True Link, a US-based financial services provider backed by health insurer Cambia Health Solutions, closed an $8m series A led by investment firm QED Investors yesterday.
Investment fund Radicle Impact and venture capital firm Initialized Capital also participated in the round, which True Link said increased its overall funding to $15.8m since it was founded in 2012.
True Link’s core product is a customisable debit card and spending account focused on elderly customers which lets them set limits on how much they could spend with different companies, in order to guard against scams or repeat purchases of the same item due to memory problems.
The company has since expanded to offer a range of financial services for the elderly, including investment and insurance products as well as financial advice. It claims its customer base has grown twentyfold over the past three years.
Cambia Health Solutions led a $3.4m round for True Link in 2015 that included Kapor Capital, Collaborative Fund and Generator Ventures.
Cambia and Kapor Capital subsequently co-led the company’s $3.6m round in November 2016 that also featured Ziegler Link-Age Longevity Fund, the unit formed by investment bank Ziegler and care home operator Link-Age, as well as Symmetrical Ventures and Initialized Capital.