Akimbo Financial Closes $850K Convertible Bridge Round

Akimbo Financial, Inc., a San Antonio, TX-based social banking startup that offers a digital wallet with a prepaid card to share money with friends and family, closed an $850k convertible bridge round.

Backers included:
Graham Weston, co-founder and Chairman of Rackspace Hosting, Inc.;
Tom C. Frost, Jr., former CEO and Chairman Emeritus of Cullen/Frost Bankers Inc.; and
Tom O. Turner, Akimbo co-founder.

The capital will be used to accelerate the company’s marketing efforts and customer acquisition.

Founded in 2010 with $1.3m in seed funding by Turner and CEO Houston Frost, Akimbo offers a Visa Prepaid card and a way to share money with friends and family. It allows users to load money from a bank account, via direct deposit, and with cash at various retail locations.
The Akimbo Card is issued by The Bancorp Bank pursuant to a license from Visa U.S.A. Inc.



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