Panacea Financial
Founded by two physicians who couldn't get loans during residency; banking for doctors, dentists and vets.
Banking for doctors, dentists, vets.
- Who holds it
- The company itself — it holds a full banking licence — Division of Primis Bank (NASDAQ: FRST) — operates under Primis's US bank charter; FDIC-insured.
- The ledger
- The bank’s own core ledger.
- If it fails
- A covered-deposit payout through the local scheme, up to its limit.
Derived from Panacea Financial’s regulation type and custody — a class of protection, not a guarantee. Limits and eligibility vary by scheme, balance and jurisdiction; confirm before you rely on it. What happens if a neobank shuts down →
The facts
| Category | traditional · healthcare pros |
| HQ | Little Rock, US |
| Founded | 2020 |
| Custody | Custodial |
| Regulation type | Licensed bank |
| License detail | Division of Primis Bank (NASDAQ: FRST) — operates under Primis's US bank charter; FDIC-insured |
| Card | Visa · Debit + credit |
| Stablecoins | No |
| KYC | Yes |
| Active regions | North America |
| Founders | Michael Jerkins, Ned Palmer |
Verified links: official site ↗
Common questions about Panacea Financial
What is Panacea Financial?
Panacea Financial is a fiat neobank built for healthcare pros, headquartered in Little Rock, US and founded in 2020. Your money is held custodially, so Panacea Financial or its partner bank holds the balance and you hold a claim on it. It is regulated as a licensed bank (Division of Primis Bank (NASDAQ: FRST) — operates under Primis's US bank charter; FDIC-insured).
Does Panacea Financial have a card, and where can you use it?
It issues a Visa debit and credit card. It is available in North America.
Does Panacea Financial require KYC?
Yes. Panacea Financial requires identity verification (KYC) to open an account, as a licensed bank.
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Peers
Chime · Wise · Varo · Current · SoFi · Ally Bank
Panacea Financial appears in
Neobanks that hold their own banking license (132) · Neobanks available in North America (126) · Neobanks that issue a Visa card (182) · Neobanks in United States (66)
Figures compiled from public sources, for comparison only — not financial advice. "Up to" rates change constantly; always confirm with the issuer. Spotted an error? Suggest a fix.