SpendCare

SpendCare is a spend management platform for senior care that issues restricted-use, reloadable prepaid cards so that caregivers, care organizations and family members can make purchases on behalf of seniors with documented, shared visibility. The platform is aimed at three buyer groups: home care agencies, which give caregivers spending cards that remove the need for manual transaction logs; PACE (Program of All-Inclusive Care for the Elderly) organizations, which use co-branded flexible benefit cards to deliver personalized participant support with reporting; and families, who open a shared account to send money to an aging relative and monitor and restrict how it is spent.

Core product capabilities described by the company include co-branded cards that can be assigned as temporary cards and used as soon as funds are loaded, global and personalized spending restrictions (blocking online purchases, specific merchant categories and cash withdrawals, and automatic card locking based on rules and alerts), real-time purchase alerts, the ability to lock and unlock cards from an online portal, scheduled recurring transfers, and receipt or proof-of-purchase images attached to individual transactions. Reporting covers purchases, funds loaded, card balances and declined purchases, with analysis of spending by category and by distance from the cardholder's home. For agencies the program is packaged with policies and procedures mandating caregiver use of the system plus training for compliance and adoption, positioned around mitigating financial, operational (licensure/fraud) and reputational risk, and as a service agencies can upsell to clients.

Founding story

The founding team describes building the platform after each member helped care for an aging loved one, often alongside a professional caregiver, and developing it with continuous input from senior care operators.

Business model

Business-to-business and direct-to-consumer software subscription attached to a prepaid card program. Agencies are sold a SaaS package that includes technology, policies and procedures, and training; families buy a consumer subscription tied to cards for their relative and the relative's caregivers.

For home care agencies, a traditional SaaS model with a one-time upfront implementation fee for onboarding plus a monthly platform fee and an active user fee charged per active client user. For families, a monthly subscription fee plus the cost of the initial and any replacement cards. The website also markets a single monthly fee with no volume minimums, and agencies are positioned to generate revenue by reselling the program to clients as a fraud-prevention service.

Traction

Reported total capital raised of $800,000 as of June 2024, including the $100,000 InvestTN investment, plus a $10,000 pitch competition prize. The InvestTN funding was earmarked to launch the senior care spending card program.

Latest developments

In June 2024 SpendCare announced a $100,000 investment from the InvestTN program managed by Launch Tennessee, intended to support the launch of its senior care spending card program for in-home care providers. Earlier in 2024 it was named winner of the Empire Startups–AARP AgeTech Collaborative Financial Wellness Pitch Competition at NY FinTech Week.