintech investments in a healthcare-focused platform.
The company benefits from extensive distribution partnerships, including its agreement with the American Dental Association, which provides access to about 40% of active US medical practitioners. Panacea’s banking infrastructure is supplied by Primis Bank, a Virginia-based regional bank with more than US$14 billion in assets as at late 2024 and a partial ownership stake in the fintech.
Stakk executive director Andy Taylor said the deal aligns with the company’s strategy of targeting niche industry verticals beyond Tier 1 banking as it scales its embedded finance offering.
“Outside of Tier 1 brands, we are very focused on capitalising on emerging niche industry verticals, as we look to expand our Stakk IQ™ Embedded Finance offering. Panacea is a market leader in building out a custom solution for medical practitioners, with unrivalled distribution, and we are proud to help power their ambitions. We look forward to nurturing this new relationship and adding additional ones soon.”
Stakk currently provides embedded-finance infrastructure to more than 210 banks, credit unions, neobanks and fintech platforms globally through its modular Stakk IQ™ platform, which spans mobile document capture, risk intelligence, authentication, transaction orchestration, settlement and underwriting.