Posts by Author Kai Stinchcombe

How charging for our product originally hurt — but ultimately saved — our startup

Five years ago, my co-founder Claire McDonnell and I founded True Link Financial, and did two things that that were totally unorthodox for the time.

First, we didn’t build a startup for teenagers.

We built it for seniors. (We’re a financial services firm that offers debit and Visa cards and investments management for aging Americans.)

Secondly, we charged our customers actual, real money for what we had built.

This was not common practice at the time. Around 2012, we and a whole cohort of other startups — Simple, Plastc, Swyp, Coin, Final, Stratos, Clinkle, and others — were getting card-issuing companies off the ground.¹ We also launched a Visa card — but our goal was to protect older folks from fraud, a $36 billion problem that affects millions of Americans, including my grandmother. Our cards would automatically decline scammy transactions so seniors like my grandmother would be able to still carry a credit card, preserve their independence, and spend their own money — and in order to decline the transactions we had to become the issuer of the card.²