After launching early last year, True Link Financial just pulled in $3.5 million in funding to help America’s elderly from getting roped into scam charges.
The technology is simple enough in concept. True Link provides its clients with a pre-paid credit card. The card not only puts in place a spending limit, it also guards against potential spending pitfalls — like unauthorized additional charges companies sometimes stick consumers with.
The elderly card user’s family members, who are usually the ones purchasing the card, are able to put restrictions on the it to prevent certain transactions. They can also set up the “fraud blocker” feature on the card, which limits ATM withdrawals.
This new round of funding will help the company build out its technology and develop better algorithms for fighting fraud, as well as grow its consumer base.
Cambia Health Solutions led the round, which also included investment from Kapor Capital, Collaborative Fund, Initialized Capital, and GENerator Ventures.