In the 1990s, Walter Schramm bought Amazon stock and held it. Years later, after a move caused him to miss a letter, he logged into his brokerage account and found out his shares were gone. Account balance: $0. Support told him the state had taken his investment as unclaimed property and liquidated it. He'd been escheated. By the time he recovered what he could, years of appreciation were gone - his retirement savings lost to an escheatment process intended to protect him.
Walter's story is unusual in the details, but not in the structure. Today, 33 million Americans have unclaimed property sitting in state custody. States are collectively holding $70 billion in consumer assets - retirement accounts, life insurance proceeds, forgotten savings, down payments, emergency funds. In 2024, only $4.5 billion was returned to owners. Billions more keep flowing out of bank accounts, investment accounts, and crypto wallets every year, and most of the people losing their assets don't know it yet.
Behind every one of those dollars is a person like Walter. A surprise $0 balance waiting to be found. The system lost track of the person, not the money, and that's what we set out to fix.
The system was built for a simpler financial era
Walter's situation wasn't a glitch. It was an unintended consequence of the system working exactly as designed.
Here's how it plays out, millions of times a year. Someone moves. Changes their email. Stops logging in. The institution can't reach them. State law requires the funds be turned over to the government. Each of the 50 states has its own dormancy period, notice rules, and remittance deadlines.
Escheatment exists to protect customers when institutions lose touch with them. The intent is sound. The infrastructure is not.
It looks like two filing deadlines a year. It's actually a continuous operational problem: hundreds of millions of accounts, 50 rule sets with hundreds of variations, dormancy clocks and remittance formats that vary by state - most of it run on spreadsheets, vendor patchwork, and institutional memory from a financial system that existed in the 90s.
Compliance teams are on the front lines, working hard with shifting rules and limited support. When the system fails, the institution loses three things at once: the assets, the revenue tied to those accounts, and the customer relationship behind them. The customer loses something harder to name - the money they thought was safe.
The problem is accelerating fastest in crypto
California, New York, Delaware, Florida, and a growing list of states now treat digital assets as escheatable property. Most jurisdictions require platforms to liquidate dormant tokens before remitting them - converting customer holdings to cash at prices customers didn't choose, triggering a tax event they can't avoid.
As the GENIUS Act pulls stablecoins and digital assets deeper into the regulated financial system, the platforms holding them have to comply with state-by-state escheatment rules written without crypto in mind. The compliance surface area is growing faster than the infrastructure built to manage it. Across the institutions we work with, dormant-account exposure is routinely underestimated by 5x to 10x in dollar terms.
Eisen is compliance operations infrastructure that works before assets are lost
We don't sell our customers another tool to learn. We do the compliance work for them.
Most legacy providers help companies file reports once assets are already headed toward state custody. That's too late. Eisen is built to operate earlier, when outcomes can still change. The platform applies state-level regulatory requirements continuously, inside daily account operations, instead of at reporting time.
Escheatment law doesn't sit still. Bills get introduced, dormancy periods shift, new asset classes get pulled into scope - and each of the 50 states moves on its own timeline. Eisen leverages AI-enabled monitoring to track legislation changes across every jurisdiction and translate new statutes into the operational rules running inside customer accounts, so rule changes show up proactively instead of in a filing-deadline scramble.
Dormancy risk gets caught earlier. Manual compliance work gets replaced. Customer assets stay in customer hands.
We started with escheatment because the gap there is the widest, but the same operational pattern shows up across the compliance stack. Eisen's platform now covers escheatment, disbursement, and 1099 reporting. Operational teams use Eisen to replace manual work and prevent dormant-account risk. Executives use it to reduce regulatory exposure, retain customer assets, and protect customer trust.
Announcing new funding to keep more customer assets out of state custody
We're announcing $18.5 million in funding to expand this work:
- $10M Series A led by MissionOG
- $8.5M seed round (previously unannounced) led by Index Ventures
- Participation from Cowboy Ventures, First Round Capital, Homebrew, and Restive Ventures
In 2025, Eisen prevented more than 31% of at-risk assets from being lost to state custody. We're now monitoring nearly $16 billion in balances across tens of millions of accounts at nearly 50 companies, including Adyen, Binance.US, BitGo, OKX, and PeoplesBank. The capital lets us expand the platform and grow the team serving fintechs, financial institutions, and digital asset companies.
Trust is the product
Every workflow we automate, every dormant account we catch early, every customer who keeps their money is proof that compliance operations infrastructure and customer trust are the same thing.
Fewer people separated from their money because the infrastructure couldn't keep up. That's what we're building at Eisen.
Sound like something you want to be part of? We're hiring across every team.
