True Link Financial, which offers financial management support to families, has closed its Series B round on $35m.
The round was backed by Khosla Ventures and Centana Growth Partners.
With the fresh capital, the company is looking to hire more staff and investigate new products in the insurance and credit markets.
Founded in 2012, True Link aims to enhance the independence and well-being of vulnerable adults, people with disabilities and those recovering from addiction.
True Link CEO and co-founder Kai Stinchcombe said, “I founded True Link because I saw my grandmother Ruth lose tens of thousands of dollars to financial abuse and fraud. At True Link, we are helping make spending and financial decision-making safer.”
The company offers customers payment cards for vulnerable elders which are capable of blocking exploitations such as scam charities, sweepstake entries and telemarketing, and ensure the caregivers can safely buy medicine, food and essentials.
An online dashboard lets users customise settings to meet the needs and circumstances of different life situations, easily add funds and provide safer access to spending money.
People in recovery can also use a customisable payment card, which will reduce the temptation with carrying cash, as well as enabling budgeting. The card can block transactions involving alcohol and gambling.
True Link co-founder and COO Claire McDonnell said, “Amidst a global pandemic that has exposed how financially vulnerable so many people are, our customers need us more than ever before. Both Centana and Khosla are partners who genuinely understand and believe in our purpose and their support will help us realize our vision.”
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