Unbanked (formerly Ternio BlockCard)

Growth Stage

Connecting DeFi and cryptocurrencies to banks, cards, and other legacy finance

Overview

Raised to Date: Raised: $156,355

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    Open SEC Filing

Valuation Cap

$115,000,000

Discount

20%

Rolling Commitments ($USD)

Status
Funded
Reporting Date

04/30/2023

Days Remaining
Funded
% of Min. Goal
Funded
% of Max. Goal
Funded
Likelihood of Max
Funded
Avg. Daily Raise

$1,579

# of Investors

216

Momentum
Funded
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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

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/Cap 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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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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Unbanked on StartEngine 2023
Platform: StartEngine
Security Type: SAFE
Valuation: $115,000,000

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