Orum secures $56mn in Series B co-led by Accel and Canapi Ventures
By Pavithra R
Orum, the platform for frictionless financial infrastructure, has announced securing $56mn Series B co-led by Accel and Canapi Ventures. The funding brings Orum’s total funds raised to over $82M.
The investment round saw participation from previous investors including Bain Capital Ventures, Inspired Capital, Homebrew, Acrew, Primary, Clocktower, and BoxGroup.
Orum is a platform for frictionless money movement. By leveraging its exclusive intelligence for predictive funds availability, Orum is building an infrastructure layer to maximize the financial potential of every American household. Through bleeding-edge machine learning and technology, the firm is empowering enterprises to move money seamlessly and with less risk resulting in better experiences for the end consumer.
“As a CERTIFIED FINANCIAL PLANNER™, I saw firsthand 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,” said Stephany Kirkpatrick, Founder and CEO of Orum.
Orum serves a range of enterprise partners including First Horizon Bank, Alloy, HM Bradley, One, and Zero Financial, recently acquired by Avant, with a suite of machine learning-backed APIs: Foresight uses exclusive intelligence for predictive funds availability, and Momentum intelligently routes funds across payment rails to optimize for speed, cost, and risk, powered by banking providers that include JPMorgan Chase and Silicon Valley Bank.
As Orum scales, the firm continues to invest in tech infrastructure. Its most recent leadership addition is former Facebook executive, Gaurav Tandon, as SVP of Data, Machine Learning and Data Science.
“Orum’s innovative approach to money movement tackles the root of the financial infrastructure challenge. In just 18 months, they’ve built game-changing technology and an exceptional team. We are thrilled to be part of Orum’s journey,” said Sameer Gandhi, Partner at Accel and Board Member at Orum.
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