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June 24, 2024 | Katelyn Keenehan

InvestTN provides $100K investment into Nashville-based SpendCare

“We are thrilled to receive both the investment and vote of confidence from InvestTN," said CEO, David E. Young.

A Nashville-based start-up that seeks to disrupt the at-home-care industry with a new process for tracking finances, flagging abuse cases, and keeping families looped in with their loved ones has secured funding through the “InvestTN” program managed by Launch Tennessee.

According to the National Center on Elder Abuse, one in 10 seniors will be taken advantage of financially by a caregiver. SpendCare was created to serve and empower home care agencies through technology. It is a spend management program designed exclusively for home care agencies to protect their clients.

“The complexity of making purchases on behalf of your clients is an unnecessary risk. We intend to replace that complexity with simple, safe, and affordable tools that allow you to invest your time and revenue in what matters most – providing high-quality, compassionate care to those in need,” it says on the company’s website.

“We are thrilled to receive both the investment and vote of confidence from InvestTN, which supports our mission to empower home care agencies to serve as financial caregivers and more safely manage seniors’ funds,” SpendCare’s Chief Executive Officer David E. Young said.

The $100,000 investment to SpendCare will help it launch its senior care spending card program built exclusively for the 50,000+ in-home care providers serving over 10 million seniors. With SpendCare, every purchase caregivers make on behalf of their clients is automatically documented and visible to the staff, clients, and families.

One of the big issues is that in-home care providers don’t want to spend time manually tracking the shopping they do for their clients. SpendCare issues restricted-use prepaid cards that allow providers to automatically track and share purchase history with seniors and their families.

Unlike using cash or personal debit/credit cards to make these purchases, SpendCare’s prepaid cards have custom rules, limits, and alerts that prevent misuse.

The “InvestTN” commitment helped draw other investments to the company, Young said.

SpendCare has raised $800,000, including InvestTN’s $100,000.

SpendCare was also in the initial cohort of Project Fintech, a Nashville Entrepreneur Center accelerator program.

SpendCare also recently won the Empire StartupsAARP AgeTech Collaborative Financial Wellness Pitch Competition, earning a $10,000 prize and the opportunity to pitch onstage during the Empire FinTech Conference in New York City.

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