Orum, an NYC startup aiming to foster “frictionless money movement,” announced Thursday it closed on an oversubscribed $5.2 million round.
The company has also launched its debut product Foresight to help financial institutions move money around in real time. By using machine learning, Foresight can predict when funds are available and detect fraud patterns, unlocking immediate money movement without risk.
“Technology has created an on-demand economy, but our money has yet to catch up. Consider that the last innovation in money-movement was the ATM,” CEO and co-founder Stephany Kirkpatrick said in a statement provided to Built In. “The ability to move money instantly is a critical step in automating our wallets.”
This funding round was led by Homebrew with participation from a slate of top investment firms like Inspire Capital and Bain Capital, as well as angel investors from Venmo and Stripe. The money will be used to roll out Foresight and grow the company’s team.
Kirkpatrick said in an email that Orum is actively looking to hire a head of software engineering, software engineers, data engineers and data scientists.
