It’s a problem: How do folks who care for vulnerable people — from seniors to those in drug or alcohol recovery — let them maintain some independence while also limiting the stuff they can buy?
Start-up firms with ties to Palm Beach County are combining forces to offer financial products such as payment cards designed to do just that.
San Francisco-based True Link Financial Inc. said it has acquired substantially all of the assets of Next Step Network LLC in Boca Raton. Terms were not disclosed for the privately-held firms founded in the last five years.
“Mega-banks have never given individual customers the attention they deserve,” said True Link chief operating offer and and co-founder Claire McDonnell, who grew up in Palm Beach Gardens. “Our customers — seniors, people with special needs, folks in recovery, people managing mental health issues — are a 50 million person market.”
The cards can be self-managed or administered by family members or others helping a particular person.
Next Step founder and CEO Eric Dresdale said in a statement, “With the benefit of our combined scale I’m confident we’ll be able to help many more families that are facing this difficult situation.”
True Link CEO Kai Stinchcombe said “we’re honored to build on Eric’s great work in supporting people in recovery.”