SAN ANTONIO, TX — (Marketwired) — 05/15/13 — Akimbo Financial, Inc. (), a social banking startup that offers a digital wallet with a prepaid card and a unique way to share money with friends and family, announced today that it has closed its $850,000 convertible bridge round. This capital will become part of a $3 million Series A Preferred round. Major participants in the funding are 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 Akimbo co-founder Tom O. Turner. The new capital will be used to accelerate Akimbo-s marketing efforts and customer acquisition.
“The closing of this funding round is a significant financial milestone for our early-stage company,” said Akimbo co-founder and CEO Houston Frost. “This investment will help us meet the growing demand for our product after its official launch a few months ago, in addition to helping us ramp up unprecedented company growth in the coming months.”
Akimbo Financial was founded in 2010 with $1,300,000 in seed funding. The current convertible bridge represents a significant investment toward what will be the company-s $3 million Series A as Akimbo begins to initiate conversations with institutional VCs.
“We-ve spent a lot of time in Akimbo-s first years making sure our platform and services were scalable,” said Akimbo-s co-founder and bridge round participant Tom O. Turner. “Now that Akimbo has built that infrastructure, and begins to explore serious VC investment opportunities, the company can start ramping up marketing efforts and grow its community of cardholders. I-m glad that I-ve been able to continue to provide both financial and strategic support to Akimbo.”
To learn more about Akimbo Financial and the Akimbo Visa® Prepaid Card, please visit .
Akimbo Card is a social payment startup that offers a Visa Prepaid card and a convenient way to share money with friends and family. You can 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. The Bancorp Bank, Member FDIC. The Akimbo Card can be used everywhere Visa debit cards are accepted, at any ATM that displays the Visa® or STAR® Acceptance Mark, and to send money via email, Facebook, and SMS. For more information, please visit .
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