Unbanked (formerly Ternio BlockCard) (2023)
About this raise
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.
Investment Overview
Invested : $156,355
Deal Terms
Total Commitments
- Platform
- StartEngine
- Start Date
- 01/05/2023
- Close Date
- 04/14/2023
$10,000
$2,764,219
$250
SAFE
Seed
RegCF
$115,000,000
20%
Company & Team
Company
- Year Founded
- 2018
- Industry
- Financial & Insurance Products & Services
- Tech Sector
- Distribution Model
- B2B2C
- Margin
- Low
- Capital Intensity
- Low
Financials
- Revenue +112% YoY
- $19,850,760
- Monthly Burn
- $9,505
-
Runway
- 24+ months
- Gross Margin
- 26%
Upgrade to gain access
-
$12.50 /month
billed annually - Free portfolio tracking, data-driven ratings, AI analysis and reports
- Plan Includes:
- Everything in Free, plus
- Company specific
Kingscrowd ratings and analyst reports
- Deal explorer and side-by-side comparison
- Startup exit and failure tracking
- Startup market filters and historical industry data
- Advanced company search ( with ratings)
- Get Edge Annual
Edge
Ratings 
Analyst Report
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.
Company Funding & Growth
Funding history
- Total Prior Capital Raised
- $3,642,422
- VC Backed?
- No
| 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 |