February 15th, 2024
Announcing our $2.7M pre-seed
We're excited to announce a $2.7M pre-seed led by Haymaker Ventures and One Way Ventures alongside funds and angels across the financial and tech industries.
Announcing our $2.7M pre-seed
By Saeid Kian
I’m incredibly excited to announce Ribbon’s $2.7M pre-seed led by One Way Ventures and Haymaker Ventures with participation from Bungalow Capital and Lynett Capital, as well as angels like ex-GC of Stripe Jon Zieger, ex-GC of Calm Jacques Lehot, and CEO of Polywork Peter Johnston.
Ribbon’s technology enables financial institutions to launch their own inheritance center, allowing them to retain deposits and lower costs, while providing a seamless experience for their customers. Our technology gives time back to those who are grieving, while allowing financial institutions to provide a world class estate center.
Where we’re featured:
The problem: Inheritance and the logistics of passing are a time-consuming nightmare for those who should be focusing on grieving
Anyone who has experienced loss will tell you the process of inheritance and the logistics of passing are a nightmare. Even in the best case scenario, inheriting simple and straightforward accounts can take weeks of back and forth and document collection. Most of this work is unnecessary and can be solved with technology. Rather than focus on grieving, those who have lost are spending months of time on logistics. This hurts middle and lower income Americans the most, as they can’t afford to outsource the work and have a huge opportunity cost with time.
Improving the inheritance process is costly and time-consuming for financial institutions
Financial institutions know the inheritance process needs to be easier and want to make this better, but the reality is that they have finite time and resources to build something internally. Ribbon has spoken with dozens of executives of financial institutions across the country and they have made it clear: we want a solution to make this better for our customers. Ribbon allows financial institutions to launch an inheritance center, allowing them a chance at acquiring the next generation of customers.
Ribbon’s solution: A low IT lift tech solution with an easy inheritance flow and a centralized platform to see all your inheritance requests in one place
The centralized platform lowers the risk of legal liabilities, while giving a seamless experience that makes it more likely for financial institutions to acquire and retain these customers.
We believe the best solution is the most straightforward: a simple, easy, safe, and secure solution that can be put up with just a few days of work. Financial institutions can go live in days and provide a world class experience to their customers.
Ribbon: Equipping financial institutions to acquire the next generation
At Ribbon, we believe your first touch with a customer is the most important. If they’re going through loss, you want to be empathetic and provide a seamless experience. Otherwise, you risk losing them forever.
After all, who wants to stay with a financial institution in which the first experience was a bureaucratic headache while going through the grieving process?
Leo Arango, Partner of One Way Ventures, comments:
“Saeid and Allan are fintech veterans with first hand experience of losing a loved one and dealing with the nightmare of inheritance. Moreover, their immigrant backgrounds has installed in them a sense of mission that the system can be better for the next generation. Ultimately, the best way to make this system better is to give financial institutions the right tools to make it easier. They want to make this easier and now, thanks to Ribbon, they can.”
Phin Upham, Managing Partner of Haymaker Ventures, comments:
“Managing the affairs of the recently deceased is a complex, emotional burden that few know how to navigate. The team at Ribbon saw an opening to disrupt and streamline a legacy industry with tools that ease the pain of finalizing financial affairs. This is only the beginning, and the team will continue to find ways to expand and transform the industry.”
What’s next for Ribbon
We’re going live with financial institutions this year, prioritizing a go-to-market campaign across the country with financial institutions of all sizes.
Connect with us!
We want to hear from you! If you want to have your customers or members have a great inheritance experience, we want to know. Email us at hello@trustribbon.com.
