True Link raises $35 mn to enhance financial flexibility

Source: IBS Intelligence 2020-07-30

Kai Stinchcombe, True Link CEO and co-founder

California based True Link Financial, a diversified financial services firm dedicated to protecting and increasing customers’ independence and quality of life has announced that the company has raised a total of $35 million in two Series B tranches with the first led by Khosla Ventures and the second preemptively led by Centana Growth Partners.

Since its inception, True Link has been at the forefront of adapting the design of financial products and services for vulnerable older adults, people with disabilities, and people in recovery. Its specialized payments and investment product offerings are designed to empower its end users, as well as their related ones and professional caregivers. According to company data, the FinTech receives nearly five million customer calls per year with a 97% “great” rating for customer support.

True Link is planning to use the investment to continue hiring mission-aligned talent, to serve more families and individuals, and to explore new products in the insurance and credit markets. The FinTech has also announced that Tom Davis from Centana Growth Partners will be joining the board as the series B director, with David Weiden from Khosla Ventures and Eric Byunn from Centana as observers.

“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,” said True Link CEO and co-founder Kai Stinchcombe.

True Link’s product suite includes:

Payment Cards for vulnerable elders: The technology can be used to block exploitation related to memory loss and allow caregivers to make safe purchases on their behalf.
True Link for people in recovery: For people in recovery from addiction and their families, a customizable payment card that helps reduce relapse temptation associated with carrying cash, enables budgeting, and can block liquor store or gambling purchases that could indicate a relapse.
Investment services: Investment advisory services are tailored to the needs of people who are depending on a fixed amount of resources for the remainder of their lifetime. The FinTech’s platform provides a built-in solution to help customers meet the stringent recordkeeping requirements of various programs.
Services for people with disabilities: For people with a third-party administrator of assets, True Link provides payment processing and recordkeeping tools for court reporting and to preserve access to life-saving government benefit programs. For individuals with intellectual disabilities, the firm offers a payment card administered by a family member or guardian to provide greater independence and security. Through partnerships with state governments, True Link provides its services to nearly half of participants in state-administered ABLE Act programs.

“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,” said True Link co-founder and COO Claire McDonnell.

Founded in 2012 by Kai Stinchcombe and Claire McDonnell, True Link’s mission is to provide greater independence and autonomy to people who are at financial risk when engaging with the world.

True Link Financial

True Link raises $35 mn to enhance financial flexibility

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