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Financial services

TruStage Expands Discovery Fund to Support Veteran-Founded Fintech Startups

Strategic Insights

— 1 min read

TruStage, a leading insurance and financial services provider, has announced an expansion of its Discovery Fund portfolio to include veteran-founded startups, with the goal of empowering veteran entrepreneurs to develop innovative fintech solutions and drive lasting economic impact. This move comes as a response to the recognition that veterans are a powerful yet underfunded force in driving innovation and community-first solutions. The expansion is seen as a way to strengthen TruStage's ability to meet veterans' financial needs while also supporting the growth of fintech startups founded by veterans.

Key Takeaways:

  • TruStage Ventures, the venture capital arm of TruStage, has expanded its Discovery Fund portfolio to include veteran-founded fintech startups.
  • The expansion aims to address the underfunding of veteran entrepreneurs, who are 45% more likely to start a business than non-veterans.
  • The Discovery Fund has invested in 25 early-stage startups over the past four years, achieving a 100% survival rate and including three acquisitions.
  • Veteran-owned businesses are on the decline, despite the potential for fintech innovation and economic impact.
  • There is a strong common connection between veterans and credit unions, with 93% of credit unions having a relationship with TruStage and a partnership with the Defense Credit Union Council.
  • Nearly a third of military personnel and veterans rely on credit unions for their primary financial services.

Statistics:

  • Veteran-owned businesses are on the decline, despite veterans being 45% more likely to start a business than non-veterans (Source: US Small Business Administration).
  • The Discovery Fund has invested in 25 early-stage startups, achieving a 100% survival rate and including three acquisitions over the past four years.
  • TruStage has relationships with 93% of credit unions (Source: TruStage news release).
  • The Defense Credit Union Council is comprised of over 180 military credit unions.
  • Nearly a third of military personnel and veterans rely on credit unions for their primary financial services.

Sources:

1. US Small Business Administration

2. US Small Business Administration

3. TruStage news release

4. TruStage news release

5. TruStage news release

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