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True Link Financial, Inc.
Company typePrivate
IndustryFinancial services
HeadquartersSan Francisco, California, U.S.
Websitewww.truelinkfinancial.com

True Link Financial, Inc., is a San Francisco, California based financial technology firm that offers investment accounts and prepaid cards customized for seniors, people with disabilities, and people recovering from addiction. Notable investors include Y Combinator, Khosla Ventures, QED Investors, Mitch Kapor, Alexis Ohanian, Eric Ries, Initialized Capital, Matt Cutts, and Centana Growth Partners.[1][2][3][4][5]

Services for seniors with memory loss

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True Link offers a Visa card with special controls that prevent common types of fraud and financial abuse targeting the elderly. In addition to fraud-detection algorithms developed by the company, the card can be customized to restrict telemarketer purchases across the board, block certain charitable organizations and allow others, set limits on ATM usage and receive text messages, or selectively block only a few problematic merchants.[6][7][8][9][10][11]

The company was inspired by CEO Kai Stinchcombe's experience with his grandmother Ruth, who gave tens of thousands of dollars to pushy telemarketers and charitable solicitors.[12][13][14] According to survey research, fourteen percent of seniors are victimized by fraud every year, and an additional fifty-four percent are targeted.[15] The company was formed in November 2012 by co-founders Kai Stinchcombe and Claire McDonnell and launched its product in August 2013.[16] Financial institutions have expressed interest in partnering with the company to help protect their customers from fraud.[17][18]

According to True Link's research, fraud targeting seniors is a $36.5 billion per year problem.[19][20][21][22] True Link uses fraud detection algorithms and maintains a large database filled with scams and suspicious merchants,[8][9][23][24][25][26] and members of True Link's data science team are frequently cited as experts on scams and fraud targeting the elderly.[27][28][29][30][31]

Services for people with disabilities or special needs

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The company also provides services to people with disabilities, including by working with ABLE accounts, special needs trusts, pooled trusts and representative payees.[32][33] Its cards are used by the ABLE programs of twelve states[34] and are mentioned in the Social Security Administration operations manual in the context of disbursements from special needs trusts.[35]

In its investment strategies, the company sometimes uses bond ladders which reduce interest rate risk,[citation needed] and a time-based investment strategy described by experts as a "strategy for a lifetime of income."[36] The investment allocations are based on Modern portfolio theory and include stocks and bonds as well as an annuity component in some cases.[37]

Services for people recovering from addiction

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The company provides its cards to people recovering from addiction to help manage cash and prevent relapse.[38] The company's research states that 8 in ten people agree that regaining control of one's finances is among the biggest obstacles in recovering from a substance use disorder, and 77% of adults with a loved one who has a substance abuse disorder felt that their loved one having access to cash could result in relapse.[39]

In August 2016 True Link acquired Next Step Network, LLC., a company that offers payment cards to people recovering from addiction.[32][40][41] Around 2.5 million rpeople eceive care at an addiction treatment facility every year.[42]

