ClaimFound Inc., a Gainesville-based internet company providing free software to help individuals and businesses find, process, and monitor unclaimed property, has officially launched its platform in Florida and is looking to aid in the return of hundreds of millions of dollars to Florida citizens.
Unclaimed property encompasses a wide array of assets, from old utility deposits, to life insurance policy payouts which never made it to the rightful heir. The State of Florida has more than $3 billion in outstanding unclaimed property and has been proactive in returning it to the public. In 2017, the State fulfilled 623,326 claims and returned $322 million. “Florida has a great system in place, but with billions more dollars out there waiting for Florida residents, ClaimFound is a way to help them extend their reach and return even more unclaimed property” says Chris Prompovitch, CEO and Co-founder of the company.
ClaimFound’s humble beginnings started in the garage of two friends near the University of Florida. They spent two years developing the first version of the software, which includes having developed a proprietary search algorithm that allows Florida residents with common names like John Smith to more easily find their missing money when sorting through thousands of potential claims. Now the company employs five Gainesville residents, and hopes to recruit up to five more in the next twelve months. With this growing team they are able to improve the software and continue to connect more people to their property.
Once users find some money they’re owed, the website guides users through the process, providing help with required documentation, after which the completed forms are submitted to the Florida Unclaimed Property Department to be processed. Typically, users get their check within 30 days following the Unclaimed Property Department’s acceptance and review of the claim package.
The system is already helping Floridians get their lost money back. “I had just made a major career change and was planning on moving across the state, but unfortunately, I was down to my last few dollars because I was between paychecks and the move cost a lot of money. The $140 check ClaimFound helped me get back came at the perfect time, I couldn’t be more grateful. The process was super easy and even helped me track down documentation that I wasn’t able to find on my own. If it wasn’t for them, I wouldn’t have had food for a couple of weeks” said Brandon Eagleston, one of ClaimFound’s early beta users.
The City of Gainesville is excited to support ClaimFound in their ambitious efforts, too. “We’re excited to have another high-potential and high-impact startup in the city. Their mission is hugely beneficial in general and we couldn’t be happier to endorse ClaimFound to help us return more than $14 million in unclaimed property to the Gainesville community” said Gainesville Mayor Lauren Poe.
“At the Greater Gainesville Chamber, we really value the benefit locally grown companies provide to the region in jobs and investment. We’re so happy to be working with ClaimFound and it’s exciting to see so many companies like ClaimFound growing roots in the community and take part in the progress of the region” shared Staci Bertrand, VP of Economic Development at the Greater Gainesville Chamber
In the long run, ClaimFound has built the proprietary technology to return billions of dollars in unclaimed property across the country and bring other innovative solutions that puts money in its user’s pockets. “Our mission is to improve the financial welfare of everyday Americans. We’re excited to start in Florida and to continue expanding nationally throughout 2019,” says Prompovitch.
ClaimFound is a financial technology company that develops software to automate financial processes and link people with opportunities they would not have knowledge or access to otherwise. ClaimFound does this by aiding State Agencies in their goal of returning unclaimed property to millions of citizens by providing a free tool to help people find, claim, and monitor their lost assets. ClaimFound is headquartered in Gainesville, Florida and has a mission to improve the financial wellbeing of everyday Americans.