TrueLink raises $35m for financial services helping vulnerable people

TrueLink raises $35m for financial services helping vulnerable people

True Link Financial, a US firm building financial tools for vulnerable people, has raised $35 million in two Series B tranches, the first led by Khosla Ventures and the second pre-emptively led by Centana Growth Partners.

Founded in 2012, True Link is aimed at three groups typically underserved by traditional financial providers: vulnerable older adults, people with disabilities, and those recovering from addiction.

The company offers a payment card for vulnerable older adults, who True Link says are targeted by $36 billion of fraud every year. The technology can be used to block exploitation related to memory loss (like scam charities, sweepstakes entries, and telemarketing) and allows caregivers to make safe purchases on cardholders' behalf.

Another card, for people in recovery, can help reduce relapse temptation associated with carrying cash, can enable budgeting, and can block liquor store or gambling purchases.

Meanwhile, 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.

“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," says True Link CEO Kai Stinchcomb.

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