References

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  1. ^ "True Link raises $35 million Series B led by Khosla Ventures and Centana Growth Partners". Business Wire. Retrieved June 12, 2021.
  2. ^ "True Link Financial Secures $8 Million Series A Round". PR Newswire. Retrieved June 12, 2021.
  3. ^ Kim-Mai, Cutler (January 21, 2015). "YC-Backed True Link Raises $3.4M in Funding To Expand Debit Card, Financial Services To The Elderly". TechCrunch.
  4. ^ "True Link". AngelList.
  5. ^ Reader, Ruth (January 21, 2015). "This startup raised $3.5M to help your grandparents fight credit card fraud". VentureBeat.
  6. ^ Searles, Kathryn (October 20, 2014). "Protect Senior Citizens from Scammers with True Link Credit Card". WCCB TV.
  7. ^ "The True Link Prepaid Visa Card". Family Caregiver Alliance National Center on Caregiving.
  8. ^ a b Raymond, Joan (December 29, 2014). "Long-distance caregiving: Tech fills gaps for far-flung families". TODAY.
  9. ^ a b Arnold, Curtis (May 22, 2014). "Protect The Elderly From Scams With A Prepaid Debit Card". Forbes.
  10. ^ Tergesen, Anne (January 20, 2015). "The Best Online Tools for Retirement Planning and Living". Wall Street Journal. pp. Encore Section, page 1.
  11. ^ Brooke, Eliza (August 1, 2013). "YC Startup True Link Financial Is Out To Help The Elderly Avoid Scammers With Pre-Paid Visa Cards". TechCrunch.
  12. ^ Hosler, Hollie (October 22, 2014). "A true link to financial freedom". PBG Lifestyle Magazine.
  13. ^ Angela, Swartz (August 2, 2013). "True Link Financial Aims to Fight Senior Credit Scams". All Things D.
  14. ^ Diamond, Diane (February 7, 2015). "Stop 'elder financial abuse epidemic' now". Albuquerque Journal.
  15. ^ Holtfreter, Kristy, Michael D. Reisig, Daniel P. Mears, and Scott E. Wolfe (March 2014). "Financial Exploitation of the Elderly in a Consumer Context" (PDF). National Criminal Justice Reference Service.{{cite news}}: CS1 maint: multiple names: authors list (link)
  16. ^ Bowles, Nellie (December 16, 2013). "Young tech entrepreneurs develop products for seniors". San Francisco Chronicle.
  17. ^ "Alpha Lab Informational Webinar: True Link Card Prototype Testing". Filene Institute. June 11, 2014.
  18. ^ McGarvey, Robert (May 1, 2014). "More Protection Against Elder Fraud". Credit Union Times.
  19. ^ Brenoff, Ann (February 5, 2015). "Study Finds Elderly Scams Cost 12 TIMES More Than Previously Thought". Huffington Post.
  20. ^ Sullivan, Bob (February 5, 2015). "6 Horror Stories of Elder Financial Abuse". Credit.com.
  21. ^ Rosenblatt, Carolyn (February 1, 2015). "Have We Grossly Underestimated The Extent Of Financial Elder Abuse?". Forbes.
  22. ^ Yip, Pamela (February 1, 2015). "Combatting the high cost of elder financial abuse". Dallas Morning News.
  23. ^ "New True Link Card Can Help Protect Seniors from Fraud". SeniorTechDaily. August 16, 2013.
  24. ^ "True Link Financial closes $3.4m seed funding". FinSMEs. January 21, 2015.
  25. ^ Reutzel, Bailey (August 1, 2013). "True Link Prepaid Card for Seniors Takes Ideas from Youth Payments". PaymentsSource.
  26. ^ Hoekstra, Lisa (September 13, 2013). "Protect Seniors Against Credit Card Fraud". The Caregiver's Secret.
  27. ^ Guthrie, Dana (December 3, 2014). "Red flags could mean your elderly relative is being bilked". Houston Chronicle.
  28. ^ Jaffe, Ina (December 22, 2014). "Services Offer A Means To Foil Widespread 'Elder Fraud'". NPR All Things Considered.
  29. ^ Williams, Geoff (September 26, 2014). "Five Mistakes to Avoid When Hiring a Caregiver for Your Parent". U.S. News.
  30. ^ Justice, L.A. (December 8, 2014). "Five Scams That Target Seniors – and How to Avoid Them". National Examiner. pp. 2–3.
  31. ^ Clark-Wendel, Princess (September 10, 2014). "How To Protect Your Parents and Grandparents From Financial Crimes Against the Elderly". Forbes.
  32. ^ a b "True Link to Acquire Next Step: Diversified financial services firm absorbs payment provider for addiction recovery market". PR Newswire. August 5, 2016.
  33. ^ "Pooled Trusts". True Link. Retrieved November 2, 2016.
  34. ^ "True Link Partners With STABLE, the Nation's Leading ABLE Act Program, to Offer High-Quality Payment Cards to People With Disabilities". Business Wire. Retrieved June 12, 2021.
  35. ^ "Trusts Established with the Assets of an Individual on or after 01/01/00". Social Security Program Operations Manual System (POMS). Retrieved June 12, 2021.
  36. ^ Laise, Eleanor (August 17, 2011). "A Strategy for a Lifetime of Income: Split your nest egg into separate buckets to generate income throughout your retirement". Kiplinger.
  37. ^ "Investment Methodology". True Link. Retrieved November 21, 2016.
  38. ^ "Recovery support – balancing safety and independence". True Link. Retrieved June 12, 2021.
  39. ^ "Financial wellness in addiction and recovery" (PDF). True Link. Retrieved June 12, 2021.
  40. ^ Lima, Debora (August 9, 2016). "Payment services company for substance abuse patients acquired". South Florida Business Journal.
  41. ^ "The Next Step Card from True Link". True Link. Retrieved August 10, 2016.
  42. ^ "Behavioral Health Trends in the United States: Results from the 2014 National Survey on Drug Use and Health" (PDF). Substance Abuse and Mental Health Services Administration. Retrieved August 10, 2016.
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