True Link Financial, a US-based financial services provider backed by health insurer Cambria Health Solutions and retirement home firm Link-Age, is raising $35m in series B funding across two tranches.
Khosla Ventures led the first tranche and Centana will lead the second on a pre-emptive basis, however, True Link neither specified individual amounts or any other participating investors.
Founded in 2012, True Link Financial offers financial services such as payment cards and investment guidance to people in more fragile situations than typical customers.
Services on offer include a payment card that blocks recovering addicts from purchasing vices like alcohol or online gambling.
The fresh capital will allow True Link to mount a hiring drive with the aim of adding customers and products focused around the insurance and credit segments.
Tom Davis, principal at Centana Growth Partners, has joined the board of directors while his colleague Eric Byunn, partner, has been appointed an observer together with David Weiden, founding partner at Khosla Ventures.
True Link Financial secured $8m of series A funding in 2017 led by QED Investors and backed by Radicle Impact and Initialized Capital.
Ziegler Link-Age Longevity Fund, the unit formed by Link-Age and investment bank Ziegler, had already backed a $3.6m for the company in 2016 alongside Kapor Capital, Initialized Capital and Symmetrical Capital, after a $3.4m seed round in 2015 featuring Cambria Health, Kapor, Collaborative Fund and Generator Ventures.
Kai Stinchcombe, co-founder and chief executive of True Link, said: “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.
“Amidst a global pandemic that has exposed how financially vulnerable so many people are, our customers need us more than ever before. Both Centana and Khosla are partners who genuinely understand and believe in our purpose and their support will help us realize our vision.”