True Link

True Link provides financial services for the elderly, disabled, and individuals recovering from addictions. Its products include prepaid Visa cards and investment advisory services. The prepaid card directed at elders provides more independence in spending money while also providing a third-party a breakdown of how the money is spent and prevents exploitation due to memory loss if the individual depends on a third-party  to purchase goods and services.

True Link facilitates the latter by allowing users to customize the usability controls for cards by blocking certain transactions and restricting access to required outlets. Investment advisory services design portfolios tailored to individual needs and factors in cash flow needs, age, benefits eligibility, etc. The product offers a built-in record keeping tool for Social Security and Medicaid programs. True Link entered a partnership with ride hailing services provider Lyft in 2016, providing True Link users the option to use its prepaid card as a payment mechanism.

The prepaid cards are priced at USD 10 per month (for set-up and maintenance) and the user incurs USD 1 to USD 2 per transaction in addition to withdrawal and balance inquiry fees. The company charges a 1% fee for its investment advisory services and claims it is not yet profitable. 

As of March 2021, the company was operational across all 50 states in the US and aims to work with partners for international expansion. As of July 2020, the company had 85 employees with offices in San Francisco, Phoenix, Denver, and New York.

In July 2020, the company announced the close of its Series B funding round, raising a total of USD 35 million over two tranches. The round was initially led by Khosla Ventures, investing the first tranche of USD 19 million in May 2019, after which, the company claims it doubled revenue. This attracted its second tranche of USD 16 million from Centana Growth Partners. The round valued the company at USD 115 million and the fresh capital was allocated to boost hiring, add 30 employees by the end of 2020, and support product development of life insurance and credit based services.