When it comes to money, everyone prefers to get what they’re owed as soon as possible. But sometimes the payment transfer process can take longer than expected. With the end customer in mind, fintech company Orum provides enterprises with automated software that enables fluid money transfers all the time, any day of the year.
The company announced the close of its $56 million Series B funding round co-led by investors Accel and Canapi Ventures. Other participants in this round included Bain Capital Ventures, Inspired Capital, Homebrew, Acrew, Primary, Clocktower and BoxGroup. Following this raise, Orum’s total venture funding totals over $82 million.
Orum’s machine learning-based platform provides APIs for automated clearing house (ACH) risk intelligence and real-time money movement. Its Foresight product works to identify and reduce ACH return risk before it ever happens. Its other offering, Momentum, relies on providers like JPMorgan Chase and Silicon Valley Bank to give users a way to route funds across payment rails while optimizing speed, cost and risk to enable real-time payments.
“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,” Stephany Kirkpatrick, Orum’s founder and CEO, said in a statement. “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 startup is continuing to scale with this round that allows it to continue investing in its tech infrastructure. It’s also building out its staff. Most recently, the company brought on executive team member Gaurav Tandon, formerly of Facebook, to be its senior VP of data, machine learning and data science.
Orum is now hiring for several roles across a variety of departments. Available positions span the company’s technology, revenue, data science and engineering, product, people and banking ops teams.
