Akimbo Financial Closes $850,000 Angel Round

Akimbo Financial Closes $850,000 Angel Round 
Innovative Web Financial Services Company Has Now Raised $2.2 Million
Prior to Series A 
SAN ANTONIO, TX -- (Marketwired) -- 05/15/13 --  Akimbo Financial,
Inc. (http://www.akimbocard.com), 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(R) Prepaid
Card, please visit www.akimbocard.com.  
About Akimbo Card
 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 is
sued 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(R) or STAR(R) Acceptance Mark, and to send money
via email, Facebook, and SMS. For more information, please visit
All product and company names herein may be trademarks of their
registered owners. 
Akimbo contact:
Media contact:
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