MoneyStack, a financial counseling platform for behavioral health care, announced a $250,000 pre-seed investment from the Richard King Mellon Foundation. The company will use the funds to accelerate the growth of its proprietary service for gambling addiction, GamFin, throughout the U.S. and expand partnerships with state agencies, non-profits, and other organizations across Pennsylvania.
There are millions of people in the US who suffer from gambling addiction. And gambling disorder is considered a mental health diagnosis.
GamFin, which MoneyStack powers, addresses the acute financial challenges stemming from gambling addiction and offers quick and affordable access to financial counseling, at no cost for affected individuals and families in more than one-third of the nation.
MoneyStack is a HIPAA-compliant platform that mental health treatment providers can use to meet and collaborate virtually with financial counselors to support clients struggling with financial difficulties caused by problem gambling. And treatment providers can work with MoneyStack’s financial professionals to integrate financial counseling into treatment plans. MoneyStack also provides financial training for treatment providers, designed to help clients develop a healthier relationship with money.
MoneyStack has partnerships with state gaming commissions, state departments and agencies, non-profits, private clinics, and other behavioral health organizations. The company is actively working to expand partnerships nationwide and to serve behavioral health organizations specializing in treating other conditions.
KEY QUOTES:
“A surge in online sports betting addiction is tearing families apart, causing financial devastation, shame, and desperation. What often starts as a seemingly harmless form of entertainment can quickly escalate into a mental health and financial crisis for many. MoneyStack helps mental health treatment providers, who often lack the necessary financial expertise, to effectively address their client’s sense of financial distress. What’s more, payers benefit from lower costs and risks.”
- Alex De Marco, founder and CEO, MoneyStack
“GamFin has been an incredible enhancement to our gambling counseling program. The financial counselors are skillful and compassionate, and once our clients begin working with the counselors, our clients regain a sense of hope to address the long-term financial impact of their gambling.”
- Elizabeth Thielen, Senior Director of Substance Abuse Treatment Services