Overview

Raised this Round: Raised: $156,355

Deal Terms

Company Profile

Deal Summary

Financials

Funding History

Growth Charts

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

SEC Filing Type

RegCF    

Valuation Cap

$115,000,000

Discount

20%

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Unbanked (formerly Ternio BlockCard)

Year Founded

2018

Industry

Financial & Insurance Products & Services

Tech Sector

Fintech

Distribution Model

B2B2C

Margin

Low

Capital Intensity

Low

Location

Alpharetta, Georgia

Business Type

High Growth

Company Website

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

	FY 2021	FY 2020
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

	FY 2021	FY 2020
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	Total Raised	Security Type	Status	Reg Type
Unbanked (formerly Ternio BlockCard)	04/14/2023	StartEngine	$115,000,000	$156,355	SAFE	Funded	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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• Revenue
• Valuation
• Price per Share
• Employees

Revenue Valuation Price per Share Employees

Revenue History

Note: Revenue data points reflect the latest of either the most recent fiscal year's financials, or updated revenues directly from the founder, at each raise's close date.

Valuation History

Price per Share History

Note: Share prices shown in earlier rounds may not be indicative of any stock splits.

Employee History

The blockchain — which powers cryptocurrency — has a number of use cases, from peer-to-peer transactions to international payments. Now, thanks to companies like Unbanked, cryptocurrencies are more versatile and easy to use than ever. 

With a debit card powered by Unbanked, you could walk into your local grocery store and pay for your food with cryptocurrency. That’s no small feat. One of the major things holding cryptocurrency adoption back is its clunky user experience for everybody — buyers, sellers, traders, and holders, as well as retailers accepting purchases made with cryptocurrency. 

In bridging cryptocurrency with traditional finance systems, Unbanked is filling a huge gap in the cryptocurrency ecosystem.

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