"Across crypto, across brokerage, across fintech ... all of these different places where people hold money, those companies are getting more or less extorted by the states ... and then the states very, very rarely give money back to people,"
"What Eisen is designed to do is work at the financial institution level to take in millions and million"
A co-founder and CEO discovered unclaimed college-related funds held by New York after searching a public database. The funds had been turned over to the state through escheatment, requiring forms to reclaim them. Eisen was created to reduce cases where people unknowingly leave assets in accounts held by states. Eisen sells a service to financial services platforms that processes escheatments while also trying to locate customers and prevent escheatment. The company focuses on crypto, which more states increasingly treat as escheatable property. States collectively hold about $70 billion in escheated funds, and Eisen raised a $10 million Series A to expand its work.
Read at Fortune
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