Eisen raises $18.5 million to help Americans recover $70 billion in forgotten funds held by state governments |
Eisen raises $18.5 million to help Americans recover $70 billion in forgotten funds held by state governments
Shortly after joining a Zoom call with Eisen, the startup’s co-founder and CEO Alan Osgood had a surprise: The state of New York was holding money that belonged to me. By searching my name in a publicly available database, Osgood had discovered that I had failed to claim funds paid out by my college, likely as part of a class action lawsuit, and that money had been turned over to the state as part of a process known as escheatment. I now have to fill out forms to claim my funds. This situation is precisely why Osgood created Eisen—to ensure fewer people end up like me by unwittingly leaving their assets in a random bank account held by a U.S. state.
Eisen sells a service to financial services platforms that processes escheatments while also trying to locate customers and prevent escheatment from happening in the first place. Osgood, who previously worked as a product manager at Coinbase, is especially focused on........