Unbanked (formerly Ternio BlockCard)
Connecting DeFi and cryptocurrencies to banks, cards, and other legacy finance
Overview
Raised: $82,062
Total Commitments ($USD)
Platform
StartEngine
Start Date
01/05/2023
Close Date
04/14/2023
Min. Goal
$10,000
Max. Goal
$2,764,219
Min. Investment
$250
Security Type
SAFE
Series
Seed
Funding Type
RegCF
Valuation Cap
$115,000,000
Discount Rate
20%
Rolling Commitments ($USD)
Status
Active
Reporting Date
02/03/2023
Days Remaining
70
% of Min. Goal
821%
% of Max. Goal
3%
Likelihood of Max
Avg. Daily Raise
$2,830
# of Investors
96
Momentum
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Location
Alpharetta, Georgia
Industry
Financial & Insurance Products & Services
Tech Sector
Fintech
Distribution Model
B2C
Margin
Low
Capital Intensity
Low
Unbanked, with a valuation of $115 million, is raising funds on StartEngine. The company provides a platform for customers to move money instantly, with the real-world applications of blockchain and cryptocurrency. Unbanked allows users to buy using their cryptocurrency at about 50 million merchants. The company reported revenues of $19.9 million in 2021 and recently won the Shark Pitch competition. Ian Kane and Daniel Gouldman founded Unbanked in January 2018. The current crowdfunding campaign has a minimum target of $10,000 and a maximum target of $2.7 million. The campaign proceeds will be used for marketing, operations, research and development, and legal expenses.
Summary Profit and Loss Statement
| Most Recent Year | Prior Year | |
|---|---|---|
|
Revenue |
$19,850,760 |
$9,385,513 |
|
COGS |
$14,700,506 |
$7,144,963 |
|
Tax |
$0 |
$0 |
| ||
| ||
|
Net Income |
$-114,063 |
$-1,273,122 |
Summary Balance Sheet
| Most Recent Year | Prior Year | |
|---|---|---|
|
Cash |
$928,804 |
$893,707 |
|
Accounts Receivable |
$79,000 |
$0 |
|
Total Assets |
$6,807,535 |
$1,440,151 |
|
Short-Term Debt |
$0 |
$0 |
|
Long-Term Debt |
$2,418,078 |
$2,166,533 |
|
Total Liabilities |
$2,418,078 |
$2,166,533 |
Financials as of: 01/05/2023
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Raise History
| Offering Name | Close Date | Platform | Valuation/Cap | Total Raised | Security Type | Status | Reg Type |
|---|---|---|---|---|---|---|---|
| Unbanked (formerly Ternio BlockCard) | 04/14/2023 | StartEngine | $115,000,000 | $82,062 | SAFE | Active | RegCF |
| Unbanked (formerly Ternio BlockCard) | 09/03/2022 | Republic | $115,000,000 | $2,229,296 | SAFE | Funded | RegCF |
| Ternio BlockCard | 07/12/2020 | Republic | $15,000,000 | $1,070,000 | SAFE | Funded | RegCF |
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Ratings 
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Analyst Report
Pending Review