Orum, which has built a financial infrastructure platform, has netted $56m in its Series B round, which was co-led by Accel and Canapi Ventures.
Previous Orum backers Bain Capital Ventures, Inspired Capital, Homebrew, Acrew, Primary, Clocktower and BoxGroup also committed to the Series B.
The FinTech company leverages machine learning technology to help organisations move money with less risk. Its clients include First Horizon Bank, One, Alloy, HM Bradley, and Zero Financial.
Orum’s Foresight solution leverages exclusive intelligence for predictive funds availability and the Momentum stool can route funds across payment rails to optimise for speed, cost and risk. Its platform is designed to lower ACH risks and returns.
Orum founder and CEO Stephany Kirkpatrick said, “As a certified financial planner™, I saw first-hand the deep cracks in our financial infrastructure. While most Americans are not familiar with the intricacies of ACH or why it takes multiple business days to move money between accounts, Orum is wholly focused on unlocking a better system.
“We’re investing in a best-in-class team to use data, AI, and machine learning to move money smartly across all payment rails, and in doing so, to provide universal financial access.”
The company has raised a total of $82m in funding.
Copyright © 2021 FinTech Global