January 29, 2015
True Link Financial, which provides anti-fraud and scam protection services for caregivers of aging adults, announced today it has closed a $3.4 million seed round, led by Cambia Health Solutions. Additional investors in the round include Kapor Capital, Collaborative Fund, and Generator Ventures. According to True Link CEO Kai Stinchcombe, the additional funding will help the company grow its customer base and continue to invest in its fraud protection algorithms and core technology.
Backed by Y Combinator and launched in 2013 by Stinchcombe and co-founder Claire McDonnell, True Link provides a service that protects vulnerable seniors from scams, fraud, and financial exploitation by providing them with a safe form of payment to make daily purchases. True Link offers a customizable Visa card designed for family caregivers to safeguard the finances of their aging loved ones. The family can set up the card so it always works when Mom’s out to lunch with friends, shopping at the mall, or donating to her favorite charity, while making sure she doesn’t lose money to pushy telemarketers, unwanted mail solicitations or sweepstakes scams.
True Link protects vulnerable seniors from scams, fraud, and financial exploitation by providing them with a safe form of payment to make daily purchases. Family caregivers use True Link's service to monitor their loved ones' spending and prevent unwanted purchases from unscrupulous merchants, who might try to take advantage of the unsuspecting seniors. The company is based in San Francisco, California.
True Link’s main product is a special debit card and financial account that was launched in the fall of 2013. The debit card is highly customizable. Users can set limits of up to $50 at specific stores like Target or on phone bills. The company charges $10 as monthly fees for its services. True Link acquires customers mainly through word of mouth or through professional service providers like financial planners. The company claims that its customers save about $195 a month on average.