True Link Financial, the leading financial services provider for seniors, announced today that it has raised $8 million in a Series A funding round led by QED Investors, with additional investment from Radicle Impact and Initialized Capital. In conjunction with the investment, QED's Founding Partner Frank Rotman will join True Link's Board of Directors. With this latest round True Link has raised $15.8 million since the company's founding in 2012.

The 45 million seniors in America - the largest and fastest-growing segment of the population - are facing new challenges. Average lifespans increased by more than thirty years over the 20th Century, stretching savings further and layering in new medical costs. Since the time today's retirees entered the workforce, the percentage of workers with a pension has dropped by more than half. 5.5 million Americans have Alzheimer's today, and more than 16 million will have the disease by 2050. And according to True Link's groundbreaking 2015 study, financial fraud costs the aging a whopping $36 billion a year. In short, people are living longer with fewer resources and more risks.

"Our customers hire us because we understand the new risks they face - now and in the future," said True Link Financial Co-Founder & CEO Kai Stinchcombe. "At True Link, our mission is financial protection - from investment planning tools designed to generate consistent lifetime income to algorithms on our Visa cards that offer better protection against fraud and elder abuse. And there are often multiple parties involved - we work with elder law attorneys and trustees on conservatorships, trusts, financial recordkeeping, and benefits eligibility; we support Social Security representative payees in bookkeeping and daily money management; and we help in-home caregivers, residential facilities, and family members maximize care recipients' independence."

The company's customer base has grown twentyfold in the last three years. Its cards division is the first Silicon Valley startup debit card issuer to turn a profit, and its robo-advisor is Silicon Valley's first robo-advisor to turn a profit.

"In today's crowded market, it's important to build a business that's the absolute best at something. When we saw True Link it became clear that they are delivering on their vision to offer the best financial products and services to the Retired community. This segment is rapidly growing and it requires customization that most firms don't or can't offer," said Mr. Rotman. "True Link is addressing this with unique distribution channels, sophisticated data analytics, tailored products, multiple servicing options and more. Anyone who was early at Capital One has seen this before: Deliver the right product to the right customer through the right channel at the right time."

Building for seniors is different. For example, the company receives 1.6 million customer support phone calls a year, and yet doesn't have a mobile app. "We are the original 'mobile first,'" said co-founder and COO Claire McDonnell. "Our customers LOVE to call us." There are a host of companies recognizing the opportunity in this market - the people 60+ who own over 80% of household wealth in US - and designing solutions for it. With True Link, EverPlans, and EverSafe now in the market for five years, and new companies like LifeSite, United Income, and RetireUp raising large first-round fundings, fintech is really "coming of age."

ABOUT TRUE LINK

True Link is a diversified financial services firm offering a range of money management, investment, and insurance products, primarily for retirees. Dedicated to protecting their customers' independence and increasing their quality of life, the company leverages deep financial expertise and the best of Silicon Valley technology across all their services. Its financial advisory division was the first tech-enabled "robo" advisor targeting retirees, its debit cards are nationally recognized for their budgeting and anti-fraud features, and its recordkeeping software for trusts helps tens of thousands of people maintain eligibility for lifesaving medical benefits. Founded in 2012, True Link is headquartered in San Francisco, California.

ABOUT QED INVESTORS

QED Investors is a leading boutique venture capital firm based in Alexandria, VA. They are focused on investing in early stage, disruptive financial services companies in the U.S., U.K. and Latin America. QED is dedicated to building great businesses and uses a unique, hands-on approach that leverages their Partners' and Principals' decades of entrepreneurial and operational experience, helping their companies achieve breakthrough growth.