US-based True Link secures USD 35 mln for financial services

Wednesday 29 July 2020 09:30 CET | News

Financial services startup True Link has closed a Series B of USD 35 million aimed at three typically marginalised markets — elderly, disabled people, and those who are recovering from addiction.

The investment round was led by Khosla Ventures with strong participation from Centana Growth Partners, an investor that specialises in financial services. Currently, the valuation is now around USD 115 million. The company’s plan will be to invest the money in adding more products to the mix, with insurance (life insurance) likely to come next, along with more credit-based services, according to TechCrunch.

The True Link Card for Vulnerable Elders is based around the idea of giving an older person some autonomy with their money but with visibility for another person either to limit where and how that money is spent, or simply to be able to monitor where it is going. The True Link Card for People in Recovery is based around the idea that people who are in that situation are usually engaged in a long-term struggle not to fall off the wagon. This can be tailored both to limit purchases at specific types of businesses (e.g. casinos or bars), and make it harder to take money out. Services for those with disabilities are aimed at providing a link between a third-party administrator and the customer, so that the former has better tools for record keeping that can be necessary for benefits and also for local authorities to make sure that a person is being looked after well. 

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Keywords: True Link, financial services, marginalised markets, startup, investment, Khosla Ventures, Centana Growth Partners, insurance, credit-based services, True Link Card for Vulnerable Elders, True Link Card for People in Recovery, True Link Card
Categories: Banking & Fintech | Payments General
Countries: United States
This article is part of category

Banking & Fintech